Bank of Melbourne does not provide an option to buy cryptocurrency directly through its online banking platform. The easiest option is to use a regulated exchange in Australia to invest in digital assets as a Bank of Melbourne customer with a bank account or using a Bank of Melbourne debit or credit card.
Unsure about where to buy?
Where Bank of Melbourne customers can buy crypto
On website
Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.
Highlights
- Access thousands of assets across multiple categories.
- Copy trades of popular investors that trade Crypto.
- Access powerful analysis tools and innovative social features.
Pros
Cons
On website
Highlights
- Receive $10 worth of BTC when you sign up and verify your account.
- Trade over 300 assets on Swyftx including Bitcoin, Ethereum, Ripple and Litecoin as well as DeFi coins such as UniCoin.
- Deposit or withdraw funds from your account using several payment methods (PayID, OSKI, POLi or bank transfers).
- New to Crypto? Try Swyftx's demo mode, it allows you to mock trade with no financial risk while you learn the ropes of crypto trading.
Pros
Cons
On website
Highlights
- Sign up on Binance Australia to get a 100 USDT cashback voucher. Terms and Conditions apply.
- World's largest crypto exchanges.
- Buy, sell, trade, and stake 1,000s of crypto coins and trading pairs.
- Zero-fee deposit via PayID or Osko from Australia.
Pros
Cons
Still not sure?
FAQs
Can you buy crypto directly with Bank of Melbourne?
Bank of Melbourne does not have a retail service for purchasing cryptocurrency. If you still want to buy cryptocurrency, you can use a cryptocurrency exchange or broker and fund the purchase with a bank transfer from your Bank of Melbourne account or with your Bank of Melbourne credit or debit card. Be sure to research any platforms you are considering carefully before investing.
Does Bank of Melbourne block crypto-related transactions?
Bank of Melbourne does not block cryptocurrency transactions. Customers can use their Bank of Melbourne accounts to buy crypto on third-party platforms.
Can Bank of Melbourne bank accounts be used to buy crypto?
Yes, you can transfer funds from a Bank of Melbourne account to an exchange or brokerage where you can purchase cryptocurrency.
Can Bank of Melbourne credit cards be used to buy crypto?
Yes, it is possible to use a Bank of Melbourne credit card to buy cryptocurrency after depositing funds at a cryptocurrency exchange or brokerage. Some exchanges and brokerages do not accept credit card deposits. An additional fee may be charged to deposit with a credit card. Bank of Melbourne's credit card terms and conditions state that crypto purchases are classified as cash equivalent, therefore incurring the cash advance rate.
Can Bank of Melbourne debit cards be used to buy crypto?
Yes, it is possible to use a Bank of Melbourne debit card to buy cryptocurrency at an exchange. However, be aware that debit card deposits are not possible on some platforms, and those that do may charge an additional fee.
Further details
Bank of Melbourne’s crypto policy
Bank of Melbourne's approach to cryptocurrency has been cautious. As part of the Westpac Group, the Bank of Melbourne's decisions about implementing blockchain technology and any future offering of retail cryptocurrency trading is likely to be determined at the group level.
