How to Buy Crypto with Santander Bank

Can I Buy Bitcoin with Santander Bank?

Yes, Santander customers can buy Bitcoin and other cryptocurrencies through British digital asset exchanges. Although the bank does not provide direct crypto trading services, it permits customers to transfer funds to FCA-regulated platforms. Clients can easily deposit GBP via bank transfers, Faster Payments, or debit cards.

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How to Buy Crypto with Santander Bank

‍Santander Bank customers looking to invest in digital currencies can use eToro, which is regulated by the FCA under Firm Reference Number 583263. The platform provides access to over 4,500 cryptocurrencies, stocks, commodities, and ETFs. It supports various GBP deposit methods, including bank transfers, Faster Payments, and debit cards.

To start investing in crypto with Santander Bank, follow these steps:

1. Account Setup: Sign up for an account on eToro and complete the necessary verification for security and compliance.
2. Funding Your Account: Go to the 'Deposit' section on eToro and fund your account with GBP.
3. Selecting Currency: Choose 'GBP' as your transaction currency and select a payment method connected to your Santander Bank account.‍
4. Crypto Investment: After your deposit is processed, use the search tool on eToro to find and invest in the cryptocurrency of your choice.

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What are the Fees?

When buying digital currencies through an exchange, it's important to be aware of the different fees, including those for depositing funds, trading, and withdrawing money. Most platforms charge trading fees ranging from 1% to 2%.

eToro is recommended for its competitive trading fees starting at 1%, which is lower than other platforms like Coinbase, where fees start from 2%. Additionally, eToro offers free GBP deposits through Faster Payments and bank transfers, helping to keep your overall costs low.

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Is Santander Crypto-Friendly?

Yes, Santander Bank allows customers to transfer funds to cryptocurrency exchanges, but with strict limits. You can send up to £1,000 per transaction, with a maximum of £3,000 in any 30-day period. Users can also use platforms that are registered with the Financial Conduct Authority (FCA).

The bank also restricts payments to Binance due to FCA warnings and advises customers to be cautious with crypto investments, highlighting the risks and the potential for scams. It's essential to research thoroughly and use tools like the FCA's ScamSmart before investing.

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About Santander Bank

Santander Bank is a major British financial institution offering a wide range of services, including the 123 Current Account with cashback on bills, the Santander Everyday Saver for easy-access savings, and competitive mortgage options through Santander Mortgage. It also provides credit cards like the All in One Credit Card with cashback and no foreign transaction fees, catering to diverse customer needs.

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Bottom Line

In conclusion, Santander Bank customers can purchase cryptocurrencies through FCA-regulated platforms, with eToro being the best option due to its low fees and multiple GBP deposit methods. eToro is registered with the FCA and is considered the most secure exchange. While Santander imposes limits on crypto transactions, it offers a safe way to invest in digital assets.