8 ways to Buy Bitcoin with a bank account

Last updated: 10.16.18

Buying Bitcoins with a bank wire is probably the best way to go in order to get the best exchange rate possible. Depending on where you live in the world there are different exchanges that will be best suited for you. In this post we will cover the main reputable exchanges that supply bank wire services.

Post summary

  1. Visit Coinbase and open an account
  2. Go to “Settings” – “Linked accounts”
  3. Add your bank account
  4. Go to “Buy/sell”
  5. Buy Bitcoins

Top exchanges that accept bank account transfers

CEX.io
Supported countries:
Worldwide
Fees:
Low
Overall rating:
4.5 Star Rating
Coinbase
Supported countries:
33 Countries
Fees:
Low
Overall rating:
4 Star Rating
Bitpanda
Supported countries:
Eurozone
Fees:
Low
Overall rating:
4.5 Star Rating
Luno
Supported countries:
Multiple locations
Fees:
Low
Overall rating:
4.5 Star Rating
Bitstamp
Supported countries:
Worldwide
Fees:
Very low
Overall rating:
4.5 Star Rating
Bitfinex
Supported countries:
Non US only
Fees:
Low
Overall rating:
4 Star Rating
Coinfloor
Supported countries:
UK only
Fees:
Very low
Overall rating:
4 Star Rating
Kraken
Supported countries:
Worldwide
Fees:
Low
Overall rating:
3.5 Star Rating

Why should I use a bank account instead of a credit card?

People who want to buy large amounts of bitcoin or don’t have any access to credit or debit cards will probably look for buying Bitcoins with their bank account.

Since there’s substantially less risk involved for exchanges when people purchase Bitcoins with their bank account, the fees for such a process are significantly lower. Unlike credit cards, Bank transfers are considered irreversible and reduce the risk of chargeback.

So if you’d buy $1000 from Coinbase via a bank transfer you’d pay $14.9 in fees, while if you bought the same amount with a credit card you’d pay $39.9 in fees. As you can see you can save 50% and more when using a wire transfer.

Also, buying limits are much higher when using a bank transfer to fund your account than when using a credit or debit card.

On the downside, bank transfers are usually less convenient to execute and take a longer amount of time to process since the transfer needs to clear several banks on its way to the exchange.


Buy Bitcoins with your bank account through Coinbase

Pros: Fast transfers within the US and EU, low fees

Cons: Slow support, Not available worldwide

Overall rating: 4 Stars

Coinbase is one of the pioneering companies in the Bitcoin ecosystem and has been around since late 2012. Coinbase supplies brokerage services for many countries around the world (this  mean they sell you Bitcoins and other cryptos directly and not through a trading platform).

For US customers Coinbase allows you to connect your bank account via ACH bank transfer. For European customers Coinbase will also allow you to buy Bitcoins with a SEPA transfer.

For all countries Coinbase supports (32 in total) there is a 1.49% fee on wire transfer purchases.

Visit Coinbase     Read our review     Step by step guide

Buy Bitcoins with your bank account through Bitpanda

Pros: Multiple payment options, intuitive interface, relatively low fees

Cons: Unclear fees, Buying not available worldwide

Overall rating: 4.5 Stars

Bitpanda was founded in 2014 and supplies brokerage services for Bitcoin and other cryptocurrencies to countries inside the Eurozone. The company accepts SEPA transfers from European countries and wire transfers (i.e. Swift) worldwide.

You can sell Bitcoins on Bitpanda worldwide but you can only buy if you’re from inside the EU. Fees are unclear on Bitpanda since they are incorporated into the exchange rate. This means that the price already represents the fees Bitpanda take for themselves.

Visit Bitpanda     Read our review    Step by step guide

Buy Bitcoins with your bank account through CEX.io

Pros: Multiple payment options, no deposit fees, wide selection of cryptocurrencies

Cons: Relatively high fees on brokerage service (can be avoided by using the trading platform)

Overall rating: 4.5 Stars

CEX is one of the oldest companies around founded in 2013. Today the company provides two main services – a brokerage service and a trading platform service. The brokerage service is usually more expensive buy easier to use while the trading services is cheaper but can be confusing.

The company supplies the option for SEPA transfers within the EU and bank transfers for countries outside the EU. All bank account transfers are 0% in fee for depositing money.

Visit Cex.io     Read our  review    Step by step guide

Buy Bitcoins with your bank account through Bitstamp

Pros: Reputable exchange, low deposit and trading fees

Cons: No brokerage service, can be confusing for beginners

Overall rating: 4 Stars

Probably the oldest exchange on this list is Bitstamp that was founded in 2011. The exchange is located in Slovenia the company offers trading services worldwide. There’s a 0.05% deposit fee for bank account transfers but SEPA transfers are free of charge.

When buying on the exchange the fee will usually very but the high end would be 0.25%. Bitstamp does not offer brokerage services so you will need to know your way around trading platforms in order to use the site.

Visit Bitstamp     Read our review    Step by step guide

Buy Bitcoins with your bank account through Kraken

Pros: Reputable exchange, low deposit and trading fees

Cons: No brokerage service, limited options for bank account transfer, a lot of reported downtime

Overall rating: 4 Stars

Another vetran exchange is Kraken. Headquartered in San Francisco Karekn claims to be the largest Bitcoin exchange in terms of euro volume and liquidity. It operates across the United States (with the exception of New York due to the BitLicense) and Canada, as well as in the European Union and Japan.

SWIFT (SMBC) EUR and USD deposits were disabled on March 20, 2018. The rest of the deposits either have a $5 fee or are free of charge. When using the trading platform itself you fell pay according to the amount traded (max fee is 0.26%).

Visit Kraken Read our review Step by step guide

Buy Bitcoins with your bank account through Bitfinex

Pros: High liquidity, reasonable fees

Cons: Complex interface, history of hacks

Overall rating: 4 Stars

Bitfinex, located in Hong Kong, is the world’s biggest Bitcoin exchange by volume. The company supports bank account transfers worldwide and takes a 0.1% deposit fee for incoming wire transfers.

The company supplies only a trading platform and no brokerage services. Trading fees depend on volume and start at 0.2%.

Visit Bitfinex Read our review Step by step guide

Buy Bitcoins with your bank account through Luno

Pros: Best option for underserved emerging markets

Cons: Limited country support

Overall rating: 4 Stars

For emerging markets there is the option of Luno (formerly known as BitX). The company supports many European countries and also Indonesia, Malaysia, Nigeria and South Africa. Deposit fees depend on the country and vary between 0% to 5%.

For trading, the fee also depends on your currency and can range between 0.2% to 1%.

Visit Luno Read our review Step by step guide

Buy Bitcoins with your bank account through Coinfloor

Pros: Largest GBP market for Bitcoin, established company

Cons: Limited to the UK

Overall rating: 4 Stars

Coinfloor is a London-based bitcoin exchange established in early 2013. The company mainly supports UK countries. Deposit fees vary depending on the currency deposited and trading fees vary staring from 0.3%

Visit Coinfloor Review coming soon Guide coming soon

Conclusion – wire transfers are cheaper but also slower

if you’re thinking about buying large amounts of Bitcoin or don’t have any access to credit cards you should probably use the methods above. Keep in mind that some banks may require additional info about the nature of the transaction and may also collect additional fees for the transfer itself.

If you have any questions about the process or the exchanges feel free to ask them in the comment section below.

20
Leave a Reply

avatar
7 Comment threads
13 Thread replies
5 Followers
 
Most reacted comment
Hottest comment thread
10 Comment authors
Ofir BeigelRontomSteven HayJohn Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Ron
Guest
Ron

Bitpanda have reduced their fees, it’s barely above 1% now (your table says 5%) **link removed**

tom
Guest
tom

To the Lloyd Blankfein of Goldman Sachs. CBS anchor woman Cindy Hsu recently got involved in dangerous coraption business with crazy CBS anchor Otis Livingston to steal money from Goldman Sachs company employees bank accounts never trust Cindy Hsu and Otis Livingston they belong in prison!!!!!!!!!!!!!!!

John
Guest
John

Tell me how to buy bitcoins using my bank account? The question is how to buy it for a large amount, for example, how can I buy bitcoins for a million dollars at once, and not in parts like in coinbase?

Anonymous
Guest
Anonymous

Hie I have a problem…which steps to take if I want to buy bitcoins…??

dean
Guest
dean

Does bitcoin lock in the purchase price you make it at? Or does it lock in the price once the bank transfer goes through?
Thanks

John Bennett
Member
Member
John Bennett

I’ve been having problems signing up with a Bitcoin exchange, especially Coinbase. One problem is that I couldn’t get my ID verified. After a long night of taking numerous ID photos to upload, I tried it through their mobile app, which informed me that I’d exceeded the daily number of attempts, something their main website didn’t mention. Got the ID verified finally and tried to link a bank account. It’s kind of like with PayPal. They post a couple of transactions to your account, and you verify the amount of the transactions. The problem is that they will only let… Read more »

Rodrigo Paulo Gomes
Member
Member
Rodrigo Paulo Gomes

Great article !
I’m in Europe an like to trade on Coinbase because their UI is really outstanding.
But I also trade in Kraken because their prices are lower than Coinbase.
So Kraken to buy and Coinbase to sell ;)

I also love your 99bitcoin’s faucet!