Summary: Bank of the West currently does not facilitate cryptocurrency transactions through its online or mobile banking services. As a result, those wishing to trade digital currencies such as Bitcoin or Ethereum are required to register with a US-regulated crypto broker.
We endorse eToro as a dependable platform for Bank of the West customers. eToro offers prompt, cost-effective ACH transfers and permits deposits via debit or credit cards through Bank of the West Online Banking. It provides the opportunity to trade in over 70 cryptocurrencies at competitive fees and spreads. Supervised by FINRA and FinCEN in the USA, eToro has earned the confidence of more than 30 million investors worldwide.
Best Crypto Exchange for Bank of the West
- Free and Fast USD deposits via Bank of the West ACH Transfer or other methods.
- Buy and sell 3,000+ assets including Crypto, Stocks, ETFs and more.
- Licensed and regulated by both the FinCEN and the FINRA.
Can You Buy Crypto with Bank of the West?
Bank of the West does not offer any services to purchase, sell, or store digital currencies through its online banking portal, mobile application, or any of its physical branches. To acquire crypto, customers need to sign up with a digital asset exchange licensed by FinCEN. After depositing USD on this platform, customers can then buy or sell cryptocurrencies.
How to Buy Bitcoin and Crypto with Bank of the West
As noted earlier, the most effective way to buy Bitcoin and other digital assets using your Bank of the West Online account in the United States is through a regulated broker like eToro. Their platform allows quick and cost-effective USD deposits from Bank of the West, enabling you to trade over 70 cryptocurrencies at competitive rates and favorable spreads on their exchange, regulated by FinCEN.
To start trading in a matter of minutes, follow our simple 4-step guide:
- Register for a free eToro account and complete the verification process.
- Select 'Deposit', choose your preferred method, and transfer USD from your Bank of the West account.
- Use the search bar to find your chosen cryptocurrency, then click 'Trade'.
- Enter the amount in USD you wish to invest and click 'Open Trade'.
Bank of the West Cryptocurrency Policy
Over time, Bank of the West has modified its stance on cryptocurrency to align with the evolving digital asset market. The bank now facilitates transactions with regulated crypto exchanges, allowing account holders to interact more freely with the cryptocurrency world.
In the past, Bank of the West occasionally froze customer funds during USD transfers to certain crypto exchanges. This practice has been phased out, providing account holders with smoother access to digital assets.
About Bank of the West
Bank of the West is a regional financial services company based in the United States. It's a subsidiary of BNP Paribas, a leading bank in Europe with international presence. Founded in 1874 as Farmers National Gold Bank of San Jose, California, it changed its name to Bank of the West in 1979. On February 1, 2023, BMO Financial Group, along with its subsidiaries, announced the successful acquisition of Bank of the West from BNP Paribas. This significant move added nearly 1.8 million customers to BMO's portfolio and extended its reach across the US with over 500 additional branches.
As a result of this acquisition, BMO, now the 8th largest bank in North America by assets, has a strong presence in three of the top five US markets and operates in 32 states. It also offers expanded national commercial services and a digital banking platform accessible across all 50 states.
In conclusion, while Bank of the West does not directly support cryptocurrency transactions, it has adapted its policy to accommodate transfers with regulated crypto exchanges. This allows account holders to engage more freely with the digital currency ecosystem. To buy or sell cryptocurrencies, Bank of the West customers are advised to register with a reliable, FinCEN-licensed broker like eToro.
This platform allows prompt and affordable transfers and offers a wide variety of digital assets to trade. Ultimately, this broadens opportunities for Bank of the West customers to participate in the evolving world of cryptocurrency.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.