How to Buy Crypto with Tesco Bank
Summary: While Tesco Bank doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party cryptocurrency trading platform.
There are plenty of UK crypto exchanges to choose from, we recommend using eToro as the exchange to work with.
They have most of the popular cryptocurrencies available, are easy to work with, and have fantastic support!
Buy Crypto with eToro
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As mentioned above, just like most UK banks, Tesco Bank doesn’t offer cryptocurrency trading directly, as setting up a cryptocurrency exchange is quite complex and comes with regulations and extra requirements for the banks.
There are many cryptocurrency exchanges that you can use for buying bitcoin and other cryptocurrencies.
You can sign up for an exchange (we will use eToro as our example because it is a trusted and worldwide exchange) and transfer funds to the exchange to trade crypto.
Table of Contents
How to buy crypto or bitcoin with Tesco Bank
There are only 4 steps involved, let’s get started!
1. Choose a cryptocurrency trading platform
As mentioned above, we’ll be using eToro for this guide as they are a widely used exchange and have over 50 cryptocurrencies to choose from. They also have a few really neat features like “Copy Trading”, which enables users to copy the trades of popular investors on the platform.
You can, of course, use any trusted crypto exchange for this, the steps will be very similar for most exchanges.
Let’s get started!
2. Sign up with the trading platform
The first thing to do is to sign up with the platform.
Once you’ve completed the initial sign up process, you’ll have to go through a quick verification process (also known as KYC).
3. Funding your account
Next up is funding your account. When it comes to depositing money to your eToro account, you have the option to use a bank transfer, PayPal, credit/debit card, and more.
4. Buy cryptocurrency
Finally, just go to the eToro Markets section, find the cryptocurrency you would like, and buy it.
And that’s it, it’s all pretty straightforward, now you know how to buy bitcoin or most other cryptocurrencies with Tesco Bank.
About Tesco Bank
Tesco Bank, a British retail bank, was established in July 1997 as Tesco Personal Finance. Since 2008, Tesco plc has owned the bank 100%. The bank was created as part of a 50/50 joint venture between The Royal Bank of Scotland (the largest supermarket in the United Kingdom) and Tesco.
Later, Tesco acquired Royal Bank of Scotland shareholding. This resulted in the bank being a wholly-owned subsidiary. It now operates under its own banking license under the Financial Services Compensation Scheme. It offers insurance, credit cards and loans as well as savings, mortgages, mortgages, and travel products. Tesco Bank launched a current account in June 2014. However, the bank has stopped accepting new applications for current accounts and closed all current accounts in November 2021.
Tesco's unique selling point is its ability to leverage its large customer base and cross-sell financial products. Customers can earn Tesco Clubcard points by purchasing finance products. With an average customer satisfaction score of 87.8%, Tesco Bank was third in the British Bank Awards 2016.
Before the formation of Tesco Personal Financing plc, Tesco had a joint venture with NatWest in banking. This ended in February 1997. TPF was established in July 1997 following the launch of Sainsbury's Bank, its main competitor. The Royal Bank of Scotland processed all financial transactions and launched the bank as a joint venture.
The Royal Bank had several subsidiaries, including Direct Line, UKI, and Lombard Direct, which helped Tesco Personal Finance offer insurance products. Tesco announced in July 2008 that they would be buying the Royal Bank of Scotland's half of the company for PS950million. The transaction was completed later that same year. Tesco Personal Finance was renamed Tesco Bank in October 2009.
Tesco Bank offers a variety of personal accounts including credit cards and loans, savings accounts as well as insurance and foreign exchange. After briefly offering First Active products in November 2004, mortgages were added to the bank's portfolio in August 2012. In December 2013, the bank announced that it would launch a current account. The first account was opened on June 14, 2014. In 2014, Tesco Bank launched its first app for mobile. It supports its core products such as current and savings accounts as well credit cards. It launched many innovative features over the years, including "balance peek" which was introduced in 2015 and the first app for Apple Watch in 2015.
Tesco Bank sold its mortgage portfolio in September 2019 to Lloyds Banking Group. In February 2020, the bank decided to discontinue offering current accounts to customers. Tesco Bank announced that it would close all current accounts owned by customers on 26 July 2021 due to "limited activity".
The bank is located in Scotland at 2 South Gyle Crescent Edinburgh EH12 9FQ. The bank was a joint venture and shared its registered office at St Andrew Square in Edinburgh with RBS. Tesco Bank opened two large offices in Newcastle's Quorum Business Park and one in Glasgow at Broadway One. An office has been opened in South Gyle (Edinburgh) since then.
Tesco began a plan in March 2009 to open stores under its Tesco Bank brand. Tesco Bank shut down all three branches remaining on 14 May 2016. Its focus was to become an entirely online bank.
Additionally, over 300 Tesco Travel Money Bureaux are located in stores and are managed jointly with Travelex.