When it comes to buying and selling cryptocurrencies in Australia, there are a few options. However, the main factor for most people will be which bank they can use to buy crypto. This blog post looks at all the major banks in Australia that work as the best cryptocurrency exchange Australia and their current stance on crypto purchases. We’ll look at everything from transaction fees to purchase limits and more so that you can make an informed decision when selecting your bank/Cryptocurrency exchange Australia. So read on to find out which banks in Australia allow crypto purchases and what other factors you should consider before making a purchase.
Supported Banks
If you’re looking at the Australian crypto exchange, you might wonder which banks will allow you to buy crypto. Here’s a quick guide to some of the most popular options.
The big four banks in Australia – Commonwealth Bank, National Australia Bank, ANZ, and Westpac – have all been outspoken in their opposition to digital currencies. However, that doesn’t mean buying crypto using your bank account is impossible.
There are a number of smaller banks and credit unions that have been more open to the idea of digital currencies. One of the most popular is Bendigo Bank, which partnered with the local exchange BTC Markets. Bank customers can easily link their accounts and start buying and selling Bitcoin and other cryptocurrencies.
Other options include ING Direct, Suncorp, and St.George Bank. These three institutions have all indicated that they’re working as Cryptocurrency exchange Australia and are open to working with customers who want to buy crypto, though they haven’t yet established any specific partnerships or policies.
So if you’re looking to buy cryptocurrency in Australia, there are still a few banking options available, even if the big four have turned their backs on the industry.
Purchase Methods
There are a few ways to purchase cryptocurrency in Australia. The most common is through a crypto exchange Australia. Exchanges like Coinbase, Kraken, and Binance accept Australian dollars and can be used to buy various cryptocurrencies.
Another option is to use a peer-to-peer trading platform like LocalBitcoins. These platforms match buyers and sellers of cryptocurrency and allow for transactions to take place between them.
Finally, some banks in Australia are beginning to offer crypto purchasing options to their customers. The most notable is the Commonwealth Bank, which allows its customers to buy Bitcoin through its CommBank app.
Buy Limits
When it comes to buying cryptocurrencies, each bank has its limit. For example, the Commonwealth Bank of Australia allows a maximum of $10,000 per day. However, it’s important to note that these limits are not set in stone and can be changed anytime.
So, if you’re looking to buy cryptocurrencies from an Australian bank, it’s important to check with them first to see what their current limit is.
KYC/AML
There are a few things to keep in mind when it comes to purchasing crypto with AUD. First, you’ll need to go through a process called ‘Know Your Customer’ or ‘KYC’ of crypto exchange Australia. This is where the bank will verify your identity and ensure you’re not using fraudulent means to purchase crypto. They may also ask for additional documents, such as proof of income.
The second thing to bear in mind is anti-money laundering (AML) regulations. These are in place to stop people from using crypto to launder money or finance criminal activity. In order to comply with these regulations, banks will often need to see even more documentation from you, such as where the funds for your purchase are coming from.
So, which banks currently allow their customers to purchase crypto with AUD? Here’s a quick rundown:
- The Commonwealth Bank of Australia was the first major bank to allow its customers to buy cryptocurrency back in December 2017. However, they stopped allowing credit card purchases in February 2018 due to AML concerns.
- Westpac has also allowed its customers to purchase cryptocurrency since December 2017. However, they, too, stopped allowing credit card purchases in February 2018 for the same reason as the Commonwealth Bank.
- ANZ has never allowed its customers to use credit cards to purchase cryptocurrency, but they did briefly allow direct debits before halting this service in March 2018. Currently, there’s no word on when or if they’ll start offering.
Availability
When it comes to availability, there are a few different options for buying crypto in Australia. The most popular option is through the best crypto exchanges Australia, where you can buy and sell different types of cryptocurrency. Some brokers will allow you to purchase crypto directly with AUD. And finally, some ATMs dispense Bitcoin, although these are less common.
Customer Support
The customer support of most banks in Australia is excellent. They are always willing to help you with any inquiries, no matter how big or small. However, there are a few things to keep in mind regarding crypto purchases.
Most banks will require you to have an account with them before they allow you to purchase crypto. This is to ensure that you are a legitimate customer and to prevent money laundering. You must also provide identification, such as your driver’s license or passport.
Once you have an account set up, you can usually start buying crypto immediately. However, some banks may place limits on how much you can buy per day or week. These limits are in place to protect both the bank and the customer from fraud.
If you have any problems with your crypto purchase or are unsure which bank is best for you, feel free to contact our team of experts. We’re always happy to help!
