Can I Buy Bitcoin with Westpac?

Yes, Westpac customers can purchase Bitcoin using Australian crypto exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Westpac allows its users to transfer funds to these platforms as long as they are regulated in Australia. Depositing funds into your crypto account can be done through direct bank transfers, PayID or cards.

How to Buy Crypto with Westpac Bank

‍Westpac clients can buy cryptocurrency using CoinSpot, which is registered with AUSTRAC. The platform offers over 500 cryptocurrencies for trading with low investment fees. Users can deposit Australian dollars using various methods, including bank transfer, PayID, BPAY, PayPal, credit or debit cards, and even cash through BluShyft.

Follow these steps to buy crypto with Westpac:

1. Create an Account: Register for a CoinSpot account and complete the identity verification process.
2. Deposit Funds: Navigate to the 'Deposit Funds' section on your dashboard.
3. Choose Payment Method: Select your deposit option and transfer funds from your Westpac account.
4. Purchase Cryptocurrency: Once your deposit is confirmed, go to the 'Buy/Sell' section to select and purchase your chosen cryptocurrency.

What are the Fees?

If you’re new to cryptocurrency trading, understanding the fees associated with using an exchange is important for avoiding unexpected costs. These charges typically cover deposits, withdrawals, trading, and the spread (the difference between buy and sell prices).

On CoinSpot, depositing Australian dollars is free, and the platform applies a flat 1% fee for instant buys and sells. However, market buy orders are available with a small 0.1% fee. This competitive fee structure is more affordable than other popular platforms like Coinbase, which charges 2% in trading fees.

‍Westpac Cryptocurrency Policy

Westpac has recently updated its security measures concerning digital assets, which include capping the total payments made to crypto exchanges at $10,000 per calendar month. If a transaction to a flagged exchange exceeds this monthly limit or is deemed high-risk, it will be automatically declined. In such cases, you'll receive a notification via the Westpac app, email, or SMS.

The bank introduced these restrictions in response to a surge in cryptocurrency-related scams. With fraudulent activities on the rise, Westpac aims to protect its customers by reducing exposure to potential risks while still allowing access to legitimate cryptocurrency platforms registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

About Westpac Bank

Westpac is one of Australia’s largest and oldest banks, offering a wide range of financial services to personal, business, and institutional customers. Founded in 1817, Westpac is a leader in the Australian banking sector, providing products such as loans, savings accounts, investment services, and insurance. 

The bank has placed a strong emphasis on digital innovation, introducing tools like Westpac Verify. Some of their products include Westpac Life for savings, Altitude Black for credit cards, and Westpac Choice for everyday banking.

Bottom Line

Westpac users can invest in cryptocurrencies through approved exchanges such as CoinSpot, offering access to over 500 digital assets. CoinSpot is registered with AUSTRAC and supports free AUD deposits through local payment options like PayID.

It's crucial to review the fee structure of your chosen exchange to ensure it suits your financial objectives.