How to Buy Crypto with BNZ Bank

Can I Buy Bitcoin with BNZ Bank?

Yes, BNZ Bank users can invest in Bitcoin through digital asset platforms in New Zealand. The bank permits transfers to platforms that adhere to New Zealand’s Financial Markets Authority (FMA) regulations. Traders can fund their exchange accounts directly with NZD payment methods without needing to convert their funds into other currencies.

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How to Buy Crypto with BNZ

‍BNZ Bank allows customers to transfer funds to regulated crypto exchanges like Bybit, which operates in accordance with New Zealand's Financial Markets Authority (FMA) guidelines. Bybit offers an extensive selection of 1,500 digital assets for trading and staking. Users can deposit NZD through several methods, such as bank transfers, credit and debit cards, and Apple Pay.

Begin trading Bitcoin by following this guide:

1. Open an Account: Create a free account on Bybit and complete the required identity verification process.
2. Pick Payment Method: Go to the ‘Buy Crypto’ section of your dashboard and select a deposit method.
3. Transfer Funds: Select ‘NZD’, then choose the most convenient deposit method to transfer funds directly from your BNZ Bank account.
4. Place Your Trade: Once your deposit is confirmed, find your desired cryptocurrency and execute your trade.

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What are the Fees?

If you’re new to cryptocurrency trading, understanding the costs associated with using an exchange is important to avoid unexpected costs. Most platforms charge fees for depositing and withdrawing assets or trading costs, which are applied when you buy, sell or trade a token.

On Bybit, NZD deposits are free, while spot trading fees are set at 0.1%, offering a more affordable option than platforms like Coinbase, where fees are over 2%. Reviewing these charges in advance helps BNZ clients make informed choices based on their trading needs.

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BNZ Bank Cryptocurrency Policy

BNZ Bank adheres to rigorous standards regarding cryptocurrencies. The Financial Markets Authority (FMA) states the high risk associated with cryptocurrencies and advises caution, encouraging banks to limit direct involvement with these assets. Consequently, BNZ does not buy, hold, or sell digital currencies on behalf of clients.

However, the bank allows transfers to cryptocurrency exchanges that comply with FMA guidelines. Our recommended platform, Bybit, accepts NZD deposits and is accessible from New Zealand, but there are limitations regarding accessible products. It allows for spot trading but does not provide futures trading services for Kiwi investors.

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About BNZ Bank

BNZ Bank, also known as the Bank of New Zealand, is the country’s oldest and most established bank, serving customers since 1861. As a subsidiary of the National Australia Bank (NAB) Group, it offers personal and business banking, wealth management, and home lending. 

The bank’s key products include the BNZ Advantage Visa Credit Card, BNZ KiwiSaver Scheme, and BNZ Internet Banking. Its strong focus on responsible lending and sustainable finance reflects its commitment to supporting New Zealanders’ financial well-being.

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Bottom Line

BNZ Bank customers can access cryptocurrencies by using regulated exchanges like Bybit, which operates in line with New Zealand’s Financial Markets Authority (FMA) standards. Bybit supports NZD deposits and provides access to over 1,500 digital assets for trading and staking.

Before beginning, it’s essential to review Bybit’s fee structure to ensure it aligns with your financial goals and trading strategy.