Can I Buy Bitcoin with Allied Irish Bank?

‍Yes, AIB clients can purchase Bitcoin and other cryptocurrencies through regulated Irish exchanges. The bank allows transfers to platforms overseen by the Central Bank of Ireland. You can easily fund your account using local methods like SEPA transfers, Faster Payments or IBAN payments, simplifying the registration process while ensuring compliance with local regulations.

How to Buy Crypto with AIB Bank

For Allied Irish customers who want to buy crypto, we recommend using Kraken, which is registered as a Virtual Asset Service Provider (VASP) with the Central Bank of Ireland. Kraken supports euro deposits through SEPA, bank transfers, and debit or credit cards. After your funds have been deposited to your account, users can access over 290 cryptocurrencies.

Follow this guide to buy digital assets with AIB:

1. Create an Account: Visit Kraken’s official site and sign up. You must complete the Know Your Customer (KYC) verification to comply with regulatory standards.
2. Deposit Funds: After logging in, go to the 'Funding' section and select SEPA as your deposit method. Transfer euros from your AIB account to your Kraken account.
3. Choose Token: Once your deposit is confirmed, explore the supported cryptocurrencies and select the one you want to buy.
4. Make Your Purchase: Enter the amount you want to invest, review the details, and execute your trade.

What are the Fees?

Understanding fees is essential when buying crypto through an exchange. AIB customers transferring euros through SEPA or bank transfer to Kraken don't need to pay deposit fees.

Kraken's trading fees are competitive, starting at 0.16% for spot trades and ranging from 0.02% to 0.05% for futures trading, much lower than other platforms like Coinbase, which charges over 2%.

For withdrawals, fees vary depending on the specific cryptocurrency being transferred, so it's worth checking the exact costs for your chosen coin to avoid any surprises.

AIB Cryptocurrency Policy

AIB permits customers to engage with exchanges registered as Virtual Asset Service Providers (VASPs) under the Markets in Crypto-Assets Regulation (MiCA). These platforms must also comply with the rules set by the Central Bank of Ireland or equivalent European regulators.

Most crypto products are not protected by compensation schemes, so it’s essential to fully understand the risks before proceeding. Businesses that wish to use AIB for crypto-related transactions must comply with regulatory obligations, such as reporting requirements and limits on payments.

About Allied Irish Bank (AIB)

Allied Irish Bank (AIB) is a major financial institution based in Dublin, Ireland, with a history dating back to 1966 when several smaller banks merged. It offers a wide range of banking services, including personal, business, and corporate banking, as well as insurance and investment products. 

The bank has a strong presence in Ireland and also operates internationally, with services extending to the UK and the US. Known for its commitment to digital banking innovation, AIB continues to evolve by integrating technology solutions that enhance customer experience.

Bottom Line

AIB customers can buy cryptocurrency using exchanges like Kraken, which offers access to over 290 digital assets for spot trading, futures, and even leverage options up to 5x.

Before purchasing crypto, it's important to review the fees of the platform you're using. Understanding deposit, trading, and withdrawal fees will help you stay on top of costs and ensure they fit into your financial plan.