How to Buy Crypto with Ally Bank

Can I Buy Crypto with Ally Bank?

Currently, Ally Bank does not support cryptocurrency transactions through its online banking, mobile app, or physical branches. If you're looking to invest in digital assets, we suggest using a reliable, US-regulated cryptocurrency exchange. This will enable you to transfer USD from your Ally account to buy, sell and trade crypto assets within a regulated environment.

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How to Buy Bitcoin and Crypto with Ally Bank

The simplest and most secure method to invest in digital assets using an Ally Bank account is through a FinCEN-approved cryptocurrency exchange. This way, Ally Bank customers can transfer US Dollars via ACH Transfer, debit card, or credit card from their account to a licensed broker to buy and sell cryptos such as Bitcoin, Ethereum, and Solana.

In the following guide, we provide a straightforward 4-step process to begin investing with our suggested broker, eToro:

1. Create a free account on eToro and complete the sign up process.
2. Click 'Deposit Funds', pick a method and transfer money from Ally Bank.
3. Open the search bar, find the token you want to buy and click 'Trade'.
4. Enter the amount you want of USD you want to invest and tap 'Open Trade'.

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What are the Fees to Invest?

The fees associated with investing in Cryptocurrencies via eToro are significantly less compared to other renowned US exchanges such as Coinbase. For instance, eToro provides free deposits, whereas Coinbase levies charges between 1% - 4% based on the method used. Beyond offering free deposits, eToro only imposes a minor $5 fee for withdrawals and a flat 1% fee for each Crypto purchase or sale.

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Ally Bank Cryptocurrency Policy

Ally Bank is a crypto-accommodating bank that enables its US customers to deposit and withdraw US Dollars from regulated digital asset service exchanges. However, Ally Bank customers must utilize FINRA-regulated platforms for crypto purchases. We recommend steering clear of offshore and unregulated exchanges such as Binance, as these could potentially lead to the freezing of your bank account.

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About Ally Bank

Ally Bank is an online-only bank based in the USA that provides a variety of financial products and services. The company was founded in 1919 by General Motors and has been offering banking services for over 100 years. It provides a wide range of services including checking and savings accounts, certificates of deposit (CDs), money market accounts, and credit cards.

One of the unique features of Ally Bank is its an online bank and doesn't offer physical branches. This means that all banking is done online or through the bank's mobile app, which allows customers to manage their accounts, open new accounts, transfer funds, and deposit checks remotely. It also has a commitment to providing excellent customer service, offering 24/7 support through phone, email, or chat.

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Final Thoughts

In conclusion, although Ally Bank does not directly offer cryptocurrency transactions, it supports USD deposits and withdrawals to and from regulated digital asset service exchanges. To engage in digital asset trading, customers are recommended to use reliable, FinCEN-approved exchanges, such as eToro. This platform not only allows swift, zero-fee USD transfers from Ally Bank, but also features a wide array of cryptocurrencies with attractive spreads and minimal transaction costs.

However, users should avoid unregulated exchanges to prevent potential account complications. Following these guidelines ensures a secure and efficient path to engaging in cryptocurrency investment via Ally Bank.