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How to buy Bitcoin and Crypto with Kiwibank

How to buy Bitcoin and Crypto with Kiwibank

Karen Tren
Fact Checked
July 27, 2022

Summary: Kiwi Bank does not directly offer cryptocurrency trading through their online banking application. Customers will need to sign up to a licensed trading platform in New Zealand to deposit NZD from their Kiwi Bank accounts.

We recommend SwyftX NZ who offer fast and cheap NZD deposits to trade over 370 cryptocurrencies on their secure and regulated platform.

Table of Contents

Can I buy Bitcoin with Kiwibank?

Unfortunately similar to most major New Zealand banks, Kiwibank does not currently support an option to buy Bitcoin and other cryptocurrencies directly on their platform. This is mainly due to the fact that selling or buying cryptocurrency requires different regulations and licensing, something that NZ banks are yet to acquire.

Not to worry, there are secure alternative options available such as going through a regulated and licensed cryptocurrency exchange like SwyftX. SwyftX is considered the best cryptocurrency exchange due to its security, large selection of cryptocurrencies and low fees.

How to buy Crypto or Bitcoin with Kiwibank online

The best way to invest in Bitcoin and other cryptocurrencies as a Kiwibank account holder is by going through SwyftX NZ.

  1. Sign up to SwyftX NZ and complete your verification
  2. Go to Deposit and select Bank Transfer
  3. Copy SwyftX's bank details and send your desired amount to their account
  4. Receive your funds within 1 - 3 business days and see it reflect under "Asset List"
SwyftX NZ Deposit Page
Deposit NZD with SwyftX NZ via Kiwibank.

Kiwibank Cryptocurrency Policy

Kiwibank does not currently have anything in their policies that would prohibit their customers from trading cryptocurrencies. That means you are free to buy, sell and trade digital assets from regulated cryptocurrency exchanges like SwyftX NZ. Your assets will not be frozen when transferring to and from regulated and licensed cryptocurrency exchanges.

Buying Bitcoin and Crypto Fees

When investing in Bitcoin and other Cryptocurrencies it is important to remember the fees that are involved. The first fee you will encounter is your 'Deposit Fee' this is charged when you first deposit NZD onto a centralised cryptocurrency exchange. The second is the 'Trading Fee' this is charged when you trade your NZD for Bitcoin or other cryptocurrencies.

The good news for SwyftX NZ users is that SwyftX does not charge any deposit fees when depositing NZD using their Bank Transfer method. As for trading fees, SwyftX has the lowest fees out of any cryptocurrency investing platform in New Zealand offering their users just 0.6%.

For a comprehensive review of SwyftX and their features such as Crypto Staking, please visit our SwyftX Review page.

Karen Tren

Full-time writer and cryptocurrency newbie! Learning about NFTs, DeFi and GameFi with my research and writing for BuyBitcoinBank.

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