Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a cryptocurrency exchange. However, that doesn’t mean you can’t use your Bendigo Bank account to buy crypto.
All you need is a reliable and trusted cryptocurrency exchange. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.
How to buy crypto or bitcoin with Bendigo Bank
As stated above, just like with the vast majority of Australian banks, you can’t buy crypto with Bendigo Bank on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a cryptocurrency trading platform.
However, luckily for us, there are plenty of crypto exchanges to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
1. Choose a crypto exchange
While there are a lot of cryptocurrency exchanges, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.
The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).
Let’s get into it!
2. Create an account on the exchange
The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.
3. Transfer funds into the account
Transferring funds from your Bendigo Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy crypto
Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.
And that’s it, you now have some crypto, congratulations!
About Bendigo Bank
Australian financial institution Bendigo and Adelaide Bank, primarily focused on retail banking, is Bendigo and Adelaide Bank. The merger of Adelaide Bank and Bendigo Bank resulted in the creation of the company.
Bendigo Bank was delivering its products and services in Australia before the merger. There were almost 900 outlets, including 160 company-owned branches, 220 Community Bank branches, 100 agencies, 400 Elders outlets, and more than 160 agency branches. The bank has branches primarily in Victoria, Queensland and Tasmania. The bank now has over 400 branches. This includes 25 that were added to the Adelaide Bank merger.
The national headquarters are still in Bendigo. A major office is in Adelaide, South Australia. Regional offices can be found in Docklands, Melbourne, Ipswich and Melbourne.
The company was founded in 1858 to serve as a permanent (terminating) building society in order to improve the conditions in the Bendigo goldfields in the Victorian gold rush.
The company, seven years old in 1865, was restructured and renamed Bendigo Mutual Permanent Land and Building Society. Victoria was established 11 years later. It expanded its holdings further when it merged in 1978 with Eaglehawk Star (a 1901 building society).
Further growth was achieved by the 1983 acquisition of Sandhurst, Sunraysia and Sunraysia building society, as well as a merger with Sandhurst Trustees Ltd, and the 1985 acquisition of Capital, Compass and Compass building societies.
BBS became Australia's first financial institution to successfully introduce Visa credit and debit cards in 1982.
BBS received a stockmarket listing in 1993. Its growth continued through the 1990s when it bought National Mortgage Market Corporation Limited, a mortgage-manager firm that was focused on loan introducers and brokers. BBS was transformed into a bank that bears the name Bendigo Bank. In 1997, Bendigo Bank acquired Monte Paschi Australia from Banca Monte dei Paschi di Siena, an Italian banking group, for AU$42.255M. The same year, Monte Paschi Australia became Cassa Commerciale Australia.