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 trading platform. However, that doesn’t mean you can’t use your Royal Bank of Scotland account to buy crypto.
All you need is a reliable and trusted crypto 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 Royal Bank of Scotland
As stated above, just like with the vast majority of banks, you can’t buy crypto with Royal Bank of Scotland 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 crypto trading platform.
However, there are many cryptocurrency exchanges that you can use for buying bitcoin and other cryptocurrencies.
1. Choose a cryptocurrency 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 Royal Bank of Scotland 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 Royal Bank of Scotland
The Royal Bank of Scotland plc in Scotland is a large commercial and retail bank. It is one of three retail banking subsidiaries of NatWest Group. The Royal Bank of Scotland is home to approximately 700 branches. There are also branches in other larger towns and cities in England and Wales. It is distinct from the Bank of Scotland, a bank based in Edinburgh, which dates back 32 years. The Royal Bank of Scotland was created in 1724 in order to provide a bank that had strong Hanoverian, Whig and Whig ties.
In 2019, the bank was made a direct subsidiary by NatWest Holdings after the Group's domestic core business was ringfenced. NatWest Markets is the Group’s investment banking arm. The RBS former entity was renamed NatWest Markets. Adam and Company (which had a separate PRA banking license) was renamed The Royal Bank of Scotland. Adam and Company are now a private RBS banking brand in Scotland. This is in line with the Messrs. Drummond and Child & Co. business in England.
The Society of the Subscribed Equivalent Debt was founded by investors from the Company of Scotland in order to secure the compensation received under the 1707 Acts of Union. The "Equivalent Society" was renamed the "Equivalent Corporation" in 1724. The new company was looking to get into banking. Because the "Old Bank", also known as the Bank of Scotland was suspected of harboring Jacobite sympathies, the British government approved the request. In 1727, the Royal Bank of Scotland chartered the "New Bank", with Archibald Campbell (Lord Ilay) as its first governor.
The Royal Bank of Scotland created the overdraft in May 1728. It was later considered a major innovation in modern banking. It enabled William Hogg, a merchant from the High Street of Edinburgh to access PS1,000 (PS138.272 today's value) credit.
The issue of banknotes was at the heart of the fierce competition between the Old Banks and the New Banks. The Royal Bank had two options: either to drive the Bank of Scotland out of existence or to take it over at favorable terms.
The Royal Bank acquired large amounts of Bank of Scotland notes in exchange for its own notes. It then presented the Bank of Scotland with a sudden payment. The Bank of Scotland was forced by its lenders to pay the notes. In March 1728, it also had to stop paying them. Although the Bank of Scotland was relieved of immediate pressure, the suspension caused significant damage to its reputation. The Royal Bank also had the opportunity to expand its business. However, the Royal Bank's increased note issues made it more susceptible to the same tactics.
Although there was talk of merging with the Bank of Scotland the Royal Bank didn't have the financial resources to make the deal. September 1728 saw the Bank of Scotland able to redeem its notes again with interest. It resumed lending in March 1729. To avoid similar attacks in the future the Bank of Scotland placed an "option clause", giving it the ability to make its notes interest-bearing and delay payment for six month. The Royal Bank then followed suit. Both banks realized that their policy was mutually destructive and brokered a truce. But it was only 1751 before they agreed to accept each others' notes.
The bank opened its second branch outside Edinburgh in 1783. In Glasgow, it was part of a drapers shop on the High Street. In the second half of the nineteenth century, further branches were opened at Dundee, Rothesay and Dalkeith as well as Greenock, Port Glasgow and Leith.
1821 saw the bank move from Edinburgh's Old Town, to Dundas House in the New Town. The eastern end of New Town's central vista is seen as the building can be seen from George Street. It was constructed in Palladian Palladian architecture by Sir William Chambers for Sir Lawrence Dundas. John Dick Peddie added an axial bank hall (Telling Room), to the back of the building in 1857. This was designed with a domed roof painted blue inside and has gold star-shaped coffers. Dundas House is the registered head office of Dundas Bank, which continues to be used as a branch bank hall.
The bank continued to pursue mergers with Scottish banks throughout the 19th century. This was mainly in response to failing institutions. Following the collapse of Western Bank in 1857 the assets and liabilities of that bank were purchased. The Dundee Banking Company was bought in 1864. In 1910, there were 158 branches of the Royal Bank of Scotland and about 900 staff.
1969 was a difficult year for the banking sector. The Royal Bank of Scotland was merged with the National Commercial Bank of Scotland. A new holding company was created, the National and Commercial Banking Group. It had 662 branches throughout Scotland. These were all transferred to Royal Bank. The holding company was renamed The Royal Bank of Scotland Group, and then became NatWest Group on July 2020.
New York was the opening of the bank's first international branch in 1960. The bank later opened international branches in New York, Los Angeles and Houston. Citizens Financial Group, an American bank, was purchased by Citizens Bank in 1988. Citizens has also acquired several American banks since then. In 2004, Charter One Bank was acquired by Citizens. Citizens Financial Group owned the United States bank from 1988 to 2015. RBS Group held the second-largest stake in the Bank of China. RBS Group also owned Citizens Financial Group in the United States. RBS Group was fifth in market capitalisation at the Bank of China in February 2008.