Can I buy cryptocurrencies on Westpac Bank?

Westpac offers a wide range of financial products and services including personal banking accounts, business banking solutions, credit cards, loans, insurance options, investment opportunities, foreign exchange services and more. Unfortunately, it does not support a cryptocurrency-investing feature through its online platform. 

The best way to to invest in cryptocurrencies with Westpac Bank is by going through CoinSpot. CoinSpot is the most secure and trustworthy exchange in Australia, it has been operating since 2013 and has never once been subjected to a cyber attack. It's the only Australian exchange to be awarded the ISO27001 Standard Security Certificate. To learn more, visit our CoinSpot Review.

CoinSpot Exchange.
CoinSpot Exchange.

How to buy Bitcoin with Westpac Bank

To buy Bitcoin and other digital assets with Westpac bank you will need to use a secure crypto exchange like CoinSpot. Westpac Bank users can deposit AUD on CoinSpot via Bank Transfer, Credit Card, Debit Card, POLi, PayID, BPAY, Osko and Cash. Follow the below steps to buy Bitcoin with Westpac.

  1. Sign Up: Open a free account on CoinSpot and complete the verification process.
  2. Deposit AUD: Click ‘Deposit Funds’, select a method and send AUD from Westpac.
  3. Find Token: Head to the 'Markets' tab and open the 'BTC/AUD' Market.
  4. Buy Bitcoin: Input the amount of AUD you wish to invest and click ‘Buy Bitcoin’.
How to buy Bitcoin with Westpac Bank.
How to buy Bitcoin with Westpac Bank.

What are the fees involved in buying digital assets?

Typically when you buy cryptocurrencies through an exchange you will pay a few set of fees. The first you will pay is when you deposit funds to the platform, the second is when you buy or sell a token, and the third is when you withdraw funds from an exchange.

Luckily for CoinSpot users, the platform offers free and instant deposits for most of their payment methods. Furthermore, there is only a small no fee on withdrawals. So, the only fee that is applicable is the trading (buy/sell) fee which is only 0.1% - 1% of your total transaction amount, depending on the method you choose. Refer to the below photo for a high level overview of CoinSpot's fees.

CoinSpot: Fees.
CoinSpot: Fees.

About Westpac Bank

Westpac Bank, also known as Westpac Banking Corporation, is one of the Big Four banks in Australia with a market capitalisation of approximately $80 billion AUD. Founded in 1817 as the Bank of New South Wales, it was the first bank established in Australia. It currently serves 12 million customers through its network of over 1,000 branches and 3,000 ATMs across Australia, New Zealand, Asia, Pacific Islands, and beyond.