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How to buy Crypto with Bank of Queensland

How to buy Crypto with Bank of Queensland

Fact Checked
February 5, 2023
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Summary: Bank of Queensland does not currently offer direct support for Cryptocurrency investing on their online banking platform. That said, they do allow customers to transfer funds from their BOQ accounts to AUSTRAC-licensed and regulated digital asset exchanges.

The best and largest Crypto exchange in Australia is CoinSpot. They offer instant and free AUD deposits from BOQ to trade over 370 Cryptocurrencies with low fees. CoinSpot is a feature-rich platform that offers trading and staking services, an NFT marketplace with popular projects like BAYC and Crypto Punks, Bundles (Crypto ETFs), and even a Crypto Mastercard.

Table of Contents

Best Crypto Exchange for Bank of Queensland

Platform Highlights

  • Instant and free AUD deposits for Bank of Queensland customers.
  • 370+ Cryptocurrencies to trade starting at 0.1% fees (industry-leading).
  • Feature-rich platform with NFT Marketplace, Crypto Staking, Crypto ETFs, and more.

Can I buy Crypto with BoQ?

If you are looking to buy Cryptocurrencies like Bitcoin or Ethereum in Australia directly at your Bank of Queensland branch or via the BoQ online banking portal, you are out of luck. As previously mentioned, the bank does not support a native way for their clients to buy, sell and trade digital assets. There are many secure Australian exchanges that enable BoQ customers to quickly onboard and get started with Crypto.

CoinSpot offers instant verification and the entire onboarding process takes anywhere between 5 minutes to an hour to get approved. It is the most secure trading platform in Australia and is home to over 2.5 million registered Aussie investors, which is over 10% of the population! If you are interested in learning more about this digital asset exchange, visit our CoinSpot Review.


How to buy Bitcoin with the Bank of Queensland

We recommend using the CoinSpot exchange as it offers the fastest and cheapest way to deposit Australian Dollars from your Bank of Queensland account or card. BoQ customers can deposit AUD to CoinSpot via a variety of payment methods which include PayID, POLi, Osko, BPAY, Bank Transfer, Credit/Debit Card, or Cash.

You can follow this simple guide to get started:

  1. Create a free account on CoinSpot and complete the onboarding process.
  2. Deposit Australian Dollars (AUD) from Bank of Queensland via one of the payment methods.
  3. Go to the 'Buy/Sell' tab, find Bitcoin and click 'Buy BTC'.
  4. Input the AUD amount you want to invest in Bitcoin and tap the 'Buy' button.
How to buy Bitcoin with the Bank of Queensland.
How to buy Bitcoin with the Bank of Queensland.

Is it possible to buy Cryptocurrencies with cash?

Yes, in fact, CoinSpot is the only digital asset exchange in Australia that accepts cash deposits. The platform has over 1000 cash deposit locations all over the country and the payment process is simple and straightforward. If you want to deposit cash, simply select the 'Cash Deposit' method, follow the steps, bring your QR code, ID, and cash to a Blueshyft location, and deposit AUD directly with the attendant.


Bank of Queensland Cryptocurrency Policy

There is nothing stated in the Bank of Queensland's terms and conditions or policies that would prohibit its customers from trading Cryptocurrencies. This ultimately means that you will not have any issues depositing or withdrawing funds from licensed digital asset exchanges like CoinSpot.

However, they have been known in the past to stop transactions to unregulated, offshore exchanges such as Gate.io or Hotbit. This is because they want to protect their user's funds from risky, unreliable trading platforms that are not registered or licensed in Australia.

About Bank of Queensland

Bank of Queensland (BOQ) is a leading Australian bank that provides a range of banking and financial services to individuals, businesses, and government organisations. Established in 1874, the BoQ has grown to become one of Australia’s most trusted financial institutions. With over 160 branches across the country, BOQ offers customers convenient access to a comprehensive range of services, including business and personal banking, lending, investments and financial planning.

BoQ is a customer-focused bank that prides itself on providing excellent service and support to its clients. The bank has a strong commitment to the local community and supports various initiatives and events in the areas where it operates. The bank is a publicly listed company on the Australian Securities Exchange and has a strong financial performance, with a solid balance sheet and a proven track record of profitability.

BOQ Online Banking
BOQ Online Banking.

Final Thoughts

In conclusion, the Bank of Queensland does not support direct investment in Cryptocurrencies on their online banking platform. However, they do allow customers to transfer funds to AUSTRAC-licensed exchanges. CoinSpot, the largest and most secure crypto trading platform in Australia, is a great option for BoQ customers to buy and sell Cryptocurrencies.

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Karen Tren

Full-time writer and cryptocurrency newbie! Learning about NFTs, DeFi and GameFi with my research and writing for BuyBitcoinBank.

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