How to Buy Crypto with Banco Santander

Can I Buy Bitcoin with Banco Santander?

Yes, you can buy Bitcoin using Banco Santander by transferring funds to a licensed crypto exchange in Spain. The bank facilitates transactions to exchanges holding a Virtual Asset Service Providers (VASP) license from the Bank of Spain. It’s easy to deposit Euros to the platform using bank transfers or cards to get started, simplifying the registration process.

‍

How to Buy Crypto with Banco Santander

If you're a Banco Santander customer who wants cryptocurrencies, you must use exchanges licensed as Virtual Asset Service Providers (VASP) by the Bank of Spain. A popular choice is Uphold, as it provides access to over 250 cryptocurrencies. Users can deposit Euros into their accounts through bank transfers, SEPA, IBAN, Google Pay, Apple Pay, or cards.

Begin trading crypto with Banco Santander by following these steps:

1. Create Account: Head over to the Uphold website, sign up, and complete the necessary verification steps.
2. Deposit Money: Choose your preferred deposit method and transfer Euros directly from your Banco Santander account.
3. Explore Assets: Take your time to explore the wide range of digital assets available and decide which one you'd like to invest in.
4. Complete Purchase: Enter the amount you wish to invest, double-check your transaction details, and confirm your trade.

‍

What are the Fees?

When buying cryptocurrency through a digital asset exchange, it’s important to understand the fees involved, including deposit, withdrawal, and trading costs, which vary by platform. 

Banco Santander clients should consider using Uphold as there are no commission fees on trades. However, it applies a spread of about 1% when converting EUR to Bitcoin. This is more competitive compared to platforms like Coinbase, where trading fees can exceed 2%. 

Always review the fee structure of any exchange beforehand to ensure you're getting the best value for your money.

‍

Banco Santander Cryptocurrency Policy

Banco Santander permits transfers to crypto exchanges licensed as Virtual Asset Service Providers (VASP) by the Bank of Spain. These platforms adhere to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols to ensure regulatory compliance. 

The bank is also preparing for the upcoming EU Markets in Crypto-Assets Regulation (MiCA), which will introduce a standardized regulatory framework for cryptocurrencies across Europe, enhancing security and consistency in the crypto space.

‍

About Banco Santander

Banco Santander is one of the world’s largest banks, with roots tracing back to 1857 in Spain. Known for its expansive global presence, it serves millions of customers across Europe, North and South America, providing a wide range of financial services. 

These offerings span retail banking, investment banking, asset management, and insurance. The bank has a strong focus on digital innovation, positioning itself as a leader in technology financial solutions while maintaining a deep commitment to sustainability and inclusive growth.

‍

Bottom Line

Banco Santander customers can invest in cryptocurrencies like Ethereum by transferring Euros to licensed exchanges like Uphold. It supports over 250 digital assets for both trading and staking, supports instant EUR deposits, and is available in both Spanish and English.

Be sure to review the fee structures on any exchange to ensure you're maximizing the value of your transactions.