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How to Buy Crypto with BankSA in Australia

Last updated on November 12, 2023

Quick Summary: While BankSA 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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BankSA Homepage

As mentioned in my quick summary, like most Australia banks, BankSA 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.

There are a large number of cryptocurrency trading platforms 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 BankSA

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

1. Pick a crypto trading platform

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 cryptocurrency

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 BankSA.

Buy Crypto With eToro

About BankSA

BankSA was formerly named The Bank of South Australia, the State Bank of South Australia and the Savings Bank of South Australia is the biggest institution in South Australia. It is a part of Westpac.

Bank SA, formerly known as The Bank of South Australia is a full-service bank and private financial service supplier that offers business, personal and corporate banking. The bank was first founded as a savings and deposit bank on March 11, 1848 within South Australia (BankSA, 2021) It has been operating for a long time as an independent institution catering to mostly rural customers on South Australia. South Australia and Victoria fringes. In the beginning, as a sole employee-owned business, John Hector, the first employee who founded the deposit book of the bank in the Gawler Place in Adelaide (Ibid). BankSA has gone through a major transformation after being purchased through St George Bank and later becoming an entity within Westpac Banking Corporation in 2008 after their merger.

BankSA is a wholly-owned company that is a wholly owned subsidiary of St George Bank, which is managed through the Westpac Banking Corporation. Westpac is a publicly-traded ASX private company that holds the Australian Financial Services Licence (AFSL). The two companies BankSA along with Westpac are member of the Australian Prudential Banking Deposit Scheme, which provides government assurances for every deposit made into Westpac in case of financial crisis (APRA 2021,). The Australian four major banks are part of this Deposit Scheme as a means of ensuring customers about their security of their funds and also to increase public confidence within banking institutions in the Australian bank system.