Great Southern Bank 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 Great Southern Bank’s approach to crypto transfers and crypto tax considerations.
Key takeaways
- Great Southern Bank is crypto-friendly and supports transfers to Australian crypto exchanges like bitcoin.com.au.
- Transfer up to $30,000 per day via EFT bank transfer (daily limit adjustable via Online Banking).
- Create your account, deposit from Great Southern Bank, and buy Bitcoin in 3 simple steps.
Step-by-Step Guide to Buying Bitcoin with Great Southern Bank
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 Great Southern Bank
You can transfer AUD from your Great Southern Bank account to bitcoin.com.au using our supported 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
3. Buy Bitcoin with Great Southern Bank
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.
Great Southern Bank transfer limits
Great Southern Bank doesn’t have a built-in crypto buying feature, but you can use it to transfer AUD to a licensed Australian crypto exchange like bitcoin.com.au. The following limits apply:
- PayID/Osko daily limit: $5,000 (fixed; cannot be increased)
- EFT bank transfer daily limit: up to $30,000 (can be increased via Online Banking settings)
- Instant deposit methods: PayID and Osko, typically arrive within minutes
- Standard EFT transfers: up to 2 business days
Great Southern Bank crypto policies
Great Southern Bank is considered one of the more crypto-friendly banks in Australia, with customers generally able to deposit to and withdraw from regulated cryptocurrency exchanges such as bitcoin.com.au. However, some transactions may still be subject to security reviews, payment limits, or additional identity verification.
Crypto banking policies can vary widely across Australia, with some banks applying stricter controls, delays, or restrictions on transfers to digital asset platforms.
To compare how Australian banks support crypto exchanges like bitcoin.com.au, 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 Great Southern Bank considered crypto-friendly?
- Yes, Great Southern Bank is generally considered crypto-friendly and supports transfers to cryptocurrency exchanges.
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 Great Southern Bank?
Great Southern Bank does not publicly block crypto exchange transfers, but payments may be subject to limits, security checks, or additional verification.
- Your first deposit may be delayed by 1 to 2 business days.
- PayID and Osko transfers are typically instant, while EFT transfers can take up 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.
