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How to Buy Crypto with Westpac Bank

How to Buy Crypto with Westpac Bank

Learn the steps to buy crypto with Westpac Bank and explore the world of cryptocurrencies safely through AUSTRAC-compliant platforms.

AFSL 491139. Capital at risk. See eToro PDS and TMD.

Summary: Westpac does not provide direct options for investing in cryptocurrency through its digital banking services. However, it supports Westpac account holders in accessing the crypto market by allowing the transfer of AUD to trading platforms overseen by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Westpac customers interested in digital asset investments may find eToro to be a suitable choice, as it adheres to AUSTRAC's standards. This platform enables straightforward AUD deposits via bank and debit card transfers. Boasting a diverse range of over 4,500 assets, including a variety of cryptocurrencies, stocks, and ETFs, eToro offers a robust platform for those looking to diversify their investment portfolios.

Top Platform for Westpac Bank
5.0 out of 5.0
eToro stands out as the best platform for Westpac users due to its AUSTRAC compliance, low spreads on cryptocurrency trades, and support for easy AUD deposits.
Available Assets
4,500 Cryptos, Stocks, ETFs, Commodities and more.
Licensing and Regulation
Registered with AUSTRAC, ASIC & other Tier-1 Regulators,
AUD Deposit Methods
Bank Transfer, Debit Card, Credit Card and PayPal.

AFSL 491139. Capital at risk. See PDS and TMD.

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Can I Buy Crypto with Westpac?

Yes, Westpac provides its customers with access to the emerging world of cryptocurrency, featuring major assets such as Bitcoin, Ethereum, and Solana. Westpac ensures smooth fund transfers to authorised crypto trading platforms in Australia, aligning with the financial regulations set by the Australian Transaction Reports and Analysis Centre (AUSTRAC). For those looking to venture into crypto investments, Westpac offers straightforward deposit options in Australian Dollars, including bank transfers, POLi, PayID, and debit card payments.

How to Buy Crypto with Westpac

Westpac customers looking to dive into the cryptocurrency market will find eToro an accommodating and secure choice, adhering to AUSTRAC's strict compliance requirements. The platform streamlines the process of transferring AUD from Westpac accounts, accommodating bank transfers, as well as debit and credit card payments. With a diverse portfolio of over 4,500 assets, including cryptocurrencies, stocks, and ETFs, eToro caters to a variety of investment styles.

Here's your step-by-step guide to getting started on eToro:

  1. Setting Up Your Account: Begin by signing up for an eToro account. Follow through with the verification process to ensure your account is secure and ready to go.
  2. Adding Funds: Head over to the 'Deposit' section on eToro, usually found on the bottom left side of the screen. This is where you can put money into your account.
  3. Selecting Your Currency and Payment Method: Choose 'AUD' for your transactions and pick a payment method that links to your Westpac account for a seamless transfer.
  4. Investing in Cryptocurrency: After funding your account, use eToro’s intuitive search function to locate and invest in the cryptocurrency of your choice.
Buy Crypto with Westpac

What are the Fees?

Engaging with Bitcoin and various other cryptocurrencies via Westpac entails a close look at the fees applied by external trading platforms. These fees can encompass charges for adding and withdrawing funds, transaction fees, and the spread — the gap between the buy and sell prices.

For its competitive fees and compatibility with AUD deposits, eToro is a popular choice among investors. On cryptocurrency trades, eToro generally applies a spread close to 1%, which stands out as more attractive compared to platforms like CoinSpot, where spreads can exceed 2%. This positions eToro as a cost-efficient choice for those interested in crypto trading, providing a clear and economical path for investments.

Is Westpac Bank Crypto-Friendly?

Westpac Bank has guidelines on cryptocurrency dealings, focusing on customer protection against fraud. The bank typically sets a monthly payment cap of $10,000 for accounts or merchants associated with crypto exchanges. However, Westpac doesn't usually restrict withdrawals from crypto exchanges to your bank account, though exchanges might have their own limits.

For alternatives not subject to these Westpac-specific limits, platforms like eToro are worth considering. As a multi-asset platform with an ASIC license (AFS: 491139), eToro offers a variety of assets, not just cryptocurrencies, bypassing Westpac's monthly caps. This positions eToro as a strategic choice for those using Westpac for diversified investment activities.

Westpac Bank

Bottom Line

In conclusion, Westpac facilitates a gateway for its customers into the cryptocurrency landscape, supported by secure transfers to accredited platforms like eToro. With straightforward deposit methods, competitive fees, and a wide array of investment options, Westpac aligns with AUSTRAC's regulations, ensuring a compliant and user-friendly experience. eToro stands out as a viable platform for Westpac users, offering a cost-effective and diverse investment environment.

Frequently Asked Questions

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