Summary: ME Bank provides the gateway for customers to engage with Bitcoin and other digital currencies through ASIC-regulated platforms that accommodate deposits in Australian Dollars. While ME Bank doesn't directly support cryptocurrency trading via its online banking platform, it does approve customers’ transactions to licensed exchanges governed by AUSTRAC.
After evaluating top-tier digital asset exchanges in Australia, our team identified Kraken as the top choice for ME Bank customers due to its free AUD deposits. Kraken offers a comprehensive variety of over 200 cryptocurrencies for trading and staking. Following ASIC guidelines within Australia, the platform offers instantaneous deposits through several methods, including bank transfers (PayID/Osko) and cards.
- Instant and free AUD deposits from ME Bank via PayID, Osko, bank transfer, credit card and more.
- Trade and stake over 200 cryptocurrencies with industry-leading fees and tight price spreads.
- Founded in 2011 and trusted by over 9 million investors.
Can I Buy Bitcoin with ME Bank?
ME Bank does not facilitate Bitcoin or other crypto purchases through its platform. To securely buy digital assets, ME Bank clients can register with a cryptocurrency trading platform in Australia licensed by AUSTRAC, Australia’s finance regulator. Aussie investors must transfer funds to regulated and licensed exchanges to buy, sell and hold crypto assets.
How to Buy Crypto with ME Bank
If you're considering venturing into the world of digital currencies using ME Bank, our suggestion is to leverage a well-established, ASIC-approved platform like Kraken. This exchange, licensed by the ASIC, facilitates rapid and free AUD transfers from ME Bank accounts through multiple deposit methods, such as PayID, Osko, bank transfers, and debit and credit cards, among others.
Australian investors can securely buy cryptocurrency with ME Bank by following these steps:
- Account Set-Up: Begin by creating an account on Kraken. Follow the required verification steps applicable to individuals, businesses or SMSFs.
- Choice of Currency: Select the preferred deposit currency on the Kraken platform (AUD).
- Starting the Deposit: Choose your payment method (like PayID, bank transfer, or Credit Card) and complete your deposit.
- Purchasing Cryptocurrency: The final step involves choosing the cryptocurrency you're interested in and finalising your transaction.
ME Bank Cryptocurrency Policy
ME Bank maintains a cautious yet optimistic stance with respect to crypto. It permits its customers to explore digital assets via platforms sanctioned by the Australian Securities and Investments Commission (ASIC). In Australia, Kraken remains a respected platform, complying with ASIC directives, and holds official status as a Digital Currency Exchange (DCE) with an ACN 163 237 634.
Even though ME Bank does not offer crypto, it does not prohibit its clients from buying or trading crypto assets on an AUSTRAC or ASIC-registered exchange. This shows that the bank has a positive stance on digital currencies. In saying that, the bank may freeze transactions to unregulated, offshore platforms.
What Is ME Bank?
ME Bank, also known as Members Equity Bank, is an Australian-based direct bank that was established in 1994. It is wholly owned by industry super funds, a unique characteristic that differentiates it from traditional banks. With no branch network, ME Bank delivers its services via online and mobile banking platforms, offering products including transaction accounts, home loans, credit cards, term deposits, and personal loans.
The bank operates under the principles of fairness and simplicity, striving to provide its customers with straightforward financial products that help them get ahead. ME Bank continues to innovate to provide the best digital banking experience for its customers.
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Final Thoughts
To recap, ME Bank does not offer cryptocurrencies directly through its platform or app but its clients can deposit AUD into a licensed digital asset exchange to invest in crypto. The best exchange for ME Bank customers is Kraken, thanks to its free and instant AUD deposits, low trading fees, wide range of assets, 24/7 customer support, simple interface and multiple order types.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
