Can I buy Crypto with Westpac Bank?
Westpac Bank does not yet offer any native services for their customers to buy, sell or trade digital assets like Bitcoin or Ethereum. They have made no statements in 2022 outlining any future plans to add Cryptocurrency investing services to their online banking platform.
As previously mentioned, you can securely connect your Westpac Bank account to a trusted and regulated digital asset exchange in Australia. CoinSpot is the best option for Westpac customers as it offers free and instant AUD deposits, plus offers a variety of features which include trading and staking services, an NFT marketplace, a Crypto Card, Bundles (Crypto ETFs) and much more.
How to buy Bitcoin with Westpac Bank
The best Cryptocurrency exchange to buy Bitcoin and other digital assets from your Westpac Bank account is CoinSpot. Westpac Bank customers can deposit AUD to CoinSpot via Bank Transfer, POLi, BPAY, PayID, Osko, Credit/Debit Card, or Cash via BlueShyft. Follow this short and simple guide to get started.
- Sign up to CoinSpot and complete the verification process.
- Click 'Deposit Funds', select a method and transfer AUD from Westpac.
- Go to the 'Markets' tab, find the 'BTC/AUD' market and click 'View BTC/AUD Market'.
- Input the AUD amount you want to invest in Bitcoin and click 'Buy BTC'.
Is it expensive to invest in Cryptocurrencies?
The CoinSpot platform charges zero fees to deposit AUD on their platform through the following payment methods - Bank Transfer, Osko, PayID & POLi. Card deposits incur a 2.58% fee, BPAY is 0.9% and cash is 2.5%. Once you are on the platform, the trading fees range between 0.1% and 1% depending on the trading type you use. We recommend using the 'Market Buy' feature, which we highlighted in the steps, as it is only 0.1%.
Westpac Bank Cryptocurrency Policy
Although Westpac Bank does not currently offer any Cryptocurrency services for their clients, they will let you freely buy and sell from trusted and AUSTRAC-regulated trading platforms. At the time of writing, we can confirm that there are no adverse policies that prohibit Westpac Bank account holders from trading Crypto through licensed exchanges like CoinSpot.
Investors do run the risk of a bank freeze if they are found to be depositing AUD into off-shore Cryptocurrency exchanges from their Westpac Online Banking account. This is why we recommend that investors stick to local Australian exchanges like CoinSpot if they are looking to buy Bitcoin in Australia, and stay away from unregulated platforms like Gate.io.
About Westpac Bank
Westpac is an Australian bank and financial services provider headquartered in Sydney. The bank was established in 1817 as the Bank of New South Wales, and later transformed into Westpac Banking Corporation in 1982. Today, Westpac provides a range of banking and financial services products to its customers, including personal banking, business banking, corporate and institutional banking, and wealth management.
The bank has a strong presence in Australia and New Zealand, with over 1,300 branches across the two countries. The bank also has a significant international presence, with operations in 22 countries around the world. Westpac is one of the big four banks in Australia, along with Commonwealth Bank, National Australia Bank, and ANZ. Together, these four banks dominate the Australian banking landscape, with a combined market share of over 70%.
Westpac customers can easily invest in Cryptocurrencies by signing up to a trusted and AUSTRAC-regulated digital asset exchange like CoinSpot. The platform allows you to deposit AUD into your account and start buying over 370 digital assets in minutes. If you would like to learn more about this exchange, you can visit our detailed CoinSpot Review.