Buy Crypto with Westpac Bank

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 AUSTRAC-licensed exchange that will enable them to deposit AUD from their accounts to buy cryptocurrencies.

Based on our analysis of over 20 regulated exchanges, we recommend using the eToro platform. They are Australia's most secure trading platform that offers instant and low-fee AUD deposits to trade over 3,000 assets. In addition to digital assets, eToro offers thousands of stocks, ETFs, commodities and more.

Can you Buy Crypto with Westpac?

Yes, buying Bitcoin, Ethereum and other digital assets is possible with Westpac Bank. You can make an Australian Dollar transfer from your Westpac account to a crypto exchange regulated in Australia. Accepted payment methods encompass bank transfers, debit or credit cards, and PayID. It's vital to note that Westpac does not directly support crypto trading. Consequently, it's advised to opt for an AUSTRAC-regulated exchange that complies with Australian laws and regulations.

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How to Buy Bitcoin and Crypto with Westpac

The safest and most cost-efficient method to acquire cryptocurrencies such as Bitcoin via Westpac Bank is through an AUSTRAC-compliant digital asset exchange. One highly recommended and secure platform is eToro, an Australia-based multi-asset trading platform that offers over 3,000 cryptocurrencies, stocks, ETFs and more. The exchange supports many deposit methods including Bank Transfer, Credit Card, Debit Card, POLi, PayPal and more.

Here is a simple guide to get you started in just a few moments:

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

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What are the Fees?

The fees linked to buying Bitcoin and other cryptocurrencies via a Westpac Bank account can fluctuate depending on the selected crypto exchange. Significant charges to note include deposit fees, withdrawal costs, spread rates, and trading expenses.

We recommend eToro as the most cost-effective option for Westpac Bank clients, offering free AUD deposits and low commission trading. The principal cost when buying cryptocurrencies on eToro is a 1% spread fee, which turns out to be more affordable compared to other platforms like CoinSpot, known to levy charges in excess of 2%.

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Is Westpac Bank Crypto-Friendly?

Westpac Bank has shown its backing for customers' cryptocurrency endeavours by allowing transactions with accredited external trading platforms that comply with the Australian Transaction Reports and Analysis Centre (AUSTRAC) guidelines in Australia. This policy enables Westpac Bank's customers to transfer AUD from their accounts to platforms adhering to national regulations and standards designed to combat financial crimes such as fraud and money laundering.

Therefore, when utilizing these compliant platforms, customers of Westpac Bank can confidently delve into cryptocurrency investments, with the assurance that their investments are not only secure but also fully compliant with all necessary legal obligations.

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Bottom Line

In conclusion, Westpac Bank facilitates its customers to buy and trade cryptocurrencies like Bitcoin, Ethereum, and others by allowing AUD transfers to AUSTRAC-compliant crypto exchanges such as eToro. While Westpac doesn't directly support crypto trading, it endorses customers' crypto interests by supporting transactions with law-abiding external platforms.

This approach offers customers peace of mind knowing their crypto transactions are secure and fully compliant with legal obligations. However, it's crucial to keep in mind the associated fees with these transactions, such as deposit fees, withdrawal costs, spread rates, and trading expenses, which can vary depending on the chosen crypto exchange.