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
- 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
Cons
On website
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
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.
