How to Buy Crypto with Westpac Bank (2023)

Summary: Westpac does not offer native banking solutions for customers to buy and sell digital currencies directly through Westpac online banking. This means that investors must find and sign up to an ASIC-licensed exchange that will enable them to deposit AUD from their accounts to buy cryptocurrencies.

Based on our analysis of over 50 regulated exchanges, we recommend using the eToro platform. They are Australia's most secure trading platform that offers instant and free AUD deposits to trade over 3000 assets. In addition to Cryptocurrency, eToro offers Stocks, ETFs, Commodities, Indices, and Fiat Currencies like the Australian Dollar.

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Website

Top Platform for Westpac Bank

5.0 out of 5.0

eToro is the top option for Westpac Bank account holders as it is considered the most secure and trusted exchange in Australia that offers free and instant AUD deposits.

Available Assets

3,000 Cryptos, Stocks, ETFs, Currencies, Commodities & More.

Licensing and Regulation

Licensed by ASIC & AUSTRAC in Australia.

AUD Deposit Methods

Bank Transfer, PayID, POLi, Debit Card, Credit Card, PayPal & Skrill.

Can you Buy Crypto with Westpac?

Westpac does not provide direct access to cryptocurrency trading for its clients in Australia and New Zealand. However, Aussies can buy and sell digital assets through a crypto exchange by transferring AUD from their Westpac accounts. As long as investors sign up to an Australian Crypto exchange licensed by ASIC, they can do so safely and legally.

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How to Buy Bitcoin and Crypto with Westpac

As outlined above, the best way to buy Bitcoin and other digital assets with Westpac bank is through the eToro exchange. Westpac Bank users can securely deposit AUD on eToro via multiple payments, including Bank Transfer, Credit Card, Debit Card, POLi, PayPal, Skrill, or Neteller.

You can follow the below steps to buy Bitcoin with Westpac.

Visit eToro to sign up and complete the onboarding process.
Select the 'Deposit Funds' button on the bottom left of your screen.
Select 'AUD' and your payment method (e.g., Bank Transfer) and send funds from Westpac.
Complete the deposit and head to the search bar to find and buy your desired token.

How to Buy Bitcoin and Crypto with Westpac.

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What are the fees?

Typically when you buy cryptocurrencies through an exchange you will pay a few 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 eToro users, the platform offers free and instant deposits and a small $5 fee for withdrawals. The only applicable fee is the trading (buy/sell) fee, which is only 1% of your total transaction amount.

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Is Westpac Bank Crypto-Friendly?

Yes, Westpac is considered a Crypto-friendly bank and freely allows its customers to send and receive money from ASIC-regulated digital asset exchanges like eToro. However, it may freeze transactions to unregulated trading platforms like Gate.io or KuCoin.

As part of its commitment to supporting the growth of the Crypto ecosystem, Westpac Bank offers educational resources to help customers understand and navigate the world of digital currencies. This includes webinars, seminars, and online materials, empowering customers to make well-informed decisions regarding Cryptocurrency investments.

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Bottom Line

In summary, while Westpac Bank does not offer direct access to Cryptocurrency trading, customers can buy and sell digital assets by transferring AUD to an ASIC-licensed exchange. After analyzing over 50 exchanges, our expert team has determined that eToro is the best option for Westpac clients. We have selected eToro as it offers a wide range of assets, has zero deposit fees, and is a highly secure and regulated exchange.

Author

Jed Barker

Editor-in-Chief

Jed has been in the crypto industry since 2015 and has been writing and researching for large publications ever since. He wanted to build and launch Data Wallet to help spread the word of cryptocurrency, as well as the principles of self custody and decentralized financial products.