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How to Buy Crypto with Westpac New Zealand

How to Buy Crypto with Westpac New Zealand

By Li Wang

Last updated on November 19, 2023

Quick Summary: While Westpac New Zealand 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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As mentioned in my quick summary, like most New Zealand banks, Westpac New Zealand 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 crypto 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 Westpac

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.

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 Westpac New Zealand.

Buy Crypto With eToro

About Westpac New Zealand

Westpac Banking Corporation, known as Westpac is an Australian multinational financial and banking services firm headquartered in Westpac Place in Sydney, New South Wales.

In 1817, it was established in 1817 as the Bank of New South Wales and later acquired it’s current counterpart, Commercial Bank of Australia in 1981 and was renamed Westpac Banking Corporation in 1982. Westpac has been one of the nation’s Big Four banks, and is the country’s oldest and first bank. The namesake is actually a combination between “Western” and “Pacific”.

By the year 2021 Westpac boasts 14 million customer around the world and employs approximately 40,000.

In 1861, the Bank of New South Wales established seven branches throughout New Zealand. At present, Westpac NZ offers a full-service, with approximately 1.5 million customers as well as 3,000 shareholders and 197 branches throughout the country. It is the leading bank that provides banking services to small and medium-sized business as well as institutions and corporate clients as well as the official central bank for the New Zealand government. In June 2022 it is the third-largest institution in New Zealand, with a market share of 19%..

On the 29th of September, 2006, The New Zealand Commerce Commission fined Westpac NZ$5.1 million for allegedly hidden foreign transaction fees. The most of the fine involving the reimbursement of affected customers at the rate 12 percent of fees actually being charged. The other banks that operate within New Zealand had either already been fined or awaiting the outcome of a court case.

As of the month of October, Westpac NZ was required to pay a sum of NZ$961 million the Inland Revenue Department (New Zealand) to avoid tax.

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Li Wang

Li Wang is an investment guru with a penchant for portfolio diversification and risk management. With a sharp eye for identifying lucrative opportunities, Li has been instrumental in developing investment strategies that balance return and risk. His commentary on financial instruments and market movements is followed by investors seeking a keen analytical perspective.