Can I buy Bitcoin or Crypto with an BankSA Account?
Unfortunately, Bank of South Australia customers are not be able to invest in Bitcoin. Since cryptocurrency have different regulations and licensing than traditional finance, most banks have not acquired the appropriate licenses to sell cryptocurrencies. We will continue to monitor regulatory developments for any changes.
For now there are many safe alternatives to using traditional banking to buy cryptocurrencies, such as using a centralised crypto exchanges like Coinspot.
How and Where to buy Bitcoin with Bank of South Australia account.
Buying Bitcoin and other cryptocurrencies is easy with CoinSpot. CoinSpot is an Australian cryptocurrency exchange that allows you to buy and sell more than 300 different cryptocurrencies.
The following is a step by step guide on how to get started.
Step 1 - First sign up to the Coinspot Australia platform.
Step 2 - You will then need to complete the verification process to get access to the platform. This should only take a few minutes.
Step 3 - You will then need to fund your account by going to the 'Deposit AUD' screen and connect your BankSA account.
Step 4 - You can now deposit the amount of AUD you want to invest into your account.
Step 5 - Now click the "BUY/SELL" button tab in the menu, then select the cryptocurrency you want to buy.
BankSA Australia Crypto Policy
BankSA does not have any policies that prohibit account holders from trading digital assets. In fact, the bank's official website states 'we do not prohibit the use of the bank by customers for any purchases or transactions that are made in compliance with applicable laws, rules and regulations.' This includes cryptocurrency trading. BankSA users can feel secure when using cryptocurrency exchanges when transferring to a safe, regulated cryptocurrency exchange like CoinSpot.
