How to Buy Bitcoin and Crypto with ANZ Bank

If you’re an ANZ Bank customer looking to dive into the world of crypto, you’re in luck! In this guide, we’ll walk you through the steps to buy Bitcoin and other digital assets using your ANZ account. And we will explain ANZ policies on crypto and moving money from your bank account onto a crypto exchange.

Is ANZ crypto-friendly?

Mostly. In fact, according to a conversation that CoinJar had with their representative, they seem very easy to work with. (ANZ Plus is a different bank with different rules, see below).

ANZ has no published policy on the website (or anywhere) at the time of writing, about how much money you can move from your ANZ account to a crypto exchange. However a quick call to 13 13 14 will let you know about their policies.

The customer service spokesperson told CoinJar that there are currently no hard limits on how much you can transmit to a crypto currency exchange.

However, “if you are a new customer, making a first-time transfer to a cryptocurrency exchange, that transaction might get flagged by our fraud detection team. And that transaction may be quarantined for up to 72 hours.”

After the fraud team understands what you are doing, and who you are, they should not bother you again, theoretically.

Limits on ANZ

The spokesperson also said that there's no limit on how much you can transfer across to crypto exchanges. However, like any transaction going anywhere, there are limits according to what payment method you use.

“A pay-anyone transfer has a standard limit of $25,000 a day. Using BPay, a single transaction is up to $50,000 a day. There’s a limit of $75,000 on internet banking per day.”

The spokesperson also stressed that the area is new and evolving and could change potentially as well. So place a call yourself before opening an account at ANZ to check the latest information.

Another thing to know is that payments to Binance are a no-go, as the crypto exchange is blocked by ANZ. And a DeFi platform called SafeHaven.io is also blocked by ANZ. So if you want to use either of those platforms, then ANZ is not the bank for you. (Or rather, Binance and SafeHaven are not the platforms for you).

If this information stays correct, and the fraud team accepts you as genuine, then it appears that ANZ, at least on the surface, is a crypto-friendly bank.

Understand the basics

Before you start, it’s essential to grasp the fundamentals of cryptocurrencies. Bitcoin (BTC) is the most well-known digital currency, but there are thousands of others (often referred to as altcoins). Familiarise yourself with terms like blockchain, wallets, and exchanges.

Set up your ANZ Account for crypto transactions

First, ensure that your ANZ Bank account is ready for crypto transactions. Contact your bank to verify any specific requirements or restrictions related to cryptocurrency purchases. A quick check-in with their fraud team might be on the cards.

Choose a cryptocurrency exchange

To buy Bitcoin or other cryptos, you’ll need to use a cryptocurrency exchange. Research reputable exchanges that support ANZ Bank transfers. CoinJar is among these.

Verify your identity

Most exchanges require identity verification (KYC) before allowing you to trade. Prepare your identification documents (passport, driver’s license, etc.) and follow the verification process on CoinJar.

Link your ANZ bank account

Connect your ANZ Bank account to the exchange. You’ll need your BSB and account number.

Deposit funds

Transfer funds from your ANZ Bank account to the exchange. Be aware of any fees associated with the transfer. Once the funds arrive, you’re ready to buy crypto!

Buy Bitcoin and altcoins

Search for Bitcoin (BTC) or any other cryptocurrency you’re interested in. Specify the amount you want to purchase.

Secure your crypto

After buying, you can keep your Bitcoin or other crypto in your CoinJar account. Or, you can transfer your crypto to a secure wallet.

Hardware wallets (like Ledger or Trezor) offer the highest level of security. Software wallets (such as Trust Wallet) are also convenient for everyday use. read more about wallets here.

Tax stuff

Remember that crypto transactions may have tax implications. Keep records of your trades and consult a tax professional if needed.

Conclusion

Buying Bitcoin and other cryptocurrencies with your ANZ Bank account is not difficult. And it means you can enter the world of cryptocurrencies. The crypto market is dynamic, so stay informed about price movements and other relevant news.

Note: ANZ Plus

ANZ Plus is a different bank to ANZ, so they have different rules.

ANZ is a traditional Australian bank. ANZ Plus, on the other hand, is ANZ's digital-only banking platform designed for a simplified, mobile-first experience. It is accessed via an app.

It is a kind of new bank in the style of other “neo-banks” that are popping up all over the world. More or less, they are trying to appeal to younger customers who don’t need or expect the in-person experience of going to bank branches and speaking to humans.

So with this being a separate bank brand, it has variations in rules about transferring funds to crypto exchanges.

So as for ANZ Plus crypto limits, in a nutshell, customers cannot transfer more than $10,000 per month to crypto exchanges from their ANZ Plus account.

Also to transfer money to a crypto exchange, there is a “toggle” switch in the app. More or less, you can hit a button that then allows you to transfer funds into a crypto exchange account.

ANZ Plus says, “Before you try to make payments to crypto exchanges, you'll need to disable your Crypto Protect setting.”

While ANZ Plus says that the $10,000 limit will be applied, even after you toggle the switch on, there may not be limits after all. Many of our customers have told us that while their banks have said there are limits, they don’t have any trouble moving money from their bank to crypto exchanges. Maybe you’ll have to try it to find out!