How to Buy Bitcoin With a Bank Transfer in Australia
Buying bitcoin with a bank transfer is the easiest way to accumulate Bitcoin. All you need is a reliable Bitcoin exchange like paybtc, a Bitcoin wallet and your bank account.
Read on to learn how you can buy Bitcoin in Australia using your bank account.
How to Buy Bitcoin With a Bank Transfer Using paybtc
Australia’s leading non-custodial Bitcoin exchange paybtc enables you to seamlessly buy Bitcoin using a bank transfer.
Here’s how it works!
Step 1: Visit paybtc
Open your web browser.
Go to paybtc.com.au to start the Bitcoin buying process. There you’ll find our home page where you can enter your transaction details.
Enter your transaction details.
Type in your email address, Bitcoin wallet address, and the amount of Bitcoin you’d like to buy. Then, click ‘Buy.’
To find your Bitcoin wallet address, open your wallet platform and click "Receive”, then copy and paste the address into the transaction details on paybtc.
Don’t have a Bitcoin wallet? Set one up!
Click here to set up a Bitcoin wallet and learn How to Start Investing in Bitcoin in Australia: A Beginner's Guide
Step 2: Enter your email login code
Next, paybtc will send a login code to the email address you entered. Use this code to access the platform and continue with your buy transaction.
Type in or paste the code into the login code box.
If you don’t receive an email, please check your junk folder.
Step 3: Adding your bank to the whitelist
Next, enter the BSB and account number of the bank account you will be using to buy Bitcoin. You can find and copy these details in your banking app or online banking platform - it's the same details you'd provide to receive payments.
Additionally, you'll need to upload a PDF of your most recent bank statement to verify the source of your funds. You can easily export this statement directly from your banking app or online banking platform.
Step 4: Transfer AUD and receive your BTC
Make your payment.
Use your banking app or online banking platform to send the AUD funds displayed to either the PayID or BSB/ACC details provided. There is a copy button next to the details for easy copying.
When the funds are received by paybtc, you'll be prompted to verify your identity. Verification is only required once. We manually verify new accounts from 9am to 5pm, 7 days a week (AEST). Manual verification is the most private way to do KYC, allowing you to communicate directly with us and securely send us your identification. We keep this information AES-256 encrypted and do not share it with third parties, ever.
Once verified, your payment will be sent directly into your Bitcoin wallet, and all future transactions will clear instantly, 24/7.
That’s it!
The Takeaway
Buying bitcoin using a bank transfer is the simplest way to accumulate bitcoin.
paybtc makes it easy for anyone to buy and sell BTC using their Australian bank accounts. What’s more, paybtc is the only self-custodial platform in Australia and doesn’t handle your private keys at any point. This means you are always in complete control over your Bitcoin.
Click here to buy Bitcoin using paybtc.
FAQs
Can I buy Bitcoin directly from my bank account?
Yes. You can buy BTC directly from your bank account if the exchange you are using supports this payment method. All you need is a Bitcoin wallet, a Bitcoin exchange that supports bank transfers (such as paybtc), and your bank account.
How to buy Bitcoin with a bank transfer in Australia?
You can buy bitcoin with a bank transfer in Australia using dedicated Bitcoin exchanges, such as paybtc. All you need to do is go to the exchange and input your Bitcoin wallet address and bank account details to initiate the transaction. You will receive BTC in your wallet as soon as the AUD funds are received and the Bitcoin transaction is confirmed on the blockchain.
How to transfer Bitcoin to a bank account in Australia?
You can transfer Bitcoin to your Australian bank account through platforms like paybtc that allow you to cash out directly. Simply register for an account and input your bank account details and how much you wish to transfer. The exchange will then transfer the amount, and you will receive the funds in your bank account in AUD.
Can I buy Bitcoin with cash in Australia?
Yes, you can buy Bitcoin with cash using peer-to-peer (P2P) marketplaces and Bitcoin ATMs. P2P platforms can connect you to a local seller, who you will have to meet in person to complete the transaction. During the meeting, you will send them the agreed amount, then they will transfer the BTC to your wallet. Alternatively, Bitcoin ATMs are located in several locations across the country and allow you to insert cash and receive BTC in your wallet in return.
Having said that, buying bitcoin with cash is riskier than buying Bitcoin online, especially when you are dealing in larger amounts. So you are probably better off buying Bitcoin on a trusted Bitcoin exchange like paybtc instead of making physical cash trades or using a Bitcoin ATM.
What is the safest way to buy Bitcoin in Australia?
One of the safest ways to buy bitcoin in Australia is through self-custody Bitcoin exchanges like paybtc that give you complete control over your Bitcoin wallet’s private keys and, thus, your funds.
Holding Bitcoin on centralised exchanges which have custody of your coins is riskier than using a self-custodial platform as you could lose your funds if the exchange goes bankrupt or gets hacked.
What is the best app to buy Bitcoin in Australia?
Numerous apps, from mobile and desktop to web apps, allow you to buy BTC with AUD. The best web-based app to buy bitcoin in Australia is paybtc, as it the only app that enables you to seamlessly buy and sell bitcoin using your bank account and purchased Bitcoin are always sent directly to your personal Bitcoin wallet, giving you complete control of your coins.
Which Australian banks allow cryptocurrency purchases?
While banks haven’t always been friendly towards Bitcoin investors, there are now several Bitcoin-friendly banks in Australia.
All allow Bitcoin purchases. Having said that, each of these banks has different restrictions and limitations, so check that out when choosing one for your crypto purchases.