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How to buy Crypto with Westpac

How to buy Crypto with Westpac

Adrian Graham
Fact Checked
Sep 1, 2022

Summary: The best way to buy Bitcoin and cryptocurrency with Westpac Bank online is through an AUSTRAC regulated digital asset exchange in Australia.

We recommend the CoinSpot cryptocurrency exchange because they offer free AUD deposits from Westpac to trade Bitcoin and 350 other cryptocurrencies.

Table of Contents

Platform Highlights

  • Fast and cheap AUD deposits with Westpac Bank transfers.
  • 370+ Cryptocurrencies to trade starting at 0.1% fees.
  • NFT Marketplace, Crypto Staking, Crypto ETFs and more.

Can I buy Bitcoin or 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. Further, they have made no statements in 2021 outlining any future plans to enable cryptocurrency exchange services on their platform.

With that said, you can securely connect your Westpac Bank account to a trusted and regulated cryptocurrency exchange in Australia. This will enable you to deposit Australian Dollars (AUD) from your Westpac Online Banking account to start trading digital assets.

How to buy Crypto with Westpac Bank

The best cryptocurrency exchange to buy Bitcoin and other digital assets from your Westpac Bank account is CoinSpot. Their platform allows you to deposit AUD via Bank Transfer, POLi or PayID to securely buy and hold over 350 different cryptos including Bitcoin, Ethereum, Avalanche, Solana, Metaverse Coins, NFT coins and more.

You can follow this easy guide below to buy start buying Crypto from your Westpac Bank account today:

  1. Sign up to CoinSpot and verify your personal or company information.
  2. Deposit AUD from Westpac Bank via the available deposit methods (as shown below).
  3. Find the Cryptocurrency you want to buy.
  4. Input the AUD amount and execute your trade.
Buying Bitcoin with Westpac Bank
Depositing AUD with Westpac Bank to buy Crypto via CoinSpot.

Westpac Bank Crypto Trading Fees

The CoinSpot platform charges zero fees to deposit AUD on their platform to buy Bitcoin and Crypto from a Westpac Bank account. Please note that the fees are free only when you use the Direct Deposit or PayID options. Once you are on the platform, the trading fees range between 0.1% and 1% depending on the trading type you use. For more information on this, read our CoinSpot Review.

Westpac Bank Cryptocurrency Policy

Although Westpac Bank does not yet offer any cryptocurrency services for their clients, they will let you freely buy and sell from trusted and regulated trading platforms. As at time of writing, we can confirm that there are no adverse policies that prohibit Westpac Bank account holders from trading crypto.

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 or SwyftX if you are looking to buy Bitcoin in Australia and other digital assets.

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.

Westpac

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 is a publicly listed company on the Australian Securities Exchange (ASX: WBC). The bank's current market capitalisation is over AU$100 billion.

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Adrian Graham

Co-Founder & former banker turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

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