How to Buy Crypto with ubank

Can I Buy Bitcoin with ubank?

Yes, ubank customers can buy Bitcoin by using Australian crypto exchanges. The bank allows transfers to platforms registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Users can fund their exchange accounts with AUD through convenient local payment methods such as PayID and BPAY.

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How to Buy Crypto with ubank

ubank clients can transfer funds to regulated exchanges like CoinSpot, which is registered with AUSTRAC and home to over 2.5 million users. CoinSpot provides access to over 500 digital currencies for trading and staking. It supports AUD deposits through various payment methods, including bank transfers, PayID, BPAY, credit cards, debit cards, PayPal and cash deposits.

To buy crypto using your UBank account, follow these steps:

1. Open an Account: Sign up for a free CoinSpot account and complete the verification process.
2. Deposit Funds: Go to the ‘Deposit Funds’ section on your CoinSpot dashboard.
3. Transfer Funds: Select ‘AUD’ and choose your preferred method to deposit funds directly from your ubank account.
4. Place Your Trade: Once the funds are available, head to the ‘Buy/Sell’ section to purchase your chosen cryptocurrency.

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What are the Fees?

ubank customers interested in buying cryptocurrency should closely examine the fee structure of their chosen exchange. This typically includes fees for deposits, withdrawals, and trades.

On CoinSpot, AUD deposits are free and instant buy and sell transactions carry a 1% fee, while market trades come with a lower 0.1% fee. This structure is competitive, especially compared to platforms like Coinbase, which may charge over 2% for similar transactions.

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ubank Cryptocurrency Policy

ubank supports transfers to cryptocurrency exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). However, the bank restricts transactions to certain crypto exchanges to safeguard against fraud and scams, given the potential risks associated with unregulated platforms.

If ubank customers attempt to make a PayID payment to a restricted exchange, the transaction will decline, and they’ll see an error message indicating that the PayID couldn’t be found. This security measure is part of the bank's commitment to protecting users and ensuring that funds are handled safely.

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About ubank

‍ubank, a digital bank under National Australia Bank (NAB), offers a range of financial products designed for convenience and modern money management. It provides everyday transaction accounts, competitive savings options, and home loans tailored to support financial growth and stability. 

Its offerings include the UHomeLoan for competitive home loan rates, the USpend transaction account for everyday banking, and the USave savings account with attractive interest rates. 

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Bottom Line

ubank users can access a variety of cryptocurrencies through regulated exchanges such as CoinSpot, which is registered with AUSTRAC. CoinSpot supports convenient AUD deposits via PayID and bank transfers, allowing them to start trading quickly.

Before proceeding, it's essential to review CoinSpot's fee structure to ensure it fits your trading needs and budget.