How To Buy Crypto With CommBank
Last Updated on December 24, 2023 by Kevin GrovesCommonwealth Bank is one of the more crypto-friendly banks in Australia and has outlined its intentions to allow customers to buy cryptocurrencies using its CommBank mobile app. Currently, you are not able to use CommBank to directly purchase Bitcoin but there are ways around it. Keep reading to find out more.
Quick Guide: How To Buy Crypto With CommBank
The four steps to purchase Bitcoin and other cryptocurrencies using the CommBank app are detailed below.
- Create a new account or use an existing one with a regulated and trustworthy crypto exchange such as Swyftx.
- Using your driver’s licence or Australian passport, verify your identity and complete KYC.
- Deposit AUD funds into your Swyftx wallet via POLi payments. Enter the amount to deposit, then login into your CommBank through the portal and select your CBA account.
- On Swyftx, find the crypto to complete the purchase.
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How to Buy Cryptocurrencies with CommBank
Step 1 – Create a crypto exchange account
The most secure and reliable way of buying cryptocurrency in Australia is through a crypto exchange or brokerage. Based on our reviews, Swyftx is the leading crypto exchange in the country. You can find out why in our full Swyftx review.
To create an account with Swyftx, you will need a valid email address and password. If you are a new customer then you can obtain $20 worth of Bitcoin by using our Swyftx referral code. Signup can be done on a desktop computer or through the Swyftx mobile app.
Once you enter your full name, phone number, and email address, accept the terms and conditions and click on “Create Account”.
Step 2 – Complete KYC
All Australian crypto exchanges are registered with AUSTRAC, the government authority responsible for enforcing the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. This means that they are legally required to verify your identity before you can deposit Australian Dollars (AUD) into your account wallet.
To complete this process, Swyftx will ask you to electronically submit a copy of your driver’s licence or Australian passport. This can be completed in as little as 3 minutes and the typical confirmation turnaround from Swyftx is an hour.
Step 3 – Deposit AUD
Depositing AUD from your CommBank app can be completed by facilitating a bank transfer or through POLi. In this tutorial, we show how you can instantly fund your Swyftx account with POLi. For a full explanation, read this guide on how to use POLI to buy crypto in Australia.
From the navigation panel on the left-hand side of the Swyftx interface, select ‘Deposit’. As shown in the below image, select POLi as the AUD payment method and enter the amount to deposit from your CommBank account. You should note that the minimum and maximum deposit amounts are $30 and $20,000, respectively.
Clicking on ‘Continue‘ will open a new tab on your browser to commence a POLi payment. Use the drop-down menu to find Commonwealth Bank from the list and enter your CommBank client number and password. Once you have logged in, you will be able to see the accounts from which to send funds to Swyftx. The last step is to confirm the transfer.
Step 4 – Buy crypto assets
Once the POLi payment has been processed, you should be able to see the AUD funds in your Swyftx wallet. Now you can purchase crypto assets. In this tutorial, we are buying Ethereum (ETH) as the example, however, the process remains the same for all other digital assets on Swyftx.
- Click on the “Trade” button on the navigation menu bar located on the left-hand side of the dashboard.
- Find Ethereum from the list of digital assets. You can use the search function or scroll down.
- At the top of the real-time charting interface, click on the “Buy” button to open up the Ethereum buying panel.
- Swyftx will show the proposed transaction as the exchange of AUD for ETH. Enter the amount of AUD to spend by typing it or using the slide bar to select what percentage of available funds you wish to use.
- Click “Review” to complete the transaction.
Is Commonwealth Bank Crypto-Friendly?
The Commonwealth Bank of Australia (CBA) is a crypto-friendly financial institution that allows you to use your CommBank app to buy Bitcoin and other cryptocurrencies with Australian Dollars. In late 2021, CBA announced a partnership with the cryptocurrency exchange Gemini and blockchain developer Chainalysis. The intention was to use APIs to allow the CommBank app to connect to ASIC-licenced crypto exchanges. However, the update was paused in May 2022 due to uncertainty in the crypto market.
Does CommBank Allow Crypto Purchases?
The CommBank mobile app currently does not allow users to directly purchase digital assets. Integration between the app and Australian crypto exchanges was paused in May 2022 due to the volatility seen in the market. However, the CommBank app can still be used to safely transfer money from a bank account to a crypto investment platform where it can be used to buy digital assets.
Can You Buy Crypto On CommBank?
No, Australians are not able to use CommBank to directly purchase crypto assets. This is due to the bank pausing the development of API integration on the app in May 2022. Instead, Commonwealth Bank of Australia customers can use their Commbank app to transfer AUD funds to a regulated crypto platform where it can be used to buy digital currencies.
Frequently Asked Questions
Yes, using the CommBank app to fund your purchase of digital currencies is safe as long as you transfer the funds to a regulated crypto trading platform. You want to ensure that the platform is registered with AUSTRAC and licenced with ASIC as a provider of crypto services. Most Australian trading platforms implement bank-like security measures to safeguard customer funds and assets and might even hold accreditations such as the internationally recognised ISO 27001.
There are zero for to transfer AUD from your CommBank app to a crypto exchange. Instead, trading fees will be incurred when you buy Bitcoin with money. In Australia, trading fees typically range between 0.1% and 1% of the transaction amount with fees greater than 0.85% considered expensive.
Conclusion
Although the CommBank app does not allow Australians to directly purchase digital currencies such as Bitcoin, CBA customers can still transfer money to a secure and compliant platform. Depositing AUD into a reliable and trustworthy crypto trading platform like Swyftx or CoinSpot will provide access to a wealth of digital currencies as well as other portfolio growth features.
Warren is the co-founder of CoinCryption. He has a passion for cryptocurrency and has been involved in this space for more than 7 years. His other love is digital marketing and has over 15 years of experience.