How To Buy Crypto with Westpac 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 cryptocurrency trading platform. However, that doesn’t mean you can’t use your Westpac 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 Westpac Bank

As stated above, just like with the vast majority of Australian banks, you can’t buy crypto with Westpac 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 exchange.

However, luckily for us, there are plenty of cryptocurrency trading platforms to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.

1. Choose a cryptocurrency trading platform

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 Westpac 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 Westpac Bank

Westpac Banking Corporation, also known simply as Westpac is an Australian bank and financial services provider. It is located in Sydney.

It was founded in 1817 under the name of the Bank of New South Wales. The Bank of New South Wales acquired the Commercial Bank of Australia (CBA) in 1982 and was renamed in the following year. It is Australia’s oldest and most prominent banking institution. Its name is a blend of "Pacific" and "Western".

Westpac boasts 14 million customers and nearly 40,000 employees as of March 2018.

In 1817, the Bank of New South Wales was founded in Sydney. It was Australia's first bank. Edward Smith Hall was the first cashier and secretary. BNSW was the first to open branches throughout Australia and Oceania during the 19th- and early 20th centuries. These branches were located at Moreton Bay (Brisbane), in Victoria, in 1851, in South Australia (1877), in South Australia (1883), in Western Australia (1883), in Fiji (1901), in Papua New Guinea (1910), and Tasmania (1910).

Westpac Institutional Bank offers a wide variety of financial services to government, corporate, and institutional customers.

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