Can I Buy Bitcoin or Crypto using Banco Santander?
As mentioned above, the most secure and trusted method to buying cryptocurrency is using an ESMA-regulated digital currency exchange in Spain. Spanish investors simply need to transfer funds from their Banco Santander accounts or cards to a crypto trading platform and buy assets directly on the exchange.
How to Buy Crypto with Banco Santander
After evaluating the top exchanges in Spain, we found that eToro was the best option for Banco Santander customers as it offers free and instant EUR deposits to trade over 3000 assets. Banco Santander clients can deposit Euros to eToro via various payment methods, including Bank Transfer, Credit Card, Debit Card and PayPal.
Spanish investors can get started with this step-by-step guide:
- Open a free account on eToro and complete the verification process.
- Click 'Deposit Funds', pick a method, and transfer EUR from Banco Santander.
- Go to the search bar, locate the desired token, and click 'Trade'.
- Enter the amount you wish to purchase and click 'Open Trade'.
Banco Santander Cryptocurrency Policy
Although Banco Santander does not directly offer Cryptocurrencies through its platform, it permits its customers to invest in digital assets via exchanges regulated by the European Securities and Markets Authority (ESMA). By partnering with trusted and compliant platforms, the bank ensures secure and seamless access to the dynamic world of digital assets. This approach fosters financial inclusion and enhances customer experience, positioning Banco Santander as a forward-thinking financial institution.
Deposit and Trading Fees
When you commence your cryptocurrency expedition with Banco Santander, take into account possible costs:
- Deposit Charges: Banco Santander may levy transfer costs, a departure from numerous cryptocurrency trading platforms that avoid imposing deposit fees. Importantly, deposits executed through a Banco Santander Credit Card might accrue a charge exceeding 2%. It's essential to authenticate these particulars with your bank.
- Transaction Costs: Cryptocurrency platforms frequently apply a spread—a component of each transaction. The spread's magnitude varies based on the cryptocurrency and the platform, usually around 1%. Supplementary expenses may also be applied for retaining positions beyond typical trading hours or during weekends.
Remember that fees will vary depending on the exchange you use. Persistently double-check the latest fee information with your trading platform and Banco Santander to circumvent unexpected costs.
The Bottom Line
To recap, Banco Santander does not directly offer cryptocurrencies through its platform. However, it allows customers to invest in the asset class by sending funds to a secure, regulated digital asset exchange. Our comprehensive analysis has identified eToro as the top choice for Banco Santander clients due to its diverse asset options, free EUR deposits, 24/7 Spanish-speaking customer support, and commitment to regulatory compliance in Spain.