Summary: While not directly offering cryptocurrency trading services, Bendigo Bank effectively assists its customers in investing in digital assets. It does this by mediating the transfer of funds from its clients' accounts to external, licensed exchanges that comply with the Australian Securities and Investments Commission (ASIC) regulations. This strategy enables its users to confidently trade tokens like Bitcoin, Ethereum, Ripple, Solana, and more.

We reviewed many exchanges and found that eToro is the optimal choice for Bendigo Bank customers. The platform is approved by ASIC and offers a seamless process for depositing Australian Dollars. In addition, eToro presents an extensive portfolio of over 4,500 assets at competitive rates, along with additional features like demo accounts for practice, staking options, and copy trading services for achieving better outcomes.

Table of Contents

Can I Buy Bitcoin with Bendigo Bank?

Certainly, Bendigo Bank clients can easily purchase Bitcoin and other cryptocurrencies through accredited digital asset exchanges in Australia. The bank doesn’t offer these services directly, but it facilitates secure and compliant fund transfers to these external platforms regulated by the Australian Securities and Investments Commission. After making a deposit, customers can explore and invest in various coins in line with national financial standards.

How to Buy Crypto with Bendigo Bank

The best way for Bendigo Bank clients to safely purchase digital assets is through certified cryptocurrency exchanges. Our extensive analysis points to eToro as the leading platform for this purpose, thanks to its adherence to ASIC regulations and its diverse range of supported assets. Its users also enjoy straightforward AUD deposits through various available methods, including POLi, PayPal, bank transfers, and credit or debit cards.

Fortunately, the process is straightforward for newcomers to crypto trading:

  1. Open an Account: Register on eToro and complete the verification process.
  2. Choose a Currency: Click ‘Deposit Funds’ and select ‘AUD.’
  3. Deposit Money: Pick a payment method and transfer funds from your Bendigo Bank account.
  4. Finalise the Investment: Head to the search bar, find the digital currency you want to invest in and wrap up your transaction.
Buy crypto with Bendigo Bank via eToro.
Buy crypto with Bendigo Bank via eToro.

Bendigo Bank Cryptocurrency Policy

Bendigo Bank adopts a forward-thinking approach to digital assets, encouraging its clients to engage in cryptocurrency trading on platforms that align with the Australian Securities and Investments Commission standards. The recommended choice is eToro Australia Pty Ltd, located at Level 3, 60 Castlereagh Street, Sydney NSW 2000. eToro is a reputable exchange regulated by ASIC under licence AFSL 491139, making it a secure and trustworthy choice.

Digital Asset Investment Fees

When starting with digital currency investments, it’s essential to take the time to understand the associated fees. This knowledge will aid better decision making and help you achieve better trading outcomes. So, let's take a look at the common types of charges you might encounter on popular crypto asset exchanges:

  • Deposit Fees: The cost involved in moving money from your bank account to a trading platform varies based on your chosen payment method. Typically, direct bank transfers or services like PayID tend to be cheaper than instant methods like credit or debit cards.
  • Transaction Costs: The fees for buying or selling cryptocurrencies differ from one exchange to another. For instance, the transaction charge is usually around 1% per trade on eToro, a rate that's relatively lower than many competitors.
  • Withdrawal Charges: Taking out money from the platform incurs expenses that vary based on the specific asset. A typical example is Bitcoin with a standard commission of around 0.0005 BTC, which may vary for different tokens.

eToro is distinguished by its wide range of digital currencies, stocks, ETFs, and commodities, often at more competitive rates than its counterparts. For perspective, trading fees on some platforms like Coinbase can exceed 4%, making eToro a more appealing option for investors.

What is Bendigo Bank?

Bendigo Bank is an Australian financial institution headquartered in Bendigo, Victoria. Since 1858, the bank has expanded its reach with an extensive network of branches and ATMs across Australia. Today, it offers a comprehensive range of services, including personal and business banking, home loans, credit cards, and investment products.

The bank is committed to communities and client service, often reinvesting profits into local projects and initiatives. This approach has not only fostered strong customer loyalty but also positioned Bendigo Bank as a key player in the Australian banking sector, renowned for balancing financial performance with community well-being.

Bendigo Bank: Home Page.
Bendigo Bank: Home Page.

‍Final Thoughts

To conclude, Bendigo Bank adeptly bridges the gap for its customers to the digital currency landscape by facilitating the transfer of funds to ASIC-approved exchanges. Our thorough research shows eToro as the prime choice, recognised for its quick and effortless process in handling AUD deposits and its extensive range of over 4,500 assets. Furthermore, the platform enhances the investing experience with unique offerings like its multilingual interface, demo accounts, staking options, and advanced copy trading services.