It’s possible to buy Bitcoin with your local bank account. To do that, you’ll need to use a crypto exchange, specifically crypto on-ramps. Most of these exchanges will require you to complete a KYC process, including submitting a valid ID.

In today’s blog, we’ll talk about how to buy Bitcoin instantly with your bank account. To top it off, we’ll mention some exchanges that allow this option.

Benefits of Buying Bitcoin with a Bank Account

Onboarding the crypto-sphere, so to speak, has often been a cumbersome process because most platforms – centralised exchanges particularly – do not allow newbies to buy crypto like Bitcoin with their bank account. However, for the ones that do, it saves both the user and the exchange a lot of charges. While you can buy Bitcoin with gift cards, there are real benefits to buying Bitcoin with your bank account.

Some of them are as follows.

1. Lesser fees

If you’ve looked at the transaction fees charged per transaction for Bitcoin trades on exchanges, you’ll notice that they’re almost always up to 3%. Some even charge more! But with bank transfers, both you and the exchange spend less. Why?

Bank transfers are possible through different systems, but a popular one set up among domestic banks is called the ACH (Automated Clearing House) transfer. It’s a form of electronic transfer which is much cheaper.

ACH transfers can be credit or debit transfers. These do not incur the same charges as credit card payments.

2. Faster transaction speed

Buying Bitcoin with your bank account guarantees a quicker transaction. This is because bank transfers are generally faster, as the movement of funds among banks (electronic transfers) does not require any long protocol.

3. Better security

Buying Bitcoin with your bank account is much safer than other payment methods. Banks have your personal information on file, and before transfers are completed, there’s often two-factor authentication in place to ensure you’re the one authorising a transfer of funds.

4. Higher Spending Limits

With bank transfers from your bank account, you can spend much more than you would with a credit card or other payment methods. The spending limits tend to be higher, giving you the liberty to purchase more Bitcoin if you choose.

So, how do you pay for Bitcoin with your bank account?

Buying Bitcoin With Your Bank Account

How to Buy Bitcoin With Your Bank Account

As you now understand, buying crypto with your bank account is more straightforward than it sounds. It only requires you to authorise a transfer of money from your domestic bank account to your exchange’s wallet.

First, you’ll need to have a bank account and choose an exchange that accepts payments of this type. After that, these are the steps to take to buy Bitcoin instantly with your bank account.

  • Create an account on your chosen exchange. Sign in if you have one already.
  • Complete your Verification. Most exchanges require you to complete the KYC process, which includes submitting a valid ID.
  • Link your bank account to your wallet on the exchange. You can find this option in the payment section of your profile.
  • Make a deposit from your bank account to your exchange account in USD or your local currency if supported.
  • Initiate a Bitcoin purchase transaction. Choose the quantity in units of the amount you’d like to buy in USD and pay with the already deposited money.
  • You will receive prompts that you have successfully bought Bitcoin. Then, you can transfer it to your Bitcoin wallet or leave it in the exchange wallet for trade if you wish.

Where to Buy Bitcoin With Your Bank Account

Not all exchanges provide the option of paying for crypto with your bank account. Some of the ones that do are as follows:

  1. Kraken
  2. Coinmama
  3. eToro
  4. Coinbase

Each exchange allows users to make either ACH or SEPA transfers to pay for Bitcoin. Credit/debit card payments incur charges of almost 3.5%, while bank transfers incur charges as low as 1.5%. The only drawback is the lack of anonymity. But it’s a relatively small price for the ease and cost-effectiveness of paying with your bank account.

Also Read: Best Sites to Buy Bitcoin in Nigeria

Tips for Buying Bitcoin with Your Bank Account

These are essential tips to remember when paying for crypto with your bank account.

  1. Choose a secure and reliable exchange. Consider its customer reviews and ratings. Check if there are geographical restrictions or if they support your local currency.
  2. Complete your KYC. It’s for your safety that you verify your ID to prevent fraudulent actions on your account.
  3. It’s advisable to transfer your Bitcoin to a Bitcoin wallet after purchase rather than leaving it on a centralised exchange.


Buying Bitcoin with your bank account is the most affordable and easiest way to acquire Bitcoin. The steps are quick and few, and we’ve highlighted them in this article. You need to have a bank account, pick a reputable crypto exchange and sign up there. Ensure you verify your identity and be aware of the different features of any exchange you decide to use.

Try paying for Bitcoin with your bank account rather than the regular credit/debit card payment method.