How to Buy Crypto with Bank of Melbourne

Can I Buy Bitcoin with Bank of Melbourne?

Yes, Bank of Melbourne users can purchase Bitcoin through Australian exchanges. The bank supports transfers to approved platforms registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), provided they adhere to its guidelines for compliance. Users fund their exchange accounts directly with local AUD payment options like PayID and BPAY.

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How to Buy Crypto with Bank of Melbourne

‍Bank of Melbourne allows clients to transfer funds to regulated crypto exchanges like CoinSpot, which adheres to AUSTRAC regulations. CoinSpot offers a diverse selection of over 500 digital assets. Customers can deposit AUD through bank transfers, PayID, BPAY, PayPal, debit and credit cards, and cash deposits via BlueShyft.

Follow these steps to buy crypto with your Bank of Melbourne account:

1. Open an Account: Sign up for a free CoinSpot account and complete the required verification.
2. Deposit Funds: Go to the ‘Deposit Funds’ section on your CoinSpot dashboard.
3. Transfer Funds: Select ‘AUD’ and choose your preferred method to deposit funds directly from your Bank of Melbourne account.‍
4. Place Your Trade: Once your funds are available, visit the ‘Buy/Sell’ section to purchase your selected token.

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What are the Fees?

Bank of Melbourne customers interested in buying cryptocurrency should review their chosen exchange’s fees before signing up. These typically include charges for depositing, withdrawing, and trading fees.

On CoinSpot, AUD deposits are free, while instant buy and sell transactions carry a 1% fee. Market orders are lower with a 0.1% fee. By comparison, other platforms like Coinbase charge upwards of 2%.

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Bank of Melbourne Cryptocurrency Policy

Bank of Melbourne supports transfers to cryptocurrency exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The bank does not impose any specific limits on the amount users can deposit to these licensed platforms.

For transactions directed toward unregulated platforms, Bank of Melbourne enforces automatic blocks to prevent potential fraud. These protective measures aim to reduce the risk of scams. The bank also regularly publishes blogs on cryptocurrency and blockchain technology to help guide its users.

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About Bank of Melbourne

Bank of Melbourne is a financial institution serving individuals, businesses, and corporations across Victoria and broader Australia. The bank offers personal and business banking, home loans, credit products, and wealth management. 

With products such as the Complete Freedom everyday account, the Vertigo credit card, and competitive home loan options, it provides comprehensive financial solutions.

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Bottom Line

Bank of Melbourne customers can access a wide range of cryptocurrencies by using regulated exchanges like CoinSpot, which is registered with AUSTRAC and supports over 500 digital assets. CoinSpot supports free AUD deposits through PayID and bank transfers.

Before diving in, review the exchange's fee structure to confirm it aligns with your trading goals and budget.