Why use a bank transfer to buy crypto?
1. Higher deposit limits: Using electronic funds transfer (EFT) bank transfers to buy Bitcoin allows for higher deposit amounts. Once your account is verified, you can transfer up to $20,000 per day.
2. Lower financial risk: Buying Bitcoin through EFT bank transfers means you’re using the funds directly from your bank account, which reduces your exposure to interest charges and debt compared to using credit.
3. Enhanced security: Direct bank transfers are safer thanks to bank security systems and the option to fix mistakes. This adds an extra layer of protection for your transactions.
You’ll need an account with us
Buying Bitcoin in Australia with bank transfer couldn’t be easier with bitcoin.com.au.
You’ll need an account with us before getting started started below. You can create a bitcoin.com.au account here.
Follow these easy steps below to get started
The steps are the same whether using your browser or the mobile app.
Getting started is easy! Simply:
1. Log into your bitcoin.com.au account
2. Navigate to the ‘Wallet’ section and select ‘Quick Deposit’.
2. Select ‘EFT bank transfer’.
3. Select ‘Transfer funds from your bank account’, using the details which will be displayed similar to below. You will need to make this transfer from your bank account.
4. For PayID, select the option circled red below and input the details provided.
5. Wait until your deposit is complete. This may take 1-2 business days.
6. You can now buy Bitcoin with your deposited funds. Navigate to the ‘Buy/Sell’ page, enter the amount of Aussie dollars you want to spend on Bitcoin and click ‘Buy Bitcoin’.
Congratulations! You’ve bought Bitcoin.
Buying Bitcoin on bitcoin.com.au automatically creates a secure wallet in which you can store your crypto.
We’re here to help!
If you’re having trouble with any of these steps please get in touch with us.
Frequently asked questions
Can I buy other cryptocurrencies with bank transfers?
With a bank transfer, you can buy 20+ of crypto’s most popular coins on bitcoin.com.au. Buy Bitcoin, Ethereum, XRP, Dogecoin and more!
What other payment methods are there?
Yes, we offer all preferred payment methods, including debit and credit cards, and PayPal.
Are there transaction fees for buying Bitcoin with bank transfers?
Deposits over $100 are free, while deposits under $100 incur a $0.99 processing fee.
Do I need to pay tax on Bitcoin and other crypto assets?
If you sell or make a profit on your crypto, you may need to pay capital gains tax (CGT). We recommend you speak to a qualified accountant to learn more.
