ANZ customers in Australia can securely buy Bitcoin and crypto by making transfers to regulated exchanges such as Independent Reserve, one of Australia’s longest-running and most trusted cryptocurrency exchanges. This guide walks you through creating an Independent Reserve account, depositing funds, and purchasing Bitcoin, along with ANZ’s policies on crypto transactions, and tax considerations.
How to buy Bitcoin and crypto with ANZ
1. Create your account
To buy Bitcoin and crypto with ANZ, 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.
2. Deposit funds from ANZ
ANZ customers can fund their Independent Reserve account using multiple payment options, including:
- Credit/debit card: Instant using Visa or Mastercard.
- PayPal: Instant.
- EFT bank transfer: Free for deposits over $100.
- PayID: Instant and free for deposits over $100.
3. Buy Bitcoin and crypto
Once your funds are available, buying Bitcoin is quick and straightforward.
- Log in to your Independent Reserve account.
- Navigate to the Trade section.
- Select Bitcoin from the list of available cryptocurrencies.
- Enter the AUD amount you want to purchase.
- Select 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.
ANZ’s crypto policies
ANZ will block payments that it believes are being made to crypto exchanges by default due to concerns regarding crypto scams. This means that before you try to make payments to a crypto exchange, you’ll need to disable your Crypto Protect setting on your ANZ account.
To disable your Crypto Protect setting:
- Go to the Profile icon.
- Tap on Security.
- Tap on Scam Safe.
- Select and toggle off Crypto Protect.
ANZ may limit the amount you can deposit into cryptocurrency exchanges to no more than $10,000 from your ANZ accounts each calendar month. The amount will not roll over each month if not used. If you have joint accounts, your payment limits apply to transactions made from both your individual and joint accounts or cards. These limits are not shared with the other account holder.
ANZ will not restrict withdrawals from cryptocurrency exchanges to your ANZ account.
You can read more about this on the ANZ website.
Crypto tax obligations in Australia
According to the Australian Tax Office (ATO), cryptocurrency is considered an asset for capital gains tax (CGT) purposes.
Most of the time (for ordinary investors), the ATO treats buying and selling cryptocurrency like it treats buying and selling shares. This means a CGT event occurs every time you dispose of your cryptocurrency, which includes trading it for another cryptocurrency. If you profit from the sale or trade of a cryptocurrency, then some, or all, of the gain 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 you speak to a qualified accountant.
Learn more about crypto tax obligations and tools.
Frequently asked questions
Are there any fees for buying crypto using bank transfers?
- Bank deposits are free on amounts of $100 and above. Deposits under AUD 100 incur an AUD 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.
Is there a deposit limit for bank transfers?
- ANZ may decline deposits exceeding $10,000 per month.
- Independent Reserve’s daily deposit limit is $40,000.
- For higher daily deposit limits, please contact customer support via the support screen. Our over-the-counter crypto trading desk is available for transactions above $50,000.
Can I withdraw AUD to my bank account?
- Yes, you can easily send AUD to your linked bank account.
Are there any other limitations when it comes to using ANZ?
- ANZ may delay your first deposit by 1 to 2 business days.
- Osko and PayID deposits are typically instant. However, EFT transfers can take up to 2 business days to process.
