How to Buy Crypto with Citizens Bank

Can I Buy Bitcoin with Citizens Bank?

Yes, as a Citizens Bank customer, you can purchase Bitcoin and other digital currencies by using regulated American crypto exchanges. Even though the bank doesn’t provide direct digital asset trading services, it allows you to transfer funds to platforms that comply with Financial Crimes Enforcement Network (FinCEN) regulations, allowing easy entry into the market.

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How to Buy Crypto with Citizens Bank

‍Citizens Bank customers can purchase digital assets by using a regulated crypto exchange. Kraken is registered as a Money Services Business with FinCEN (No. 31000270997766). It provides access to over 280 cryptocurrencies for spot and futures trading with 5x leverage. There are no fees for USD deposits through ACH transfers, debit cards, credit cards, and more.

Citizens Bank clients can buy Bitcoin through Kraken with these steps:

1. Open an Account: Go to the Kraken website and sign up using your email. Complete the required identity verification to meet KYC regulations.
2. Connect Bank Account: Transfer funds from your Citizens Bank account using ACH transfer, wire transfer, or your debit card.
3. Find Token: Once your funds are deposited, explore the selection of digital assets.‍
4. Purchase Crypto: Pick the cryptocurrency you want to buy, enter the amount in USD, review the details, and confirm your transaction.

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What are the Fees?

When converting US Dollars to cryptocurrencies through a digital exchange, it's important to factor in the fees, as they can influence your overall investment cost. This typically applies to deposits, trades, and withdrawals, with most platforms charging between 1% to 2% for trading. 

For Citizens Bank customers, Kraken is an affordable option, offering competitive trading fees starting at just 0.16%. Additionally, Kraken supports free USD deposits, including ACH transfers and card payments.

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Is Citizens Bank Crypto-Friendly?

Yes, Citizens Bank approves USD transfers to exchanges that adhere to Financial Crimes Enforcement Network (FinCEN) regulations. Although the bank does not provide direct cryptocurrency trading services, it facilitates transactions to regulated platforms, enabling customers to participate in the digital asset market. 

The bank is dedicated to offering modern financial services and provides resources to help customers understand digital assets. Although you can't purchase crypto directly through Citizens Bank, customers can safely invest in digital currencies through trusted exchanges that comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) standards.

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About Citizens Bank

Citizens Bank offers various services, including personal and business accounts, loans, and wealth management. Key products include the Citizens Access high-yield savings account, Citizens Bank Student Loan, and the One Deposit Checking Account, which requires just one deposit per month to avoid fees. The bank is recognized for its reliable customer service and digital banking options.

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Bottom Line

In conclusion, while Citizens Bank doesn’t offer direct cryptocurrency purchasing, it allows secure transfers to FinCEN-regulated exchanges like Kraken. This enables customers to invest in digital assets with no fees on USD deposits and access to over 280 cryptocurrencies. In addition to trading, Kraken provides staking services and access to NFTs.