UBank 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, plus key info on UBank’s crypto policies and crypto tax considerations.
How to buy Bitcoin with UBank
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 UBank
You can transfer Aussie dollars from UBank to bitcoin.com.au using:
- Credit/debit cards – instant with Visa or Mastercard
- EFT bank transfers
- PayID
- PayPal
3. Buy Bitcoin with UBank
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.
UBank’s crypto policies
UBank generally supports transfers to AUSTRAC-registered exchanges. Most customers report smooth transactions, though high-risk exchanges and suspicious transactions will be blocked. Some UBank customers have reported blocks when transferring to certain exchanges.
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 in a way that generates 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 and tools.
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.
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 UBank?
- UBank may delay your first deposit by 1 to 2 business days.
- Osko and PayID deposits are typically instant. EFT transfers may take up to 2 business days to process.
How much does it cost to buy Bitcoin in Australia?
As of writing, a single Bitcoin is currently worth $178,131. A lot of beginner investors might not know this, but you don’t have to buy one “whole Bitcoin”. You can always purchase a fraction of a Bitcoin, or as low as $50 worth of Bitcoin – this is equal to about 0.0003 Bitcoin.
