ING customers in Australia can securely buy Bitcoin and crypto by making transfers to digital currency exchanges such as Independent Reserve, one of Australia’s longest-running and most trusted cryptocurrency exchanges.
This guide walks you through creating an account, depositing funds, and purchasing Bitcoin, along with ING’s policies on crypto transactions, and tax considerations.
How to buy Bitcoin and crypto with ING
Create your account
To buy Bitcoin and crypto with ING, start by creating an account on Independent Reserve.
You will need to provide a few documents and details, including:
- Personal details (full name, email address, date of birth)
- Proof of address (accepted documents include bank statements, utility bills (gas, water, rates) or government-issued documents (e.g., ATO, vehicle registration, etc.)
- Proof of identity (driver’s licence, passport, and a selfie)
This ensures compliance with Australian financial laws and enhances security for all users.
Deposit funds from ING
ING customers can fund their Independent Reserve account using multiple payment options, including:
- Credit/debit card: Instant using Visa or Mastercard.
- PayID: Instant and free for deposits over $100.
- EFT bank transfer: Free for deposits over $100.
- PayPal: Instant.
Buy Bitcoin
Once your funds have reached your account, buying Bitcoin is quick and straightforward.
- Log in to your account.
- Navigate to the Trade screen.
- Select Bitcoin or your preferred crypto from the list of available cryptocurrencies.
- Enter the AUD amount you want to purchase.
- Click Buy Bitcoin.
- Review transaction details and confirm your order.
Once the transaction is complete, your Bitcoin will be credited to your Independent Reserve wallet.
While the steps are the same for desktop and mobile, the desktop and mobile interfaces differ. Below is an example of the mobile app interface.
ING’s crypto policies
As of April 24 2025, ING has made no public statements clarifying its position regarding crypto deposits.
Extensive reporting by Syla (updated October 2, 2024) indicated that ING is a crypto-friendly bank, favourably noting the bank’s public commentary on blockchain technology.
However, a number of ING customers have voiced frustrations on social media (examples one, two, three, four and five). Complaints noted blocked deposits and frozen accounts after attempting transfers to some crypto exchanges, with Kraken and CoinJar being regularly called out.
A few ING customers have also mentioned crypto-related issues as a reason for leaving poor reviews on Trustpilot.
At the time of this writing, Independent Reserve has not received any significant reports of issues with ING customers depositing into our trading platform.
Crypto tax obligations in Australia
According to the Australian Tax Office (ATO), cryptocurrency is considered an asset for capital gains tax (CGT) purposes. Most everyday investors are taxed on crypto similarly to shares, with a CGT event occurring when you sell or trade crypto, including swapping one crypto for another. If you made a profit, it may be taxed.
The rules differ depending on whether you bought the cryptocurrency as an investment or acquired it to use in the same way as fiat money to pay for goods and services.
If you’re carrying on a business in cryptocurrency, or you’re a professional trader, there are different rules again, and we suggest speaking to a qualified accountant.
Learn more about crypto tax obligations and reporting tools.
Frequently asked questions
Are there any fees for buying crypto using ING bank transfers?
- Bank deposits are free for amounts of $100 and above. Deposits under $100 incur a $0.99 processing fee.
- Buying and selling crypto incurs a 0.5% fee.
- View the fee schedule for a list of all fees and charges.
Are there deposit limits for ING bank transfers?
- Independent Reserve’s daily deposit limit can be accessed via your deposit screen.
- For higher daily deposit limits, please contact customer support via the support screen. Our over-the-counter (OTC) crypto trading desk is available for transactions above $50,000.
Can I withdraw AUD to my ING bank account?
- Yes, you can easily send AUD to your linked bank account.
Are there any limitations when it comes to using ING?
- ING may delay your first deposit by 1 to 2 business days.
- Osko and PayID deposits are typically instant. EFT transfers can take up to 2 business days to process.
