How to Buy Crypto With a Bank Transfer

Quick answer: To buy crypto with a bank transfer, choose a reputable exchange, verify your account, initiate a transfer, and complete the purchase once funds arrive.

Before you start

• A government-issued ID for identity verification
• A bank account with online banking access
• An account on a cryptocurrency exchange that supports bank transfers
• Sufficient funds in your bank account for the purchase
• Knowledge of the exchange’s supported currencies and fees

How to Buy Crypto With a Bank Transfer: step by step

1. Choose a cryptocurrency exchange

Select a reputable exchange that supports bank transfers in your country, such as Coinbase, Binance, or Kraken. Ensure it operates in your jurisdiction and supports the cryptocurrencies you wish to buy.

2. Create and verify your account

Sign up for an account on your chosen exchange. Complete the identity verification process by providing the required documents, such as a passport or driver’s license, as this is necessary for bank transfer transactions.

3. Navigate to the deposit section

Log in to your exchange account and go to the ‘Deposit’ section. Choose the option for bank transfer and note the exchange’s bank details provided, including the reference code.

4. Initiate a bank transfer

Log in to your bank’s online banking platform. Use the exchange’s bank details to set up a new payee and initiate a transfer for the amount you wish to deposit. Ensure you include the reference code to avoid delays.

5. Wait for funds to arrive

The transfer may take 1-5 business days, depending on your bank and the exchange. Monitor your exchange account for the funds to appear in your balance.

6. Buy the desired cryptocurrency

Once your funds are in your exchange account, go to the ‘Buy’ section. Select the cryptocurrency you want, enter the amount, review the details, and confirm the purchase.

7. Check your crypto wallet

After the transaction is complete, check your cryptocurrency wallet on the exchange to ensure the coins have been credited. You can also view the transaction details for confirmation.

8. Consider moving coins to a personal wallet

For enhanced security, consider transferring your cryptocurrencies to a personal, non-custodial wallet. Ensure you have the correct wallet address and network before initiating the transfer.

Fees and how long it takes

Bank transfer fees vary by exchange and bank, typically ranging from $0 to $5. The transfer time depends on your bank and can take 1-5 business days. Some exchanges offer instant transfers with higher fees.

Exchange processing times also affect the overall duration, with some processing deposits within hours while others may take longer.

Stay safe

• Double-check the bank details and reference code before initiating the transfer
• Be aware of phishing scams; always use the official exchange website
• Keep your exchange account credentials secure
• Understand that on-chain transfers are irreversible
• Test with a small amount for first transfers to ensure everything works correctly

If something goes wrong

Funds not appearing in exchange account — Check if the transfer has been processed by your bank and verify the reference code was included. Contact the exchange’s support if the issue persists.

Delayed transfer — Contact your bank to inquire about the status of the transfer. Some delays may be due to bank processing times or weekends/holidays.

Incorrect bank details entered — Contact your bank immediately to attempt to cancel the transfer. If the funds have been sent, reach out to the exchange’s support for assistance.

Doing this as part of trading, income, or a disposal? See how it may be taxed in Tax by country and the taxable-events section — information, not advice.