How To Buy Crypto with St. George Bank

    • James Page

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

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 crypto exchange. However, that doesn’t mean you can’t use your St. George Bank 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.

Buy Crypto with eToro

How to buy crypto or bitcoin with St. George Bank

As stated above, just like with the vast majority of Australian banks, you can’t buy crypto with St. George 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 cryptocurrency 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 trading platforms, 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!

etoro crypto

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.

Sign Up with eToro

eToro sign up form

3. Transfer funds into the account

Transferring funds from your St. George 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!

Buy Crypto with eToro

 

 

About St. George Bank

St.George Bank in Sydney is an Australian bank. After a 2008 merger, St.George Bank has become part of Westpac. It had previously been an autonomous legal entity. St.George, which was previously an independent legal entity, was deregistered and made a cease-and-desist in 2010.

While the bank primarily provides services in New South Wales and Victoria, there is growing representation in other industries and business segments across Queensland and Western Australia. St.George has a subsidiary BankSA that operates in South Australia as well as the Northern Territory. It has many branches and ATMs in Australia and back office operations in Bangalore.

The merger and/or acquisitions of several building societies and banks led to the creation of the current bank.

The St.George Co-operative Building Society Ltd., which was founded in Sydney's suburb of Hurstville on 6 May 1937, had George Cross as its first chairman. In June 1937, Cronulla & District Co-operative Building Society (Cronulla & District Co-operative Building Society) was established. The two Co-operatives merged on June 7, 1945. After the post-war boom in housing, the St.George and Cronulla Building Society saw rapid growth with 38 branches opening by 1955. The society became a Permanent Building Society (in 1955), which allowed it to lend larger amounts and have shorter terms. In 1961, Miranda was the first branch to open in Sydney. The second was opened in August 1963 in Sydney. The network of branches continued to expand throughout the 1960s. The society also owned 41 agencies.

St.George became the first building society to go online in 1972 with the installation an IBM mainframe computer and 30 terminals. Soon after, the black-light signature system for passbooks, which was first used by banks in late 1960s, was introduced.

John Laws, a radio broadcaster, nearly caused a panic in 1979 when he warned his listeners that "a big building society was about to go bankrupt". St George was able to keep its doors open and pay out every withdrawal. Neville Wran, then premier of NSW, stood in front of a branch and stated that he could personally guarantee financial security for the society.

The headquarters moved to Montgomery Street, Kogarah during the 1990s. In 1992 the society was granted its banking license and demutualized.

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