How to buy Bitcoin (BTC) with a bank transfer from Australia

A bank transfer is one of the most hassle-free and inexpensive ways to buy Bitcoin. There are many brokers that accept funds via bank transfers.

Scroll down for our step-by-step guide to buying Bitcoin with a bank transfer in Australia.

Unsure about what exchange to use?

Where to buy Bitcoin with a bank transfer

On website

Binance Australia

Highlights

Sign up on Binance Australia to get a 100 USDT cashback voucher. Terms and Conditions apply.
Access the world's biggest platform for buying, selling, and trading crypto.
Trade and stake thousands of cryptocurrencies and trading pairs.
Deposit funds without worrying about any extra charges.

Pros

Low trading fees.
Easily deposit funds using credit or debit cards.
Practice with demo trading before diving into real investments.
Access powerful charting and trading features designed for experienced traders.
24/7 live chat support.
AUSTRAC regulated.

Cons

The platform's user interface can be complex for beginners, making it harder to navigate initially.
Ongoing regulatory challenges in various countries could raise concerns for some users regarding its long-term stability.

On website

Swyftx

Highlights

Access over 440 assets, including Bitcoin, Ethereum, Ripple, Litecoin, and DeFi tokens like UniCoin.
Choose from multiple payment options, including PayID, OSKO, POLi, and bank transfers for deposits and withdrawals.
Learn the basics of crypto trading with Swyftx’s demo mode, allowing risk-free mock trading.

Pros

Australian-based platform with AUSTRAC regulation.
Access to 440+ crypto assets.
Quick customer support—live chat replies within 5 minutes.
Integrated tax reporting for easy tracking.
Supports trading in AUD, USD, and NZD.

Cons

Limited access to advanced trading markets.
Trading fees start at 0.6% for regular users, higher than some competitors.

On website

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

eToro Crypto

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

The user-friendly website and app make it easy to trade from anywhere.
Trade Bitcoin, Ethereum, and 60+ other crypto assets.
With its CopyTrader feature, you can replicate the moves of other investors.
Start trading with just $10.

Cons

There is a 1% fee that is added to the market price.
Other exchanges have more selections of crypto coins and tokens.

On website

CoinSpot

Highlights

Trade a wide variety of over 530 cryptocurrencies, including top options like Bitcoin, Ethereum, and Litecoin, suitable for both beginners and seasoned traders.
Simple and intuitive interface for easy navigation and management of your cryptocurrency investments.
Focuses on strong security with two-factor authentication (2FA) and cold storage for your digital assets.
Based in Australia and fully registered with AUSTRAC for compliance and trust.

Pros

Trade at just 0.1% fee and withdraw in AUD for free.
Purchase crypto packages (Bundles) in a single transaction.
Multiple deposit options with free PayID and Direct Deposit.
Access to the CoinSpot NFT Marketplace.
User-friendly mobile app for easy trading on the go.
Earn $10 in BTC by referring a friend.
24/7 customer support is available.

Cons

Margin trading is not available, as it focuses on buying, selling, and swapping a wide range of cryptocurrencies.
Fewer selections of cryptocurrencies compared to larger global exchanges.

On website

Cointree

Highlights

Buy, sell, and trade on Australia’s best crypto exchange—get $10 BTC after verification. Just use promo code 10BTC.
Secure, Safe, & Easy - Trade 280+ cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Dogecoin
Crypto investing for your SMSF with detailed ATO-compliant reporting— Get started in 5 minutes

Pros

Well-established platform since 2013.
Trade easily with Australian dollars.
Competitive fees for quick buys and sells.
View and copy portfolios of successful traders.
Fast and straightforward trading with the Cointree app.
24/7 customer support is available.
AUSTRAC regulated for added security.

Cons

Account verification can take up to 48 hours.
No access to a spot market for direct trading.
Maximum trade size is limited to $50,000

On website

Independent Reserve

Highlights

Automate your cryptocurrency trading strategy with Independent Reserve's AutoTrader feature.
Instant deposits are available 24/7 via bank transfer, PayPal, debit, or credit card.
Invest in crypto for your SMSF with detailed ATO compliance reporting.

Pros

Fee-free deposits and trading fees starting from 0.02%.
Built-in tax calculator to simplify your tax return process.
Australia's first insured cryptocurrency exchange.
ISO certified and has an AUSTRAC license.

Cons

Limited selection of cryptocurrencies compared to other platforms.
1% deposit fee for transactions made with debit/credit cards or PayPal.

First time buying?

How to buy Bitcoin with a bank transfer

Step 1: Choose what exchange to use

The first step is to open an account with an exchange that supports Bitcoin and accepts deposits via a bank transfer.

It’s easy to compare crypto exchanges with Finty. Things to consider include their fees to trade, deposit and withdraw fiat, and available coins.

Step 2: Verify your account

Once you have completed your account setup, you’ll need to verify your identity. This typically requires proof of identification, such as a driver’s licence.

Step 3: Decide how much to allocate

Bitcoin is a volatile asset that is notoriously difficult to forecast, oscillating from bull runs to bear markets.

It’s important to keep this volatility in mind and only allocate what you can realistically afford to an investment in Bitcoin.

Step 4: Deposit funds in your account

Bank transfers are one of the most widely-supported methods of depositing funds in your account. Be careful when setting up the transfer so the funds are sent to the correct account.

Step 5: Configure an order

After transferring funds to your account, you can configure an order to buy Bitcoin.

Most crypto exchanges offer a choice of orders. Market buys are the easiest way to buy Bitcoin. They require very little, if any, configuration. Once submitted, your exchange will buy at the next available price.

You can set up a trigger order to buy Bitcoin at a target price or, alternatively, set up a recurring order to buy more Bitcoin on a regular basis. You’ll need to make sure you have adequate account funds to execute this strategy.

Step 6: Buy

With everything completed, fill out the order form and buy Bitcoin.

Still not sure?

Pros and cons

Low deposit fees. Fees charged by exchanges to deposit funds with a bank transfer are significantly lower than they would be to do so with a credit card.
Widely supported. Bank transfers are supported by practically every crypto exchange.
No interest. Unlike credit card payments, bank transfers are drawn from funds you already have, so you are less likely to get into debt.
Multiple options. Various types of bank transfers are available including POLi and SWIFT.

May have a longer processing time. Bank transfers can take several days to clear into your account.

Extra help

FAQs

How long does it take for funds to transfer using a bank transfer?

It can take several days for funds to clear into your exchange account depending on the type of bank transfer used.

Can I buy Bitcoin with a bank transfer anonymously?

Yes, you can purchase bitcoins with a bank transfer anonymously on some platforms.

Can I buy other cryptocurrencies with a bank transfer?

Yes, you can buy other cryptocurrencies with a bank transfer. After funding your account, select the desired cryptocurrency and execute the transaction.