buy crypto with bank transfer


By AlexJames

Beginner’s guide to purchasing crypto with bank account

Hovering around a correction phase, the crypto industry, as of 2022 September, currently offers a golden window to buy in low. Analysts and experts have already predicted that the cryptocurrency sphere is poised to boom and proliferate to greater heights in the coming years. If we follow the numbers, we can expect to see the crypto industry 5x greater by 2030 than where it is now. Put simply, if you are planning for crypto investments, there could not be a better time. So, how to buy cryptocurrency online? Well, options are galore but if you want something on a budget, bank transfer will be your trump card. Checkout at

The post below offers a detailed discussion on the advantages of buying crypto with a bank account, followed by a guide on how to buy crypto with bank transfer.

Why choose bank transfer?

Before getting to how to buy cryptocurrency online with a bank account, let’s have a few words on why to follow the same.

  • Lower fees

As mentioned above, if you are asking how to buy cryptocurrency online without costing a fortune, bank transfer is your go-to option.

You might have heard about crypto purchases with credit/debit cards. In fact, card payment is probably the most popular option for buying crypto since people have been familiar with card purchase for a long time. But, the problem is card purchases usually incur higher fees. Bank transfer, on the contrary, charges extremely economical fees.

Let’s discuss the difference in fees with an example.

So, let’s say that you want to buy $1000 worth of crypto. If you pay through credit card, the fee would be around $39.9. But, if you opt for bank transfer, your fee will probably be less than $15. So, with bank transfer, you will be able to save around 50%, if not more.

When you are just starting on the crypto land, it’s better to start small.

  • Higher limit

Another reason why experts usually suggest bank transfer when aspiring investors ask how to buy cryptocurrency online is the higher limit.

Crypto exchanges generally pose a limit on the volume of crypto a user can buy at one go. But, the level of limit depends largely on your chosen payment method. It should be emphasized here that if you choose bank transfer, you will usually enjoy a higher buying limit compared to that offered for card-based payment.

  • Minimizes chargeback risks

Bank transfers are considered to be a safer payment method by the crypto exchanges. This is one major reason why fees are lower for payments via bank transfer.

Well, one of the main benefits of payments via bank transfer is that the payment process is irreversible and minimizes chargeback risks

Buying crypto through bank transfer

Now, we have finally reached the stage where we will know how to buy cryptocurrency online via bank transfer.

Before getting there, it’s to note here that some countries follow specific types of transfer. For example, the USA-based crypto exchanges follow ACH transfer. So, keep in mind the geographical location of your chosen exchange while opting for bank transfer.

The steps to buy crypto online through bank transfer

Step 1

Log in to your chosen crypto exchange

Step 2

Look for the menu that says something like “Sell/Buy Crypto”. Click on it

Step 3

Choose your preferred cryptocurrency

Step 4

Click on “Select Card or Cash”. Click on Cash

Step 5

Click on “Deposit Cash”

Step 6

Now, you will have to wait for identity verification. Usually, you will have to enter a few basic personal information, submit some legal documents for ID verification, and provide your selfie. It won’t take long but you might have to wait longer if the exchange demands manual verification

Step 7

Choose your preferred currency for buying cryptocurrency, say USD

Step 8

Look for the option that says “Deposit”. Click on the option

Step 9

Check the deposit details on screen. The screen will show instructions covering IBAN, Bank Code, and bank name. These details are your unique online reference.

Step 10

Now, you will transfer the money to purchase crypto. You can do it through online banking or mobile banking. The money that you will deposit will be sent to your wallet in the crypto exchange. If you want to execute the process manually, you can visit the bank and request for wire transfer. Depending on the location of your exchange and that of your bank, the money will be credited within 1-3 days. However, if the exchange and your bank are located in the same country, the transfer will be processed within a single business day.

Step 11

After the cash has reached your exchange wallet, go to “Sell/Buy Crypto”

Step 12

Enter how much would you like to spend to purchase  cryptocurrency right now. Click on “Select Card or Cash”

Step 13

Select the payment method

Step 14

Check the order details. Confirm the details as well as place the order

Step 15

You are done.

Final words

It’s pretty easy and straightforward to purchase cryptocurrency through bank transfer. Yes, the verification process might seem like a chore initially but that’s needed to ensure a safe procedure. The crypto world is already filled with scammers and it’s important that exchanges adopt thorough verification to ensure room for only the most legit users.

Now, some critics might point out that bank transfer is usually a longer process compared to card-based payments. It’s true but bank transfer is also way safer and more economical compared to card-based payments. If you are not exactly in a rush, you can always count on payment through bank transfer.

Finally, be careful about the storage of your crypto holdings. You can always store them in an exchange wallet but that’s not exactly a safe haven for your holdings. It’s better to store them in private wallets. If you are planning to trade a part of your holding in the near future, store them in a virtual hot wallet. The rest of the holding must be stored in a leading offline cold wallet.

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