Bankwest customers can easily buy Bitcoin in Australia by transferring funds to trusted crypto exchanges like bitcoin.com.au.
This guide covers how to set up your account, make a deposit, and purchase Bitcoin, as well as key information on Bankwest’s approach to crypto transfers and crypto tax considerations.
Key takeaways
- Bankwest supports AUD transfers to Australian crypto exchanges, though some payments may be subject to delays or security checks.
- Transfer up to $20,000 per day via Pay AnyBody (Faster Payment), including PayID transfers.
- Create your account, deposit from Bankwest, and buy Bitcoin in 3 simple steps.
Step-by-Step Guide to Buying Bitcoin with Bankwest
1. Create your account
To get started, create a trading account with bitcoin.com.au or another trusted platform.
You’ll need to verify your identity by providing:
- Your full name, email and date of birth
- Proof of address (e.g. utility bill, bank statement, or government notice)
- ID and selfie (e.g. passport or driver’s licence)
This is to meet Australian regulatory standards and keep your account secure.
2. Deposit Aussie dollars from Bankwest
You can transfer AUD from your Bankwest account to bitcoin.com.au using the following deposit methods:
- PayID: instant, free transfers using an email ID
- EFT bank transfers: standard transfer using your BSB and account number
- Credit/debit card: instant with Visa or Mastercard
- PayPal
Note: Bankwest does not permit credit card purchases of cryptocurrency. Debit card and bank transfer deposits are supported. Your first transfer to a new payee may be subject to a short hold before funds are released.
3. Buy Bitcoin with Bankwest
Once your funds land in your account:
- Log in to your account and go to the Trade screen.
- Select Bitcoin from the list of available cryptocurrencies.
- Enter how much AUD you want to spend.
- Select Buy Bitcoin.
- Review and confirm your order.
Your Bitcoin will appear in your bitcoin.com.au account after the trade is complete.
Below is an example of the mobile app interface.
Bankwest transfer limits
Bankwest doesn’t have a built-in crypto buying feature, but you can use it to transfer AUD to licensed Australian crypto exchanges like bitcoin.com.au. The following limits apply:
- PayID/Faster Payment daily limit: up to $20,000 per day (subject to your Pay AnyBody limit)
- EFT bank transfer (Pay AnyBody) daily limit: up to $20,000 (adjustable via the Bankwest app or Online Banking)
- Instant deposit methods: PayID and Faster Payments, processed almost instantly where eligible
- Standard EFT transfers: 1 to 2 business days
Bankwest crypto policies
Bankwest is a subsidiary of Commonwealth Bank of Australia (CBA) and applies similar crypto policies. The bank does not offer crypto trading directly, but customers can transfer AUD to licensed Australian crypto exchanges via bank transfer or debit card.
Transfers to crypto exchanges via bank transfer are generally supported, but some payments may be subject to security checks, delays, or additional verification, particularly for first-time transfers to a new payee.
Not all banks offer the same level of support for crypto transactions. Some Australian banks impose stricter limits or delays.
For a full comparison of how Australian banks support crypto exchanges, see our watchlist of crypto-friendly banks in Australia.
Crypto tax obligations in Australia
The Australian Tax Office (ATO) generally treats crypto as an investment asset, similar to shares or property. This means that when you sell or trade crypto to generate a profit, it may be subject to capital gains tax (CGT).
If you’re just buying and holding crypto without selling, trading, or using it for transactions, you won’t have to pay tax. But once you do, a crypto tax calculator can help you stay on top of what you owe.
Learn more about crypto tax obligations in Australia.
Frequently asked questions
Are there any fees for buying Bitcoin using bank transfers?
View our fee schedule for a list of all fees and charges.
Is Bankwest considered crypto-friendly?
Bankwest supports bank transfer and debit card deposits to AUSTRAC-registered crypto exchanges. However, credit card purchases are blocked, and some transfers may face delays or security checks.
Can I withdraw AUD to my bank account from bitcoin.com.au?
Yes, you can easily send AUD to your linked bank account.
Are there any limitations when it comes to using Bankwest?
Bankwest does not permit crypto purchases via credit card and some transfers may be subject to security checks or additional verification.
- Your first deposit to a new payee may be subject to a hold of up to 4 hours.
- PayID and Faster Payment transfers are typically instant once your payee is established, while EFT transfers can take 1 to 2 business days to process.
How much does it cost to buy Bitcoin in Australia?
The price of Bitcoin changes constantly based on market conditions, and you can view the current live price before placing your order. Importantly, you do not need to buy a whole Bitcoin. Bitcoin is divisible, which means you can purchase a fraction starting from as little as $50. This makes it accessible for beginners who prefer to start small and invest at their own pace.
