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.
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.
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.
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.
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.