How to Buy Crypto with Nationwide Bank

Can I Buy Bitcoin with Nationwide?

Yes, Nationwide Bank customers can purchase digital assets such as Bitcoin and Ethereum through cryptocurrency exchanges in the UK. Although the bank does not offer direct trading services, it facilitates the transfer of funds to FCA-regulated crypto investment platforms. Clients can deposit GBP through bank transfers, BACS, Faster Payments, or debit cards, making the registration process easy.

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How to Buy Crypto with Nationwide Bank

For Nationwide bank account holders interested in digital assets, eToro is the best option thanks to its compliance with Financial Conduct Authority (FCA) regulations. It supports more than 4,500 digital currencies, stocks, commodities, and ETFs to trade with low fees. eToro supports multiple payment methods for GBP deposits, including bank transfers, FPS, and debit cards.

Begin your crypto investment journey with Nationwide by following these steps:

1. Register: Visit the eToro website and sign up for a new account using your email address. Complete the identity verification process to comply with KYC regulations.
2. Connect Account: Initiate a transfer from your Nationwide Bank account. This can be done through bank transfer or debit card.
3. Select Token: Once your funds are available, explore the extensive range of over 4,500 assets.‍
4. Execute Trade: Select your desired cryptocurrency, enter the amount of GBP you wish to invest, review the transaction details carefully, and confirm your purchase.

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What are the Fees?

Understanding the fees associated with swapping GBP to cryptocurrencies through an exchange is recommended. These can include costs for depositing funds, executing trades, and withdrawing money. On various platforms, trading fees typically range from 1% to 2%.

For Nationwide Bank customers seeking an affordable option, eToro's trading fees start at a competitive rate of just 1%, which is significantly lower compared to platforms like Coinbase at 2%. It also offers free GBP deposit options through Faster Payments and bank transfers, making it a great choice for British investors.

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Is Nationwide Bank Crypto-Friendly?

Yes, Nationwide Bank supports cryptocurrency transactions but with certain restrictions to ensure customer safety. The bank allows fund transfers to exchanges regulated by the Financial Conduct Authority (FCA), allowing users to invest in digital assets while adhering to strict regulations.

Nationwide Bank has introduced specific limits on buying cryptocurrency to protect its clients. These limits apply to both card payments, FPS and bank transfers. For those with a FlexStudent, FlexGraduate, FlexBasic, FlexAccount, FlexDirect, and FlexPlus, you can spend up to £5,000 a day on crypto purchases. If you hold a FlexOne account, the limit is £100 a day. 

This limit applies separately to each Nationwide current account you hold. You can make these transfers in-branch, via the Internet Bank, through the Banking app, or through Open Banking. The bank does not allow crypto purchases using credit cards, regardless of whether you are the main cardholder or an additional cardholder.

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About Nationwide Bank

Nationwide Bank, one of the UK's largest financial institutions, provides a range of banking services including current accounts such as FlexAccount, FlexDirect, and FlexPlus, as well as savings accounts like FlexInstant Saver. The bank also offers competitive mortgage options, personal loans, and insurance products, all designed to meet the diverse financial needs of its customers.

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Bottom Line

In conclusion, Nationwide Bank offers a secure way for customers to invest in digital currencies through FCA-regulated exchanges like eToro. While it doesn't provide direct crypto trading, it supports fund transfers and multiple payment methods, making it easy to buy digital assets. With clear limits and competitive fees, eToro ensures a safe and accessible investment experience.