Learning about cryptocurrencies can be overwhelming, especially when it comes to buying digital assets through traditional banking institutions. As leading experts, we understand the challenges and complexities of purchasing cryptocurrencies, particularly with banks like Bendigo Bank. So, we’ll show how you can buy crypto with Bendigo Bank, offer options for alternative methods, elaborate on the limitations, and explain what is needed to complete the purchase safely and smoothly.
Summary
Buying cryptocurrencies directly through Bendigo Bank is not currently possible, as the bank does not offer this service. Instead, individuals typically use specialized cryptocurrency exchanges or platforms to buy digital assets. Our guide focuses on understanding and managing cryptocurrency investments alongside the traditional banking services of Bendigo Bank, providing insight into external platforms for purchasing cryptocurrencies.
Based on our extensive market research, we recommend using eToro, a leading global exchange that complies with the strict regulations set by the Australian Transaction Reports and Analysis Centre (AUSTRAC). eToro offers a user-friendly platform and supports convenient AUD deposits via bank transfers, POLi, PayID, and debit cards.
Can you buy crypto with Bendigo Bank?
While Bendigo Bank does not provide direct cryptocurrency investing options through its banking platforms, it supports its account holders in accessing the crypto market by enabling the transfer of AUD to AUSTRAC-regulated exchanges. Customers can purchase notable digital currencies such as Bitcoin, Ethereum, and Solana by transferring funds from their Bendigo Bank accounts to regulated crypto trading platforms in Australia.
Step-by-Step Guide on How to Buy Crypto with Bendigo Bank
The fastest and most convenient way to acquire cryptocurrencies with Bendigo Bank is by transferring funds to a regulated exchange like eToro. We recommend eToro for its compliance with AUSTRAC regulations, diverse asset offerings, and user-friendly AUD deposit options.
Step 1: Register an Account on eToro
Visit eToro’s website and sign up for an account: https://www.etoro.com/en-au/customer-service/signing-in-and-registering/
Step 2: Complete Identity Verification
Comply with eToro’s KYC (Know Your Customer) requirements for identity verification. The process typically takes 1-2 business days for approval.
Step 3: Link Bendigo Bank Account to eToro
Navigate to eToro’s ‘Deposit’ area, usually found in the bottom left corner of the interface, to link your Bendigo Bank account for deposits and withdrawals.
Step 4: Deposit Funds
Verify the process for deposits and withdrawals between eToro and your linked Bendigo Bank account. Note any minimum or maximum deposit amounts and the various deposit options available (bank transfers, debit cards, etc.).
Step 5: Purchase Cryptocurrency
Use the funds from your Bendigo Bank account to buy the desired cryptocurrency using your AUD wallet on the eToro platform.
Though every exchange might differ in their verification process, once this is done, the purchase process of cryptocurrencies is approximately the same across platforms.
For more information on buying cryptocurrencies with other Australian banks, be sure to read our guides on:
- How to Buy Crypto with Suncorp
- How to Buy Crypto with CommBank
- How to Buy Crypto with Bank of Queensland
About Bendigo Bank
Bendigo Bank is a leading Australian financial institution offering a wide range of personal and business banking services, including savings and checking accounts, home loans, credit cards, and investment products. With a strong focus on community banking, Bendigo Bank has over 500 branches and 2.4 million customers nationwide.
Security Measures
Bendigo Bank has implemented several fraud and scam prevention measures to protect its customers from cyber and financial crime. These include multi-factor authentication, removing links in SMS messages from the bank, and a dedicated security team constantly monitoring for suspicious activity.
Investment Scam Prevention
In July 2023, Bendigo Bank introduced new rules targeting high-risk instant payments to cryptocurrency exchanges to address fraudulent payments and enhance protection for its 2.3 million customers. These changes primarily target investment scams, which have cost Australians nearly $200 million in 2023 alone.
What is Bendigo Bank’s status on cryptocurrencies?
Bendigo Bank does not provide direct cryptocurrency services or partnerships with exchanges. However, the bank enables its customers to transfer funds to AUSTRAC-regulated cryptocurrency platforms to invest in digital assets. While there are no specific fees or limitations imposed by Bendigo Bank for these transfers, customers should be aware of the fees charged by the external crypto platforms.
Does Bendigo Bank work with crypto?
Bendigo Bank facilitates fund transfers to regulated cryptocurrency exchanges, allowing its customers to invest in digital assets indirectly. However, the bank does not have direct partnerships or integrations with crypto platforms. If you are unsure about Bendigo Bank’s current stance on cryptocurrencies, we recommend contacting the bank directly to clarify their policies.
Conclusion
Buying cryptocurrencies with Bendigo Bank involves transferring funds to a regulated exchange like eToro, completing identity verification, and purchasing the desired digital assets using your AUD wallet. While Bendigo Bank does not offer direct crypto services, it enables customers to invest in cryptocurrencies through external platforms.
As with any investment, it’s essential to approach cryptocurrency investments cautiously and seek ongoing education to make informed decisions. Our team of experts at Coincipher is dedicated to providing valuable insights and guidance to help you navigate the evolving world of digital assets.
FAQs
Can I buy Bitcoin directly through my Bendigo Bank account?
No, Bendigo Bank does not offer direct cryptocurrency purchases through its banking platforms. However, you can transfer funds from your Bendigo Bank account to a regulated crypto exchange like eToro to buy Bitcoin and other digital assets.
Is it safe to buy cryptocurrencies with Bendigo Bank?
Bendigo Bank implements various security measures to protect its customers from fraud and financial crime. When transferring funds to a cryptocurrency exchange, ensure that the platform is regulated by AUSTRAC and has a strong reputation for security and reliability.
What cryptocurrencies can I buy with Bendigo Bank?
By transferring funds from your Bendigo Bank account to a regulated crypto exchange, you can access a wide range of digital assets, including popular cryptocurrencies like Bitcoin, Ethereum, and Solana. The specific cryptocurrencies available may vary depending on the exchange you choose.
Are there any fees associated with buying crypto using Bendigo Bank?
Bendigo Bank does not impose specific fees for transferring funds to cryptocurrency exchanges. However, the external crypto platforms may charge fees for deposits, withdrawals, and transactions. Be sure to review the fee structure of the exchange you plan to use before making any transactions.
