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How to Buy Crypto with Bank of Melbourne in Australia

Last updated on November 12, 2023

Quick Summary: While Bank of Melbourne 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 Australia cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

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.


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Bank of Melbourne Homepage

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

There are a large number of crypto exchanges that you can use to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using eToro 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 Melbourne

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

1. Pick a crypto exchange

As mentioned above, I’ll be using eToro 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.

Sign Up With eToro

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 eToro 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 Melbourne.

Buy Crypto With eToro

About Bank of Melbourne

Bank of Melbourne is a financial institution that operates across Victoria, Australia. A part to the Westpac Group, it was established as a separate entity and re-opened its doors on July 25, 2011.

In the year 2011, Westpac relaunched a redesigned Bank of Melbourne brand, trading alongside the infrastructure and staff that work at St.George Bank in Victoria and managed by the Chief of Staff Scott Tanner. The Bank of Melbourne logo features an navy blue shield representing the architectural style in Melbourne and Victoria’s colour of state. The logo was developed by Ogilvy Australian and Designworks.

There are branches throughout metropolitan Melbourne as well as other major cities, including Geelong, Ballarat, Bendigo and Shepparton. The bank has an executive team in the local area, headed by the Chief Director Mark Melvin, an Advisory Board headed by a prominent business leader Elizabeth Proust, and a CBD call center that can assist customers via phone.

In the year 2015, Bank of Melbourne was selected as the anchor tenant of Rialto’s $100 million “Mid town Redevelopment. It was scheduled to commemorate thirty years since the famous skyscraper. The bank relocated its headquarters to the renovated Rialto building located at the intersection of Collins and King Street in Melbourne’s CBD in the year 2017.