How to Buy Crypto with Westpac Bank
Summary: While Westpac Bank doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party crypto trading platform.
There are plenty of Australian 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 Australian banks, Westpac 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 crypto trading platforms that you can use for buying bitcoin and other cryptocurrencies.
Once signed up to an exchange (we’ll be using eToro for our example as it’s a widely trusted and global exchange), you can simply transfer funds from your bank account to the exchange, and trade it for crypto.
Table of Contents
How to buy crypto or bitcoin with Westpac Bank
There are only 4 steps involved, let’s get started!
1. Choose a crypto 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 Westpac Bank.
About Westpac Bank
Westpac Banking Corporation is known as Westpac and is a bank and financial service provider in Australia. Its headquarters are located in Sydney, Australia.
It was established in 1817 as The Bank of New South Wales. In 1982, it purchased the Commercial Bank of Australia. It is Australia's oldest and largest banking institution and one of Australia's four "big banks". Its name is a combination of "Western" & "Pacific".
Westpac currently has almost 40,000 employees and 14 million customers as of March 2018.
The Bank of New South Wales (BNSW), which was established in Sydney in 1817, was Australia's first bank. Edward Smith Hall served as its first secretary and cashier. BNSW first opened branches in Australia and Oceania in the 19th and 20th centuries. They did so at Moreton Bay, Brisbane (Brisbane), 1851, Victoria in 1851, South Australia in1877 and Western Australia in 1883. Fiji was in 1901. Papua New Guinea was 1910. Tasmania was 1910.
Westpac Institutional Bank (WIB), offers a wide range of financial services for commercial, corporate, institutional, and government customers.
WIB is a network of dedicated industry relationships and product teams that provide expert knowledge in financial and debt capital markets, transactional banking, financial and margin lending, broking, and other investment options.
Support is available in Australia, New Zealand and the UK for customers.
The Bank of New South Wales established seven branches in New Zealand in 1861. Westpac NZ currently offers full-service to approximately 1.5 million customers, 3,000 shareholders, and 197 branches across the country. It is the main provider of bank services to small and medium businesses, corporate, and institutional customers and the banker for the New Zealand government. After the merger of ANZ, National Bank of New Zealand, it is currently the second-largest bank in New Zealand.
The New Zealand Commerce Commission assessed Westpac NZ$5.1 Million for hiding foreign transaction fees on 29 September 2006. Most of the fine was a reimbursement to customers affected, at 12% of actual fees. All other banks in New Zealand were either currently under investigation or had been penalized.
In October 2009 Westpac NZ had to pay NZ$961 Million to the Inland Revenue Department of New Zealand for avoided taxes.
The firm announced on 22 July 2014 that it would be piloting a host card emulator (HCE), mobile payments technology for customers. The bank was the first to bring HCE mobile payments to New Zealand. It is also one of a few banks worldwide to use the unique 'digital wallet technology. Carta Worldwide HCE technology was used to enable customers to securely store and retrieve credit and debit cards in a remote, hosted 'cloud' environment. Customers were able to use their Android phones as digital wallets during the three-month trial. In August 2014 Westpac NZ released the first augmented bank app in the world. This adds additional functionality to the digital wallet, allowing users to view their account balances, see past spending patterns, pay bills, and locate the nearest Westpac NZ branch. Supported devices can also view the app in 3D.
Westpac is a member the Global ATM Alliance. This joint venture of many major international banks allows customers to use their ATM card, or check card, at any other bank in the Global ATM Alliance without paying fees for international travel. Other participating banks include Allied Irish Banks, Barclays (in Ireland), Barclays, in the UK, Spain, and parts of Africa), Bank of America, BNP Paribas, France, Ukrsibbank, Ukraine, Deutsche Bank (in Germany), Spain, Italy and Poland, and Scotiabank (in Canada and Mexico, among other countries).