How to Buy Bitcoin and Crypto on CoinJar with NAB

If National Australia Bank (NAB) is where you hold your money, then here is how you buy Bitcoin or crypto on CoinJar.
buy crypto with NAB bank account

If you’re keen on venturing into the world of cryptocurrencies, CoinJar provides a convenient platform for buying Bitcoin and other digital assets. In this guide, we’ll walk you through the process of purchasing crypto using your National Australia Bank (NAB) account to buy Bitcoin or other crypto.

In a conversation with an NAB representative, CoinJar got the impression that NAB is in fact rather crypto-friendly. NAB do block some crypto exchanges that scam activity has originated from, however they seem perfectly agreeable to legit, registered exchanges like CoinJar.

The spokesperson told CoinJar, “With regards to crypto exchanges we don’t work with, Kraken is not permitted, and the same goes for Binance. CoinJar, Coinspot, Swyftx and Coinbase are all okay. This is not an exhaustive list, however.”

And how much money can you move from your NAB bank account onto an approved crypto exchange? The spokesperson said, “$40,000 a day. I will just caveat that initially, you may be flagged for the first couple of transactions. We will have to have that conversation with you just to make sure everything's okay.”

After that, the spokesperson confirmed, it should be plain sailing.

Security and NAB

In a statement on their website, the NAB said, “Scammers often use cryptocurrency exchanges that may not be effectively regulated, transactions are harder to trace and recover, and they offer the ability to make money transfers to international and domestic destinations very quickly.”

So what would happen as an NAB customer if you tried to transfer money from your NAB account onto say, Binance, a blocked crypto exchange?

If you used your NAB Visa credit or debit card or PayID to one of the blocked exchanges, the transaction will be declined.

It will appear in your payment list as ‘Rejected’.

However, if you want to withdraw money from any crypto exchange and put it into your NAB account, you can still do this, despite some exchanges being blocked for uploading money.

How to move money from your NAB account to CoinJar

Setting up your CoinJar account

If you haven’t already, create an account on CoinJar. Visit the website and follow the registration process. Ensure that your account is verified and ready for transactions.

Linking your NAB account

You can easily use your NAB account to fund your CoinJar wallet.

Here’s how:

-Add bank account: Log in to your CoinJar account and navigate to the settings. Add your NAB bank account details (BSB and account number).

-Verification deposits: CoinJar will make two small verification deposits (usually less than a dollar) to your NAB account. Check your online bank statement to find these amounts.

-Verify your account: Return to CoinJar and verify your NAB account by entering the verification deposit amounts.

Deposit funds

Transfer funds from your NAB account to CoinJar. You can use bank transfers (via bank transfer, PayID, or Osko) to add Australian Dollars (AUD) to your CoinJar Cash Account.

Buying Bitcoin and other cryptocurrencies

Now that your account is funded, it’s time to buy crypto.

-Log in to CoinJar.

-Navigate to the trading section.

-Select Bitcoin (BTC) or any other cryptocurrency you’re interested in.

-Enter the amount you want to purchase.

-Confirm the transaction.

Storing your cryptocurrencies

After buying Bitcoin or other cryptos, you can keep them in your account on CoinJar. Or, you can transfer them to an online Hot wallet) or offline wallet (cold wallet). Digital wallets come in different forms, so you can read up on them here.

Cold wallets provide the highest level of security, but hot wallets (such as mobile or desktop wallets) are also acceptable.


Buying Bitcoin and crypto through CoinJar using your NAB account is straightforward. And diversifying into crypto instead of just holding the normal financial products is an interesting experience. Follow these steps, stay informed, and enjoy your journey into the exciting world of digital assets!

Frequently asked questions

What is CoinJar?

CoinJar is a crypto exchange that allows users to buy, sell, and manage various cryptocurrencies. It provides a user-friendly platform for trading digital assets.

Can I use my National Australia Bank (NAB) account to buy crypto on CoinJar?

Yes! CoinJar supports bank transfers from NAB accounts. You can easily fund your CoinJar wallet using your NAB bank account.

What are digital assets and digital currencies?

Digital assets refer to any form of value stored electronically. Cryptocurrencies like Bitcoin, Ethereum, and others fall under this category. These are decentralised and secured by cryptography.

Is CoinJar a financial institution?

No, CoinJar is not a financial institution. It is a cryptocurrency exchange that facilitates trading between users.

How do I link my NAB account to CoinJar?

Follow these simple steps:

-Log in to your CoinJar account.

-Navigate to settings.

-Add your NAB bank account details (BSB and account number).

-Verify your account by confirming the small verification deposits made by CoinJar.

Can I use credit or debit cards to buy crypto on CoinJar?

Currently, CoinJar primarily supports bank transfers. Credit cards can also be accepted for purchasing cryptocurrencies. Click here for more information.

Is it safe to invest in cryptocurrencies?

Investing in cryptocurrencies carries risks. Only invest what you can afford to lose. Cryptocurrency markets can be volatile, so exercise caution.

Which other banks in Australia support cryptocurrency trading?

Apart from NAB, several other Australian banks allow transactions related to cryptocurrencies. However, it’s essential to check their specific policies. We have information on Commonwealth Bank, ANZ, and Westpac.

What are the recommended security measures for using CoinJar?

-Enable two-factor authentication (2FA) for added security.

-Consider using a hardware wallet (cold wallet) to store your crypto.

-Never share your account credentials.

How do I buy Bitcoin on CoinJar?

Here’s how:

-Log in to CoinJar.

-Go to the trading section.

-Select Bitcoin (BTC).

-Enter the amount you want to purchase.

-Confirm the transaction.

Are there other cryptocurrency exchanges besides CoinJar?

Yes, there are several cryptocurrency exchanges operating in Australia. Some other ones include Independent Reserve, Swyftx, and CoinSpot.

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CoinJar’s digital currency exchange services are operated by CoinJar Australia Pty Ltd ACN 648 570 807, a registered digital currency exchange provider with AUSTRAC.

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