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How to Buy Crypto with Bank of India

How to Buy Crypto with Bank of India

By Esther Teng

Last updated on December 17, 2023

Quick Summary: While Bank of India does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of India cryptocurrency exchanges to pick from, but we suggest using the Binance.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

As mentioned in my quick summary, like most India banks, Bank of India doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto trading platform and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency trading platforms to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using Binance as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Bank Of India

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto trading platform

As mentioned above, I’ll be using Binance for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Binance there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Bank of India.

Buy Crypto With Binance

About Bank of India

Bank of India (BOI) is an Indian public sector bank with its headquarters in the Bandra Kurla Complex, Mumbai. It was established in 1906 and has been owned by the government since its nationalization in 1969. BoI is a founding participant in SWIFT (Society for World Inter-Bank Financial Telecommuications) which allows for the providing cost-effective communication and financial services.

At the time of 31 March 2021, the Bank of India’s total revenue was at $1,037,549 million (US$130 billion) with 5,108 branches, and 5,551 ATMs across the globe (including 24 branches outside of the country).

Bank of India was founded on the 7th of September, 1906, by an organization comprising eminent professionals of Mumbai, Maharashtra, India. The Bank was owned by private investors and control until 19 July 1969, when it was nationalised, along with 13 other banks.

Starting with a single office in Mumbai and a paid-up capital of 5 million rupees (US$63,000) as well as 50 workers and 50 employees, the Bank has experienced rapid growth throughout the years , and has since grown into a powerful institution with an extensive presence in the country and significant international operations. In terms of volume of business The Bank is a top performer in the ranks of the nationalised banks.

The bank operates over 5,084 branches across India located across all union territories and states including branches with specialization. These branches are managed through the 54 zone offices. They have 60 branches. five subsidiaries, and a joint venture outside of the country.

The Bank was first announced with its first public offering in 1997, and then followed it up with a Qualified Institutions Placement the month of February of 2008.

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Esther Teng

Esther Teng is a financial analyst with an acute focus on emerging markets and fintech innovations. Her insights into the cross-section of finance and technology have provided valuable guidance to investors navigating the complexities of the modern financial landscape. Esther's passion for demystifying economic trends and her ability to forecast financial shifts make her a trusted voice in finance.