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How to Buy Crypto with SBS Bank in New Zealand

Last updated on November 12, 2023

Quick Summary: While SBS Bank 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 New Zealand 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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SBS Bank Homepage

As mentioned in my quick summary, like most New Zealand banks, SBS Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency trading platform 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.

Next you’ll want to sign up to an exchange (for this short guide I’ll use eToro as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with SBS

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 SBS Bank.

Buy Crypto With eToro

About SBS Bank

SBS Bank is a registered bank located in New Zealand which was founded in 1869. The story began in 1869 when one the co-founders, James Walker Bain, took on a 204km trek of wilderness in order to walk across the country from Dunedin up to Invercargill. James wanted to provide those in the south the opportunity for them to have their money in shillings pounds and florins secure and also an opportunity to secure an mortgage and own an apartment.

His goal was to establish an institution of financial services which was owned by the people (Members) who were using its services, it was a mutual. This is exactly what they’re today, with branches, employees and 24 hour banking throughout New Zealand, we’re a mutual bank that is owned by their members (customers as you are) and available to New Zealanders.

In October 2008, it obtained an official bank registration. In October 2008, it was renamed the Southland Building Society became SBS Bank. It is an 100 100% New Zealand owned registered bank which has maintained the structure of a mutual building society. It utilizes the prefix 03 for account numbers. This is identical to Westpac Bank NZ because they utilize the identical “lines”. The head office of the bank is located in Invercargill.

When it was first established in the year 1869 SBS Bank was called Southland Building, Land and Investment Society however, it was changed to Southland Building and Investment Society and Bank of Deposit in 1876. In the initial three decades, James Walker Bain was the president of the society.

The bank’s name was officially changed SBS Bank in 1995. In 2010, Hastings Building Society joined with SBS Bank and in November 2015 HBS Bank amalgamated with SBS Bank.