How to Buy Crypto with PNC Bank

Can I Buy Bitcoin with PNC Bank?

Yes, you can buy Bitcoin and other cryptocurrencies as a PNC customer by using regulated digital asset exchanges in the U.S. While the bank doesn’t offer direct crypto trading, it does facilitate transfers to platforms that follow Financial Crimes Enforcement Network (FinCEN) guidelines. You can easily transfer USD from your bank account through ACH or debit cards.

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How to Buy Crypto with PNC Bank

‍PNC Bank customers looking to invest in digital assets can use a regulated cryptocurrency exchange. Kraken, registered with FinCEN (No. 31000270997766), offers access to over 280 digital assets for trading and staking purposes. It supports free USD deposits through ACH transfers, debit cards, credit cards, and Google Pay.

Here’s how to buy crypto with PNC Bank through Kraken:

1. Open Account: Visit the Kraken website and create a new account using your email. Complete the identity verification process to comply with KYC regulations.
2. Connect Account: Transfer funds from your PNC Bank account through ACH transfer, wire transfer, or by using your debit card.
3. Select Asset: Once your funds are available on Kraken, browse their extensive list of digital currencies.‍
4. Buy Crypto: Choose the asset you want to purchase, enter the amount in USD, review the transaction details, and confirm your purchase.

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What are the Fees?

When purchasing cryptocurrencies through a digital exchange, it's essential to consider the fees, as they can affect your total investment costs. These fees can apply to deposits, trades, and withdrawals. Generally, trading fees on most platforms range from 1% to 2%.

For PNC Bank customers, Kraken offers some of the most competitive trading fees, starting at just 0.16%. It also supports free USD deposits, including ACH transfers and card payments, making it an affordable choice for crypto trading.

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Is PNC Bank Crypto-Friendly?

Yes, PNC Bank supports transfers to exchanges that comply with Financial Crimes Enforcement Network (FinCEN) regulations. While the bank does not offer direct crypto trading services, it allows customers to engage in the digital asset market by facilitating secure USD transactions to regulated platforms.

The bank is committed to providing up-to-date financial services and offers resources to help customers learn about digital assets. Although you can't buy crypto directly through PNC, the bank ensures that its customers can safely invest in cryptocurrencies through reputable exchanges.

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About PNC Bank

PNC Bank is a leading U.S. financial institution offering services like retail banking, corporate banking, and asset management. Key products include the Virtual Wallet®, which integrates checking and savings, and the PNC Cash Rewards® Visa® Credit Card, known for cash back on purchases. The bank is recognized for its strong digital banking capabilities, making its services accessible to both individuals and businesses.

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Bottom Line

In conclusion, while PNC Bank doesn’t offer direct crypto trading, it facilitates fund transfers to regulated exchanges like Kraken. With low fees and robust support for more than 280 digital currencies, Kraken is an excellent choice for PNC Bank customers looking to enter the crypto market while complying with FinCEN regulations.