Looking to buy Bitcoin with your ING Bank account? This guide covers everything you need to know, from setting up your account to making a deposit and understanding ING’s current approach to crypto transfers.
Key takeaways
- ING supports bank transfers and debit card deposits to AUSTRAC-registered exchanges, though some transfers may be delayed or declined depending on the exchange and transaction size.
- ING’s default Pay Anyone daily limit is $5,000, upgradeable to $20,000 for Orange Everyday account holders. Real-time Osko and PayID transfers are capped at $5,000 per day.
- Create your account, deposit from ING, and buy Bitcoin in three steps.
Step-by-step guide to buying Bitcoin with ING Bank
1. Create your account
To get started, create a trading account with bitcoin.com.au or another trusted Australian platform.
You will need to verify your identity by providing:
- Your full name, email address, and date of birth
- Proof of address (for example, a utility bill, bank statement, or government notice)
- Photo ID and a selfie (for example, a passport or driver’s licence)
This is required to meet Australian regulatory standards and to keep your account secure.
2. Deposit Australian dollars from ING
You can transfer AUD from your ING account to bitcoin.com.au using the following methods:
- PayID: fast transfers using an email address as the payment identifier
- EFT bank transfer: standard transfer using BSB and account number
- Debit card: instant deposits with Visa or Mastercard
- PayPal
Note: ING does not offer business accounts. The platform is for personal investing only. Using a personal ING account for business-related crypto trading may breach ING’s terms and conditions.
3. Buy Bitcoin with ING Bank
Once your funds arrive in your bitcoin.com.au account:
- Log in to your account and go to the Trade screen.
- Select Bitcoin from the list of available cryptocurrencies.
- Enter the amount in AUD you want to spend.
- Select Buy Bitcoin.
- Review and confirm your order.
Your Bitcoin will appear in your bitcoin.com.au account once the trade is complete.
ING Bank transfer limits
ING’s transfer limits vary by account type and payment method. The following applies to personal accounts:
- Pay Anyone daily limit: $5,000 by default, upgradeable to $20,000 for Orange Everyday account holders via the ING app
- Osko/PayID real-time transfers: capped at $5,000 per day regardless of account type
- Debit card purchase limit: up to $50,000 per day per account
- First-time transfers to a new payee may be subject to a delay of one business day for security review
To increase your Pay Anyone limit to $20,000, go to Settings in the ING app, select Transfer limits, and follow the prompts. This option is available to Orange Everyday account holders only.
ING’s current crypto policy
ING has historically been regarded as one of the more crypto-friendly banks in Australia and operates a dedicated blockchain research program. However, ING’s approach to crypto transfers has changed since 2024.
From April 2024, ING began declining transfers to some cryptocurrency exchanges. ING has not published a list of affected exchanges. Some customers continue to transact without issues, while others report transfers being delayed or declined. The outcome can vary depending on the exchange, the amount, and the account history.
Transfers to AUSTRAC-registered exchanges such as bitcoin.com.au are generally supported, but there is no guarantee that every transfer will be processed without a delay or review. First-time transfers to a new payee are the most likely to be held for security checks.
Receiving funds from crypto exchanges back into an ING account is generally not affected by these restrictions.
If a transfer is declined, contacting ING customer service directly and confirming that you are funding a personal investment account at an AUSTRAC-registered exchange is the recommended first step. Being transparent about the purpose of the transfer and keeping records of your account registration can help resolve queries.
Crypto tax obligations in Australia
The Australian Tax Office generally treats cryptocurrency as an investment asset, similar to shares or property. When you sell or trade crypto and generate a profit, it may be subject to capital gains tax.
If you are buying and holding cryptocurrency without selling, trading, or using it for transactions, there is no tax event. Once you do sell or trade, a crypto tax calculator can help you track what you owe.
Learn more about crypto tax in Australia.
Frequently asked questions
Is ING crypto-friendly in Australia?
ING has historically been more accommodating of crypto transfers than the Big Four banks and does not impose formal monthly caps on personal accounts. However, since April 2024, ING has begun declining transfers to some exchanges on a case-by-case basis. Transfers to AUSTRAC-registered exchanges are generally supported but may be subject to delays or security checks, particularly for first-time or larger transactions.
What is the ING transfer limit for crypto deposits?
ING’s Osko and PayID real-time transfer limit is $5,000 per day. The standard Pay Anyone daily limit is $5,000 but can be increased to $20,000 for Orange Everyday account holders via the ING app. These are general account limits, not crypto-specific caps.
Can I use a credit card to buy Bitcoin with ING?
ING does not offer credit cards. Debit card deposits are supported at bitcoin.com.au using your ING Visa debit card.
Can I withdraw AUD from bitcoin.com.au to my ING account?
Yes. Withdrawals from bitcoin.com.au to a linked ING bank account are generally processed without issues. Incoming transfers from crypto exchanges are not typically subject to the same restrictions as outgoing transfers.
How much does it cost to buy Bitcoin in Australia?
The price of Bitcoin changes constantly based on market conditions. You can view the current live price before placing your order. You do not need to buy a whole Bitcoin. You can purchase a fraction starting from as little as $50, which makes it accessible for anyone starting out.
Are there any fees for depositing from ING to bitcoin.com.au?
ING charges no fee for Pay Anyone or Osko transfers. View the bitcoin.com.au fee schedule for a full list of trading and deposit fees on the platform.
