Summary: Westpac allows its clients to explore Bitcoin and other cryptocurrencies by endorsing transfers to ASIC-regulated platforms. It’s important to note that Westpac does not directly offer digital currency trading through its online banking service but supports its users by approaching transactions to authorised digital asset exchanges supervised by AUSTRAC.

Our experts reviewed Australia's premier crypto exchanges and determined Kraken as the best choice for Westpac customers due to its free AUD deposits and low fees. Kraken offers a broad selection of 200+ cryptocurrencies for trading and staking purposes. This platform provides immediate deposits through multiple methods, such as bank transfers (PayID/Osko) and card payments.

Best Exchange for Westpac Bank - Kraken
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Kraken is a registered Digital Currency Exchange (DCE) with AUSTRAC in Australia (ACN 163 237 634).
Table of Contents

Can I Buy Bitcoin with Westpac Bank? 

Definitely, Westpac customers can securely enter the cryptocurrency world by going through a trustworthy digital asset exchange based in Australia. It’s important to find one regulated by the Australian Securities and Investments Commission (ASIC). These platforms facilitate straightforward AUD transfers directly from Westpac accounts or cards. Given their rigorous regulatory supervision, these exchanges offer a safe environment for trading digital currencies.

How to Buy Crypto with Westpac

For those considering the venture into digital currencies via Westpac, we suggest using an ASIC-regulated exchange such as Kraken. This platform offers quick and free AUD transactions from Westpac accounts. It provides trading and staking services for over 200 cryptocurrencies at competitive rates. Available deposit methods include PayID, Osko, bank transfers, debit cards, and credit cards, among others.

Here's a detailed guide to aid you through the process:

  1. Account Setup: Begin by establishing an account on Kraken. Follow through with the essential verification steps for individuals, businesses or SMSFs. 
  2. Selection of Currency: Choose your preferred deposit currency on the Kraken platform (AUD). 
  3. Initiating Deposit: Select your payment method (such as PayID, bank transfer, or Credit Card) and complete your deposit. 
  4. Buy Cryptocurrency: The final stage involves selecting the cryptocurrency you aim to procure and validating your transaction.
How to Buy Crypto with Westpac.
How to Buy Crypto with Westpac.

Westpac Cryptocurrency Policy

Westpac is both cautious and optimistic when it comes to cryptocurrency. The bank enables its customers to explore world of digital assets via platforms sanctioned by the Australian Securities and Investments Commission (ASIC). For instance, Kraken, a reputable exchange compliant with ASIC's regulatory framework, is officially registered as a Digital Currency Exchange (DCE) with ACN 163 237 634, and is accessible in Australia.

Digital Asset Investing Fees

When you're investing in digital currencies like Bitcoin or Ethereum, being savvy about the fees involved is key to maximising your returns. Kraken has a specific set of fees that can impact your overall profitability. Here's a straightforward rundown of the essential fees you should be aware of:

  • Spot Market Trading Fees: Kraken uses a sliding scale of fees for spot trading. If you're initiating a trade (referred to as a "maker"), you'll start with a 0.16% fee. If you're fulfilling an existing order (known as a "taker"), the fee begins at 0.26%. The more you trade, the lower these fees become, which can positively affect your earnings.
  • Deposit Fees: Kraken allows you to deposit cryptocurrencies without any additional charges. However, if you're loading your account with traditional currency, you might face a nominal fee. This fee can differ based on how you choose to pay, whether it's through PayID or a credit card.
  • Withdrawal Fees: Kraken offers competitive rates for withdrawing your digital assets. The fee varies depending on the type of cryptocurrency you're taking out. For instance, withdrawing Bitcoin will cost you a set fee of 0.0005 BTC.

Kraken's trading fees are competitive and can become even more so as you increase your trading volume, thereby boosting your profit potential. The fees for both depositing and withdrawing funds on the platform are also quite reasonable, making it an attractive option for traders aiming to optimise their financial gains.

What is 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, 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. It 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 Bank: Home Page.
Westpac Bank: Home Page.

Final Thoughts

To recap, Westpac stands by its clients seeking to explore and benefit from cryptocurrencies via ASIC-regulated exchanges. Even though Westpac doesn't directly support trading, it ensures a secure route to digital currency platforms such as Kraken. This specific platform offers a range of methods for AUD deposits and a broad selection of over 200 cryptocurrencies. This strategy symbolises Westpac's commitment to encouraging innovation while also minimising the risks associated with the evolving realm of digital assets.