Can I Buy Crypto with Westpac Bank?
Westpac customers can safely enter the cryptocurrency world by utilising a digital currency exchange in Australia. It’s important to mention that Westpac does not directly support crypto trading on its platform but permits clients to move funds to approved and licensed exchanges. We recommend selecting one regulated by the Australian Securities and Investments Commission (ASIC) or the Australian Transaction Reports and Analysis Centre (AUSTRAC) to maintain regulatory compliance and ensure the security of your assets.
How to Buy Crypto with Westpac
The optimal method for buying Bitcoin, Ethereum, and other digital currencies through Westpac Bank is to utilise a regulated exchange that supports online banking deposits and withdrawals from Westpac. As previously highlighted, eToro is a prime choice for Australian investors since it offers instant and no-charge deposits via several methods, including bank transfer (like PayID/Osko), debit card, credit card, POLi, and more.
If this is a new experience for you, follow these steps to purchase cryptocurrency with eToro using your Westpac account:
- First, establish a free account on eToro and go through the verification process.
- Choose 'Deposit Funds', pick your desired method, and transfer funds from your Westpac account.
- Navigate to the search bar, locate your selected digital currency, and click 'Trade'.
- Decide on the amount you wish to purchase and click 'Open Trade'.
Westpac Cryptocurrency Policy
Westpac Bank has adopted a cautious approach towards cryptocurrency, acknowledging its potential opportunities while remaining mindful of the associated risks. As a forward-thinking financial institution, Westpac is closely monitoring the evolving landscape of digital assets and exploring potential use cases to enhance its current services and customer experience. The bank has indicated that it may offer cryptocurrency investing services in the near future.
For now, the bank permits customers to invest in digital assets by approving transfers to and from cryptocurrency exchanges regulated by the Australian Securities and Investments Commission or the Australian Transaction Reports and Analysis Centre. If you choose an unregulated platform that Westpac considers dangerous or risky, like KuCoin, the bank may freeze your transaction to protect your funds.
About Westpac Bank
Westpac Banking Corporation, commonly known as Westpac, is a prominent Australian bank and financial services provider headquartered in Sydney. Established in 1817 as the Bank of New South Wales, it is acknowledged as Australia's first and oldest banking institution. Westpac offers a comprehensive range of banking and financial services, including retail, business, and institutional banking. Its services span personal banking, including savings and transaction accounts, home loans, credit cards, insurance, wealth management, superannuation services, and investment solutions.
With its solid commitment to responsible banking and sustainability, Westpac has built a strong global presence extending across Australia, New Zealand, Asia, the Pacific region, and the United Kingdom. Its powerful blend of history, comprehensive financial offerings, and commitment to customer service make Westpac a trusted choice for individuals and businesses alike.
The Bottom Line
To wrap up, while Westpac does not currently offer direct cryptocurrency investment services, Australian clients can confidently turn to eToro as the best ASIC-regulated digital asset exchange for purchasing crypto. With a 15-year track record, robust security measures, and competitive features, eToro provides a secure and user-friendly platform for Westpac customers to invest in thousands of financial instruments. To learn more about this exchange, visit our detailed eToro Review.