How to Buy Cryptocurrency With Your ING Account

You have decided it is time to try cryptocurrency, but the practical question comes up straight away: how do you move money from your normal bank account into the crypto world?

Many new investors get stuck here. The good news is that connecting an Australian bank account to a local platform like CoinJar can make the process straightforward, but it helps to understand what to expect, particularly when it comes to your bank's policies on crypto transactions.

ING and cryptocurrency policies

ING allows customers to use personal transaction accounts for legitimate purposes, including personal investing. However, ING's approach to cryptocurrency transfers has changed significantly since 2024, and it is essential to understand the current situation before attempting your first transfer.

Important: ING's April 2024 policy change

From April 2024, ING began declining transactions to some cryptocurrency exchanges.

ING has not published a list of which exchanges are affected. User reports indicate that transfers to various platforms, including CoinJar, have been blocked or declined in some cases. This does not mean all transfers will fail, some customers continue to transact successfully. But there is a real possibility that your transfer may be declined.

What this means for you:

• Check before you transfer. Before setting up CoinJar, be aware that ING may decline the transaction. If this happens, you may need to consider alternative funding methods or a different bank.
• Incoming transfers are generally fine. While ING may block outgoing transfers to exchanges, receiving funds from crypto platforms into your ING account typically works without issues.
• Policy may evolve. ING's approach could change. If a transfer is declined, contacting ING customer service may clarify the current status for your specific situation.

What to expect if your transfer proceeds

If ING processes your transfer to CoinJar, here is what typically happens:

Delays are possible, especially on first transfers. First-time payments to a new payee, or larger amounts, may be held for one to two business days while ING completes verification checks. Some users report that transfers over certain thresholds experience delays, though ING does not publish official limits. This is standard fraud prevention and not a sign of any problem with your account.

Keep activity personal. Issues can arise when a personal account is used like a business account. If you are running a crypto trading business or frequently receiving crypto-related payments into a personal ING account, this may breach their terms and conditions and could lead to limits or account closure.

ING's fraud detection is active. ING monitors for suspicious activity. If a particular recipient account has been flagged, transfers may be blocked automatically.

If ING contacts you about a transfer, be prepared to explain that you are depositing funds into your registered CoinJar account for personal investment purposes. Being transparent and keeping records of your account registrations can help resolve queries quickly.

How it works in practice

Buying cryptocurrency is simply the process of converting your Australian dollars into digital assets through a registered provider.

It is similar to changing money at a foreign exchange counter, only it all happens online, and your digital assets are stored in a secure account instead of physical notes in your pocket.

The role of a custodial wallet

When you send funds from your bank to CoinJar, the money arrives in your CoinJar account balance.

CoinJar operates what is called a custodial wallet. In practical terms, this means CoinJar holds the private keys and manages all the complex blockchain steps for you, just as a bank looks after the security of your everyday account.

You do not need to remember long seed phrases, run your own software, or deal with raw blockchain data. You sign in with your normal CoinJar login, choose what you want to buy, and CoinJar handles the technical parts in the background.

Automating your purchases

Many investors prefer to buy smaller amounts of cryptocurrency over time rather than in one lump sum. This approach is often called dollar cost averaging.

With CoinJar, you can set up regular deposits from your bank account, then use Recurring Buy to automatically purchase crypto at set intervals. This can help smooth out price swings and takes away some of the stress of trying to pick the perfect day to buy.

Step by step guide to buying crypto

If your ING account allows the transfer, connecting it to CoinJar takes just a few minutes. Here is a simple sequence to follow.

1. Create your CoinJar account. Download the CoinJar app or visit the CoinJar website, then sign up using your email and a secure password.

2. Verify your identity. Complete the standard identity checks by providing your personal details and accepted ID. This is required under Australian KYC and AML regulations.

3. Find your CoinJar deposit details. Once verified, go to the deposit section in CoinJar to view your deposit information. CoinJar will provide a BSB, account number, and account name. Note: CoinJar does not require a reference number for bank deposits, your deposit is matched using the account details and your registered name.

4. Make a transfer from ING. Log in to ING internet banking or the ING app, set up a new payee using the CoinJar details, then send the amount you want to deposit. Double-check that the BSB and account number are correct.

5. Allow time for the transfer to clear. Most transfers arrive within one to three business days. First-time payments and larger amounts may take longer while ING completes verification checks. Be aware that if ING declines the transfer under their crypto exchange policy, you will need to explore alternative funding methods.

6. Buy your cryptocurrency. Once the money appears in your CoinJar account, go to the buy or trade section, choose the cryptocurrency you want, enter the amount, review the fees and details, then confirm the purchase.

Alternative funding methods

If ING declines your transfer to CoinJar, you have options:

• PayID: Some users report that PayID transfers may be processed differently than standard bank transfers, though this varies and is not guaranteed.
• Card payments: CoinJar accepts card payments (2% fee) and Apple Pay/Google Pay in Australia and the UK, which bypass bank transfer restrictions entirely.
• Other banks: Some Australian banks remain more accommodating of crypto exchange transfers. If ING's restrictions are a persistent issue, switching banks may be worth considering.

Security risks and how to stay safe

Cryptocurrency is digital and can be moved quickly, which is why scammers target it so aggressively. A few basic habits can significantly reduce your risk.

• Turn on two-factor authentication for both CoinJar and your ING banking. Use an authenticator app rather than SMS if you can.
• Ignore unsolicited DMs, emails, or calls from people offering guaranteed profits, special trading groups, or secret investment strategies. If it sounds too good to be true, it almost always is.
• Never let anyone you do not fully trust take remote control of your phone or computer. Legitimate support teams from CoinJar, ING, or other regulated providers will not ask for remote access to fix an issue.
• Be wary of "recovery services" that claim they can retrieve lost or stolen crypto for an upfront fee. Blockchain transactions are normally irreversible, and these offers are often scams compounding earlier losses.

If ING blocks or delays a transaction, treat it as a safety prompt. Take a moment to confirm that you know exactly who you are paying and why. If you are paying into your CoinJar account for personal investing, you will have no trouble providing that information if asked.

For long-term storage, some investors move part of their holdings to a personal hardware wallet that they control directly. For regular buying, selling, and day-to-day use, many Australians are comfortable leaving funds on a reputable, security-focused custodial platform like CoinJar, provided they maintain strong account security.

Buying cryptocurrency with your ING account

ING's current policy means that transfers to cryptocurrency exchanges, including CoinJar, may be declined; the bank has taken a cautious approach since April 2024. This does not make ING unusable for crypto investors, but it does mean you should be prepared for the possibility of blocked transfers and have backup funding methods ready.

If transfers work, the process is straightforward: bank transfers typically arrive within one to three business days, and CoinJar's platform makes buying, selling, and managing cryptocurrency simple. Pair that with good security habits, and you have a clear path into cryptocurrency, even if it requires some patience and flexibility around your bank's policies.