Up 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, plus key info on Up’s crypto policies and crypto tax considerations.
Key takeaways
- Up Bank allows transfers to AUSTRAC-registered crypto exchanges like bitcoin.com.au.
- You can buy Bitcoin by depositing AUD via PayID, bank transfer (EFT), card payments, or PayPal.
- While generally crypto-friendly, some transactions may be delayed or reviewed, especially for large or first-time transfers.
How to buy Bitcoin with Up
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 an Up bank account
You can transfer Aussie dollars from Up to bitcoin.com.au using:
- Credit/debit cards – instant with Visa or Mastercard
- EFT bank transfers
- PayID
- PayPal
3. Buy Bitcoin with Up
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.
Up Bank’s crypto policies
Up generally supports transfers to AUSTRAC-registered crypto exchanges, including bitcoin.com.au and Independent Reserve. The bank is considered crypto-friendly and doesn’t impose any official monthly caps. However, occasional delays on larger or first-time transfers may occur, especially for new Up Bank customers.
While Up is generally considered crypto-friendly, some users have reported mixed experiences when transferring funds to certain exchanges. Recent community discussions, including posts on Reddit, highlight these experiences, although they remain anecdotal and not officially confirmed.
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?
- We don’t have any deposit fees for bank transfers into our platform.
- View our fee schedule for a complete list of fees and charges.
Is Up Bank considered crypto-friendly?
- Up Bank is generally considered crypto-friendly, although some users report mixed experiences with crypto transfers, based on anecdotal community discussions.
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 Up?
Up Bank generally supports transfers to cryptocurrency exchanges, but some transactions may be subject to security checks, delays, or additional verification particularly for first-time or larger transfers.
PayID and Osko deposits are typically processed instantly, while standard EFT bank transfers may take up to 1–2 business days.
- Up Bank 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?
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 at the time of writing.
