Best Crypto-Friendly Banks Australia – Banks That Allow Crypto Purchase

In this article, we will be discussing the best crypto-friendly banks Australia that allows crypto transactions.

Recently, a few banks in Australia have allowed their customers to purchase cryptocurrencies by using their bank accounts.

Whereas some other countries like the US, UK, Japan, and China have banned the purchase of cryptocurrencies.

Best Crypto-Friendly Banks Australia – All You Need To Know In 2022

Even though there was some possibility that Australian banks will also ban the purchase of cryptocurrencies, this recent news cleared all the doubts.

Now customers can make transactions like purchasing and selling digital coins, but the transfer of cryptocurrencies from one account to another is not allowed, as its transfer is difficult to trace. Through this banks will protect their customers from fraud and scams.

Read this article till the end to know the best crypto-friendly banks Australia.

Which Are The Best Crypto-Friendly Banks Australia? 

Cryptocurrencies are the new trend in today’s world. The list of customers using these digital currencies is increasing day by day.

The main reason for that is blockchain technology which helps to conduct safe and secure transactions. With a rise in usage of these currencies, a few banks in Australia have allowed the use of these currencies.

Below mentioned is the list of the best crypto-friendly banks Australia: 

Commonwealth Bank (CBA)

Commonwealth Bank is one of the four big banks in Australia. CommBank or CBA is a multinational bank in Australia that has businesses in various countries and also provides a variety of services.

Recently, it has allowed the use of digital currencies and is among the best crypto-friendly banks Australia. Among the popular digital coins, ten coins are being offered by this bank and the users of the CBA phone app will be able to buy, hold or sell these cryptocurrencies.

But the Commonwealth Bank has prohibited the transfer of digital currencies for securing the safety of the customer’s money. 

Macquarie

Macquarie Group Limited is a global provider of financial services and is a multinational investment bank in Australia and has several operating groups under it.

Blockstream is the blockchain’s infrastructure developer. Macquarie Group Limited is the world’s biggest infrastructure asset manager.

Recently these two have partnered to develop a pilot for Bitcoin mining provision and they need to discover various alternative sources of carbon-neutral energy. To reduce the impact of Bitcoin mining on the environment, efforts are being made to develop mining facilities that can use renewable energy.

With this collaboration, Macquarie is among the best crypto-friendly banks Australia.

Chrono 

Chrono Bank of Australia has started a blockchain project that will bring revolution to the short-term recruitment sector.

The main element of the bank’s idea is time-based cryptocurrency. The Labour-hour tokens are hyper-liquid and with the LH debit card are accessible 24/7.

It is launching a LaborX crypto exchange platform that will remove the intermediaries and agents who charge huge amounts of fees for finding employees for the employers.

This platform helps with a peer-to-peer basis connection for the direct hiring process. With this initiative, Chrono Bank is among the best crypto-friendly banks Australia.

Judo Bank

Judo Bank is an Australian Bank that provides monetary services to small and medium-sized enterprises.

It also provides personal term deposits to consumers and was launched in March 2018. This bank is willing to enter the digital currency world.

With the acceptance of crypto by the other banks this bank also wants to engage in the cryptocurrency business. The bank is not willing to decline any new business opportunities but wants to take the major decisions based on a case-by-case approach.

The bank states that despite there being no cryptocurrency business customers currently, they are willing to offer them services if an opportunity comes. 

Reserve Bank of Australia

The Reserve Bank of Australia is the central bank and was established on 14 January 1960.

The bank provides various services to the Government of Australia and also to other banks and institutions. The bank regulates the monetary policy and issues the currency.

Due to the rising popularity of cryptocurrencies, the Reserve Bank of Australia is also getting interested in digital currencies.

The central bank plans to create a Central Bank Digital Currency (CBDC) that will be backed and regulated by the Reserve Bank to ensure safety and security.

With this initiative, the Central Bank is among some of the best crypto-friendly banks Australia.

Westpac          

Westpac Banking Corporation is an Australian bank and is headquartered in Sydney. It was established in the year 1817 and provides various financial services.

This bank is one of the big four banks in Australia. Westpac has also allowed the use of crypto for its customers. But it has not provided the service to buy, sell or hold coins like the Commonwealth Bank and has not given statements relevant to this.

If anyone wants to trade digital currencies then they can connect their Westpac bank account to a regulated crypto exchange platform in Australia. 

Volt Bank

Volt Bank is the first consumer Neo bank in Australia. Neobank means a type of bank that operates only online with no existence of a physical branch.

It was founded in 2017 and its headquarter is in Sydney. It is the first such licensed bank that operates as an ADI (Authorized deposit-taking institution)

This bank has entered the crypto world and partnered with the Bitcoin Market (BTCM). This collaboration will help BTCM in many ways like gaining stability, speed, and more trust.

The customers who want to trade can open a volt account for the transactions. The volt bank will provide security to the customer’s accounts. 

How To Accept Cryptocurrencies

The process of accepting cryptocurrencies is not a difficult task. You can accept cryptocurrencies by using a crypto wallet, where you can receive and send money simply without any hassle.

For accepting various types of crypto you can go for multi-cryptocurrency wallets, which means one wallet for various cryptocurrencies.

The next way is crypto invoices which help in asking for crypto payments, tracking the invoice status, etc. The other ways by which you can accept currencies are crypto plugins and crypto widgets that also offer various ways for receiving and sending payment.

You can also accept payments through crypto links. 

Why Are Banks Afraid Of Bitcoin And Cryptocurrencies?

Cryptocurrencies are gaining popularity and are nowadays preferred by many. Bitcoin has a decentralized system and a peer to peer technology that has the power to replace the roles of central banks.

Cryptocurrencies are very secure due to blockchain technology which is a big advantage. For the transfer of cryptocurrencies, there is no need for any intermediaries.

Because of these reasons, the banks are afraid of cryptocurrencies and Bitcoin. The entire centralized banking system works on the principles of providing services to its customers and facilitating transactions and earning a small chunk of commission as a fee if crypto takes up the space as a global transactional currency.

The middlemen of banks will have to fight for their survival and that is the reason banks are afraid of Bitcoin and cryptocurrencies in general. 

What Makes a Crypto-Friendly Bank Different From a Traditional Bank?

In Crypto banking there is buying, holding, or selling of digital currencies on a trading platform and the banks allow managing the coins directly from the bank account whereas traditional banking is credit and cash management. 

At crypto-friendly banks, digital currencies are managed by holding, buying coins, or making some payments with the crypto debit card whereas traditional banks focus on lending money, opening savings accounts, and depositing money in an older approach.

You can purchase coins for trading in a crypto bank whereas traditional banks won’t allow any crypto trading.

Crypto banks are trying to develop themselves with the upcoming trend while traditional banks don’t want to accept the change. 

How To Open The Best Bank Account for Cryptocurrency?

Few banks are allowing cryptocurrencies, so now the customers need to find the best bank account to open that will hold their digital currencies.

You need to check a few things before deciding on a suitable bank account. Firstly, you need to check that it accepts cryptocurrencies as a medium of wealth. This requirement is necessary. Then check if it considers cryptocurrencies as an income.

If the bank provides the facility of opening accounts for various crypto businesses. If it allows the transfer of currencies from various exchanges.

If it allows the conversions of crypto and fiat, it opens accounts for various crypto investors. Check these before opening an account. 

Best Crypto-Friendly Banks Australia – Conclusion

Cryptocurrencies are new norms for investment and financial services. They are highly accepted by various people.

Initially, many banks were opposed to this digital currency but within time and seeing the increase in its popularity, the acceptance of these has started. Many banks are now adopting cryptocurrencies for transactions.

The fear of the banks from cryptocurrencies is reducing. Some banks are allowing the purchasing and selling of coins. Some banks are giving access to trade from their bank accounts.  Some are trying to introduce their own digital currency.

These digital currencies will be growing more in the upcoming future and will increase the use of virtual transactions.  

We hope that this article on the best crypto-friendly banks Australia will help you to understand the basics of crypto banking and provide you with a detailed overview of the crypto banking facilities available in Australia and the merits and demerits of using them in the long run.