Summary: Great Southern Bank allows customers to engage with digital currencies through ASIC-regulated platforms that accept deposits in Australian Dollars. While Great Southern Bank doesn't directly facilitate cryptocurrency trading via its online banking portal, it does approve clients' transactions to authorised exchanges supervised by AUSTRAC.
We have evaluated the leading digital asset exchanges and have determined that Kraken is the best-suited option for Great Southern Bank customers because it permits free and instantaneous AUD deposits. Kraken provides a wide variety of over 200 cryptocurrencies for trading and staking. It is also licensed by both ASIC and AUSTRAC and complies with all Australian regulations.
- Instant and free AUD deposits from Great Southern 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 Great Southern Bank?
Great Southern Bank does not facilitate Bitcoin or any other cryptocurrency transactions through its banking services. To securely obtain such digital currencies, clients of Great Southern Bank are advised to register with a licensed digital asset exchange in Australia, registered with AUSTRAC, the national finance regulatory authority. These approved exchanges allow Australian investors to move their funds to securely buy crypto.
How to Buy Crypto with Great Southern Bank
If you're contemplating diving into digital currencies with Great Southern Bank, we suggest using a trustworthy, ASIC-endorsed platform such as Kraken. This exchange enables swift and zero-charge AUD transfers from Great Southern Bank accounts using many deposit methods, including PayID, Osko, bank transfers, and debit and credit cards.
Australian investors can securely purchase cryptocurrency with Great Southern Bank by following these steps:
- Account Setup: Start by establishing an account on the Kraken platform. Complete the required verification steps, whether you're an individual, a business, or an SMSF.
- Currency Preference: Select the desired deposit currency (AUD) on the Kraken platform.
- Deposit Initiation: Choose your preferred payment method (like PayID, bank transfer, or Credit Card) and finalise your deposit.
- Cryptocurrency Acquisition: The final step involves selecting the cryptocurrency of your choice and finalising your transaction.
Great Southern Bank Cryptocurrency Policy
Great Southern Bank has a progressive stance concerning cryptocurrency. It empowers its customers to explore the world of digital assets through platforms sanctioned by the Australian Securities and Investments Commission (ASIC). In Australia, Kraken is deemed a dependable platform that complies with ASIC standards, acknowledged as a Digital Currency Exchange (DCE) with an ACN 163 237 634.
While Great Southern Bank doesn't offer cryptocurrency services directly, it doesn't hinder its clients from acquiring or trading digital assets on an AUSTRAC or ASIC-registered exchange. This signifies the bank's positive perspective on digital currencies. Nevertheless, it's worth noting that the bank maintains the authority to halt transactions to unregulated platforms.
What is Great Southern Bank?
Great Southern Bank, formerly known as CUA (Credit Union Australia), is a customer-owned bank based in Australia. Established in 1946, it is one of the largest customer-owned institutions in Australia, offering a wide range of banking products and services such as savings and transaction accounts, home and personal loans, credit cards, insurance, and superannuation.
The bank is headquartered in Brisbane, Queensland, and is known for its commitment to providing financial services that are competitive, fair, and transparent. Great Southern Bank operates with a customer-centric approach, meaning all profits are reinvested into the business to provide better rates, fairer fees, responsible lending, and personalized services to its members.
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Final Thoughts
To sum up, Great Southern Bank doesn't provide direct support for cryptocurrency transactions within its interface. However, it enables its customers to deposit AUD into a recognised digital asset exchange registered with AUSTRAC. Clients of Great Southern Bank often favor Kraken as their platform of choice, due to its quick, cost-free AUD deposits, competitive trading rates, and a broad range of assets.
Andrew Chen is a lead editor and auditor of content for Buy Bitcoin Bank, with a Masters of Computer Science and extensive knowledge in cryptocurrency and blockchain technology. He has helped ensure the accuracy and quality of the platform's educational resources for new and experienced investors in the crypto space.
