How to Buy Bitcoin with ANZ Bank

Key Takeaways

• ANZ and ANZ Plus offers Australian customers options to fund crypto exchanges using bank transfers, PayID, debit cards, and other approved methods.
• Payments to platforms are restricted to a $10,000 monthly limit, which resets at the beginning of each calendar month.
• To manage potential risks, ANZ automatically enables a setting called "Crypto Protect," which restricts transactions to exchanges deemed potentially suspicious.

How to Buy Bitcoin and Crypto with ANZ Bank

Australian traders interested in Bitcoin and cryptocurrencies can use ANZ or ANZ Plus to transfer AUD to approved exchanges such as CoinSpot. The bank permits transfers to platforms that comply with the anti-money laundering (AML) and know-your-customer (KYC) standards established by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Here's a guide on how to invest in digital currencies using your ANZ account.

1. Create and Verify Account

Start by creating an account on CoinSpot and verifying your identity. This verification process is a requirement under AUSTRAC's strict AML and counter-terrorism financing (CTF) guidelines, ensuring that all participants in the crypto space are properly vetted. During the registration process, you will need to provide the following:

• Full Name (or Company Name if registering a business account)
• Valid Government-Issued ID (such as a Passport or Driver's License)
• Email Address
• Phone Number

Completing this verification step is mandatory for anyone looking to transact with cryptocurrency using an Australian bank.

2. Deposit AUD from ANZ

Once your CoinSpot account is verified, you can transfer funds to start investing. Log in, go to the Deposit Funds section, and choose a payment method. Supported options include PayID, direct bank transfer, PayPal, or credit/debit cards. Follow the instructions on the screen to complete the deposit.

Before depositing funds onto CoinSpot, ANZ users must manually disable the Crypto Protect setting, which blocks transfers to exchanges. To do this, go to the Profile section, tap on Security, navigate to Scam Safe and toggle off Crypto Protect to allow payments.

3. Purchase Cryptocurrency

After your funds have arrived in your CoinSpot account, go to the trading dashboard to select the crypto you wish to purchase. Choose your asset, such as Bitcoin, specify the amount you want to invest, and click on "Buy" to finalise your trade.

The purchased cryptocurrency will then be added to your CoinSpot wallet, where you can track its performance or transfer it to a private wallet.

ANZ’s Policy on Crypto Transactions

ANZ has implemented measures to manage transactions related to cryptocurrency, aiming to safeguard customers from potential fraud and scams. Here’s an overview of ANZ’s Crypto Payments Policy and what it means for account holders.

ANZ Crypto Policy Updates

• $10,000 Monthly Limit: ANZ imposes a maximum limit of $10,000 per calendar month for payments directed to cryptocurrency exchanges. If this limit is reached, further payments to crypto exchanges will be blocked until the next calendar month begins.
• 24-Hour Payment Hold: As part of its anti-fraud protocols, ANZ may apply a 1-5 day hold on payments to exchanges. This delay allows the bank to assess the transaction for any potential risks and ensure that the payment aligns with its security standards.
• Crypto Protect Setting: To initiate payments to platforms, ANZ and ANZ Plus customers must disable the Crypto Protect feature. This setting is initially enabled to block transfers that might be deemed risky.
• Separate Limits for Joint Accounts: If you have a joint account, the $10,000 monthly limit applies individually to each account holder. This means that your personal crypto payment limit remains distinct and is not shared with the other account holder.
• Withdrawals Remain Unrestricted: While ANZ restricts payments to crypto exchanges, withdrawing funds from these platforms back into ANZ accounts is not subject to the same restrictions.

These policies reflect ANZ’s commitment to protecting customers while offering access to digital assets. Staying informed about updates to these rules is essential, as the bank may adjust its approach based on new developments in the regulatory environment.

Best Deposit Methods for ANZ Bank

If you're planning to fund your crypto account through ANZ Bank, the most convenient options are PayID and Direct Deposits. These methods are quick and free of charge, with a minimal deposit starting at just $1. Here's a rundown of CoinSpot's payment methods:

• PayID & Direct Deposits: No fees apply, and they offer substantial daily limits, up to $100,000 for direct deposits and $20,000 for PayID transactions.
• Cash Deposits: Available at select locations with a 2.5% fee, allowing up to $8,000 per day.
• Card Payments: Depositing using a credit or debit card comes with a 1.88% fee and a daily limit of $1,000.
• PayPal: For those who have connected their ANZ account to PayPal, deposits incur a 0.5% fee, with a maximum of $5,000 per day.

When it comes to withdrawing funds, both PayID and direct deposits back into your ANZ account are free. However, withdrawing through PayPal carries a 2% fee, capped at $1.25.

Conclusion

ANZ provides Australian investors with multiple methods to fund crypto exchanges. Payments to crypto platforms are subject to a $10,000 monthly limit, and a 1-5 day hold is applied to transactions to help prevent fraud. However, there are no withdrawal restrictions, making it simple to access your funds when needed.

Be sure to stay updated on any changes to ANZ's policies to keep your crypto investments aligned with the bank's guidelines and Australian regulatory requirements.