How to Buy Bitcoin with Bank Account

The mainstream explosion of cryptocurrencies has led to an increase in the number of ways you can buy cryptos. It wasn’t long ago when Bitcoin was considered a risky fringe asset, with banks and most financial service providers refusing to handle any transactions related to Bitcoin.

There are some countries where you cannot buy Bitcoin with a bank account, but in most jurisdictions, including the US, you can transfer Bitcoin to a bank. In this article, we have covered everything you should about how to buy Bitcoin with bank account

Why Buy Bitcoin with Bank Account?

Direct bank transfers are increasingly becoming a popular method of buying Bitcoin. There are various pluses this new trend brings with it. For starters, the fact that banks are subjected to strict anti-money laundering (AML) and know your customer (KYC) policies, users are guaranteed that they are dealing with a trustworthy crypto broker or exchange.

Moreover, with banks, one can transfer large sums in a single transaction, unlike buying BTC with PayPal, making it efficient for those who intend to buy hundreds of millions worth of Bitcoin.

The fact that it is a considerably cheaper channel is another plus, since most crypto exchanges perceive bank transactions as being low risk. What’s more, unlike credit cards, purchases from bank accounts are irreversible. Bank transfers are also safer since banks tend to only deal with verified exchanges and brokers. This offers an extra layer of guarantee and security

With all the advantages buying Bitcoin with a bank account brings, there are also certain downsides to it. Although a bank account transaction is instant, purchases tend to take longer than when using debit cards, since funds would need to be transferred through various accounts. Additionally, the AML and KYC policies which are advantageous, also come with a drawback of zero anonymity when making transactions. Consequently, there is a risk of one’s account being shut down if a slight irregularity is detected.

Advantages of buying Bitcoin with a bank account:

  • Trustworthiness, thanks to banks’ strict AML and KYC policies;
  • Transfer large sums in a single transaction;
  • Considerably cheaper since the low risk;
  • Higher purchase limits;
  • User-friendly for novices;
  • Safer, since banks only deal with verified exchanges/brokers.

Disadvantages of buying Bitcoin with a bank account:

  • Purchases take longer than with credit cards;
  • Bank transfers not available in all countries;
  • No anonymity and transactions are closely monitored/reported;
  • An account can be shut down with the slightest irregularity.
buy bitcoin with bank account

10 Banks that allow you to buy Bitcoin

There are several banks globally that allow you to buy Bitcoins directly from your bank account. Depending on your country of residence, you should first check and ensure that you qualify to open a bank account. Here is a list of some of the notable banks that allow you to buy Bitcoin.

1. Ally Bank

Ally Bank is headquartered in Detroit, Michigan. It’s a purely online bank and one of the most Bitcoin-friendly banks in the world. Coinbase users can easily and seamlessly link their crypto wallets with their Ally bank account.

Users can also purchase BTC using their Ally-issued debit cards. However, it attracts higher charges compared to bank transfer or bank wire purchases.

2. Goldman Sachs

This is one of the famous banks globally and is one of the first multinational banks with strong ties to Wallstreet to allow account holders to buy Bitcoins directly. More so, the bank is set to open Bitcoin wealth management services.

3. The United Services Automobile Association USAA

This bank is headquartered in San Antonio, Texas. It is the first major bank to invest in a crypto exchange – Coinbase. With their banking app, Coinbase users can review their BTC balance. Users can directly link their USAA bank accounts with their Coinbase trading accounts and transfer BTC and fiat between the two accounts.

4. Simple Bank

It’s headquartered in Portland, Oregon. It has partnered with a few crypto exchanges and allows account holders to buy and sell Bitcoin directly between their trading accounts and bank accounts. Like Ally Bank, Simple Bank is also a purely online bank, with account holders being issued with Visa debit cards. They can perform their transactions from the bank’s website, mobile apps.

5. Wirex Limited

Wirex is an online banking services provider based in London. It is registered and regulated by the UK Financial Conduct Authority (FCA). Their banking services are available around the globe, with users receiving a British account number and sort-code. Account holders are issued with a Wirex Visa card which is a multicurrency card. It automatically makes payments in the local currency without exchange fees. With this card, users can buy, store and manage their fiat and crypto portfolio.

6. Barclays Bank

Barclays bank allows UK residents to buy Bitcoin directly from their bank accounts. It partnered with Coinbase allowing account holders to link their Barclays bank accounts and Coinbase accounts. This allowed for seamless transactions.

7. National Bank of Canada

National Bank of Canada is the only Canadian Bank that allows account holders to buy BTC directly from their bank accounts. Account holders can also use their bank-issued credit and debit cards to buy BTC. However, it’s only available to Canadian residents.

8. Chime Bank

Chime Bank is an online bank headquartered in San Francisco, California. It does not charge any fees to its account holders and operates solely as a mobile app. Chime bank states that you cannot use their VISA debit card to buy Bitcoin directly. But you may utilise peer-to-peer crypto platforms to buy BTC directly with the “pay friends” feature, which allows you to send money from your bank account instantly.

9. Fidor Bank

Fidor is an online German bank. It partnered with Kraken, Coinhouse,, and Cryptopay, allowing its account holders to integrate their crypto wallets directly with their Fidor account through an API. This means that users can freely buy and sell BTC from their Fidor accounts.

10. Revolut

Revolut is an online financial services firm providing banking services to EU, US and Australian residents. It’s headquartered in London. You may connect your Revolut bank account with your crypto wallet and buy Bitcoin from crypto exchanges such as eToro, Binance, Paxful, and LocalBitcoins. Note that you can also receive BTC from other Revolut account holders as well. However, you cannot transfer BTC to a bank account from an external wallet.

Best Crypto Exchanges to Buy Bitcoin with Bank Account

While several crypto exchanges allow you to buy Bitcoin with a bank account, here are the best among them.


• Buy BTC instantly using credit or debit cards
• Convenient for newbies to trade
• ACH transfers are free
• High liquidity makes it easier to buy a large quantity of BTC
• No privacy regarding how/where purchased BTC is spent
• Transactions may be reported to authorities
• ACH bank transfers take up to 5 days

Founded in 2012, Coinbase is one of the oldest cryptocurrency exchanges in the world. In addition to its crypto exchange platform, it also offers other services, including Coinbase brokerage service, crypto trading services via Coinbase Pro, Coinbase wallet, and Coinbase merchant solutions. It is headquartered in San Francisco, California and is operational in over 100 countries worldwide.

In the US, users can link their Coinbase to bank accounts via ACH bank transfer but it takes about five days. In Europe, users can use SEPA transfer which attracts a 1.49% fee and takes up to two days. Wire transfers attract a flat fee of $10. Users can also use debit and credit cards connected to their bank accounts for instant transactions, but they will incur a 3.99% fee.


• 0 fees on direct bank deposits
• Highest liquidity and buying limit
• No KYC or AML policies for newbies
• Instant transactions with the Binance P2P platform
• Users must verify their ID to access higher BTC purchasing limits

Binance is ranked the best crypto exchange globally, headquartered in the European Isle of Malta. It was established in 2017 and conducts over 1.4 million transactions per second. It has over 347 tradable altcoins and allows users to buy Bitcoin with about 46 fiat currencies.

Users can buy Bitcoin directly through SWIFT bank transfer or use the debit or credit cards linked to their bank accounts.


• Platform is convenient and easy to navigate
• Offers lowest fees of 0.75% when buying BTC
• No withdrawal fees
• Non-intrusive KYC policy in place, which allows instantaneous BTC purchase
• Service has geo-restrictions
• Platform is designed for CFD Trading
• Doesn’t allow BTC withdrawals –
• Users must convert fiat

eToro serves as both a CFD social trading platform and a crypto exchange. Users can buy Bitcoin via ACH bank transfers for US residents and SWIFT bank transfers globally. It also allows users to buy BTC using debit and credit cards linked to their bank accounts. The company began operations in 2007 and is headquartered in Tel Aviv, Israel.


• No geo-restrictions
• Several bank payment options depending on country of residence
• Faster delivery of BTC compared to other exchanges
• Limitations for US users
• Bank wire transfers only available for orders over $50,000
• Higher fees for credit card purchases

Coinmama is a brokerage crypto exchange and accepts the highest number of bank transfers. Users can buy Bitcoin on Coinmama through SWIFT transfers globally, SEPA for EU banks only, Fedwire, Faster Payments, wire transfers, or credit and debit cards.

Both debit and credit card purchases attract a 5% fee with instant delivery of the cryptos. SWIFT transfers take three business days and attract a $20 fee for orders under $1000, while SEPA transfers have 0 fees and delivery takes a day.


• Lowest deposit fees
• No geo-restrictions
• Several bank deposit options available
• Does not support ACH deposits
• Very few fiat currencies supported

Kraken was established in 2011 and is headquartered in San Francisco. Users can buy Bitcoin directly on Kraken from their bank accounts. In the US, users can deposit fiat through SWIFT, Signet, Silvergate Exchange Network (SEN), and FedWire. Other bank transfer methods available to non-US residents include SEPA, SIC, CHAPS, FPS/BACS, and wire transfer.

Step-by-Step Guide to Buy Bitcoin with Bank Account

The technical procedure of buying Bitcoin using your bank account varies depending on the bank and the crypto exchange you use. However, the general guidelines for BTC bank transactions are relatively the same across the board.

Step 1 – Select a crypto exchange that supports direct bank transaction

In this case, we will use Binance. Remember first to confirm if your bank account allows the purchase of BTC.

Step 2 – Sign up for an account with the crypto exchange.

Typically, this takes less than 5 minutes. However, the KYC verifications timeline may vary between exchanges. For Binance, it takes one working day.

Step 3 – Link your bank account, credit or debit card

Depending on the crypto exchange, you might be required to link your bank account and verify it first. Some exchanges do not have this requirement. On Binance, click on the ‘Buy Crypto’ tab and select either Bank Deposit or Credit/Debit Card options.

How to buy Bitcoin with a bank account - Binance

Step 4 – Select ‘Deposit Fiat’ and choose your preferred currency from among the 60 available fiat currencies in the drop-down menu.

How to buy Bitcoin with a bank account - Binance

Note that every currency has its recommended method of deposit. Complete the deposit to your account and buy Bitcoin.

We hope you find this article about different ways to buy Bitcoin with a bank account educational and informative. Please find some of the most commonly asked questions related to How to Buy Bitcoin with Bank Account:

Is it safe to link a bank account to an exchange?

Yes. As we mentioned earlier, banks the world over have stringent KYC and AML policies. They only cooperate with the most trustworthy crypto exchanges. That is why you must verify your identity before buying BTC with your bank account.

What is the verification process?

The verification process varies depending on the crypto exchange. However, they universally require you to provide proof of address and an identification card or passport. Some exchanges go as far as requesting a facial identification.

What is the transferring process from a bank account?

This depends on the type of bank transfer method your crypto exchange offers. It could vary from SWIFT, SEPA, Wire transfer, SIC, CHAPS, FPS/BACS, Signet, Silvergate Exchange Network (SEN), or FedWire. Typically, using credit and debit cards linked to your bank accounts are the easiest and convenient method of transfer.

How do withdrawals to work?

Most banks do allow BTC bank withdrawals. You must first convert your Bitcoins or altcoins into fiat. However, you should confirm with your bank and crypto exchange if this is possible.