SUMMARY:
Macquarie Bank doesn't directly support crypto purchases but enables AUD deposits via bank transfer or debit card to regulated brokers like Uphold.
Trusted globally, Uphold charges a transparent 1% fee, offering Macquarie customers better value compared to exchanges like CoinSpot, which add 1–2% price spreads on top of a 1% trading fee.
Can You Buy Bitcoin with Macquarie Bank?
Yes, although Macquarie Bank officially restricts direct transfers to cryptocurrency exchanges, viable workarounds are available. Customers who previously saved crypto exchanges as payees can usually continue making deposits without interruption.
Alternatively, using regulated multi-asset brokers such as Uphold provides a straightforward solution. These platforms allow you to fund your account via Macquarie Bank and then purchase Bitcoin directly, bypassing restrictions on specific crypto exchange BSBs.
As Macquarie periodically adjusts its policies, regularly checking for updates or opting for established brokers like Uphold ensures smoother and reliable crypto transactions.
How to Buy Crypto with Macquarie Bank
While Macquarie Bank doesn't directly facilitate cryptocurrency transactions, customers can easily purchase crypto via regulated multi-asset brokers like Uphold.
Uphold is globally trusted, regulated, and supports more than 70 cryptocurrencies, alongside over 6,000 stocks and ETFs. Macquarie Bank customers can securely deposit AUD funds directly to Uphold to begin trading.
Here's how Macquarie Bank customers can buy crypto on Uphold:
- Open an Uphold Account: Register on Uphold’s website and complete the required ID verification process.
- Deposit Funds from Macquarie: Log into your Uphold account, click "Deposit Funds," and transfer AUD from your Macquarie Bank account using bank transfer or debit card.
- Select Your Crypto: Use the search function to find Bitcoin or any other cryptocurrency you'd like to purchase.
- Complete Your Transaction: Enter your desired amount, carefully review details, and confirm your purchase.
Macquarie Bank’s Policy on Cryptocurrency Transactions
Macquarie Bank maintains specific guidelines restricting cryptocurrency transactions, primarily aimed at safeguarding customers from fraud.
Permitted Transactions:
- Deposits to regulated multi-asset brokerage platforms (such as Uphold) that facilitate cryptocurrency trading alongside traditional financial assets.
Transfers to previously saved crypto exchange payees may still proceed, subject to ongoing bank reviews.
Restrictions:
- New transactions to cryptocurrency exchanges via direct bank transfer are generally blocked to reduce scam risks.
- Online payments to specific crypto exchange-related BSBs are explicitly restricted.
- Regular policy assessments by Macquarie’s fraud prevention team may lead to further tightening or adjustment of transaction permissions.
Customers should stay informed about Macquarie Bank’s current crypto policies, as attempts to bypass restrictions or experience frequent blocked transactions may lead to account reviews or additional limitations.
Crypto Fees on Exchanges for Macquarie Bank Customers
Selecting a cryptocurrency exchange that offers clear, competitive fees can notably improve returns for Macquarie Bank customers. Here’s a detailed comparison of costs between two popular options:
Uphold Fees
Uphold charges a transparent 1% fee included directly in the displayed cryptocurrency prices, avoiding hidden spreads or extra trading charges.
Deposits via Macquarie Bank through direct bank transfer or debit cards typically incur no additional transaction fees, and withdrawals back to Macquarie accounts are usually free.
CoinSpot Fees
CoinSpot applies a trading fee of 1%, coupled with an additional price spread ranging between 1% and 2%, often higher for cryptocurrencies with limited liquidity. While Macquarie deposits using bank transfer or PayID remain free, debit card deposits attract an extra 1.88% charge.
Popular Ways to Deposit from Macquarie to Crypto Exchanges
Macquarie Bank customers have several convenient methods to deposit funds into cryptocurrency exchanges, despite the bank's restrictions on direct transfers to exchange-specific accounts.
Bank Transfers to Multi-Asset Brokers
Customers can use standard bank transfers from Macquarie accounts to regulated multi-asset platforms like Uphold. Transfers are typically free, secure, and clear within 1–2 business days.
Debit Card Deposits
Macquarie Bank debit cards offer a straightforward, instant deposit method into supported cryptocurrency brokers. These deposits typically don't attract extra fees but may have daily spending limits determined by the bank.
PayPal Deposits via Macquarie
Using a PayPal account linked to your Macquarie Bank card provides another reliable deposit method. PayPal deposits typically incur a fee of around 0.5%, with a daily limit capped at approximately $5,000.
What is Macquarie Bank?
Macquarie Bank is a prominent Australian financial institution based in Sydney, specialising in banking, asset management, and investment services. Established in 1969, it serves about 1.7 million customers with products like home loans, savings accounts, investment funds, commodities trading, and wealth management.
Macquarie caters particularly to affluent individuals and businesses, standing out as one of Australia's largest banks, globally recognised for its asset management expertise.
Conclusion
Macquarie Bank’s restrictions on direct crypto transactions are easily managed through regulated brokers like Uphold. Using these platforms lets you securely trade crypto without issues from the bank’s policies.
Stay informed on Macquarie’s updates, choose transparent exchanges, and use approved deposit methods to maximise your crypto investment efficiency.