How to Buy Crypto with an NAB 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. So now you know how to buy Bitcoin with NAB.