How to Buy Bitcoin with a Bank Account / Wire Transfer

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. Bank transfers are considered irreversible and reduce the risk of chargeback, unlike credit cards payments for example. So if you’d buy $1000 from Coinbase via their 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, Bitcoin buying limits when using a bank transfer to fund your account are much higher than using a credit or debit card.

On the other hand, bank transfers are usually more complex 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. Nevertheless, 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.

  • Bitcoin exchanges

  • Fees
  • Buying Limits
  • Available worldwide?
  • Reputation
  • Support
  • Overall grade
  • Coinbase

  • coinbase
  • 1.49%
  • Fully verified users only$50,000/day
  • click this link to see what countries are available33 countries supported
  • Good
  • Users have reported long waiting times for customer service responsePoor
  • A
  • Cex.io

  • cex
  • CEX.io's fees are incorporated into the exchange rateAverage
  • Fully verified users only$10,000/day
  • US, Europe, S.America
  • Good
  • Good
  • B+
  • Bitstamp

  • bitstamp
  • Does not include deposit fee0.25%
  • No limit
  • Worldwide
  • Good
  • Good
  • A
  • Kraken

  • kraken
  • Does not include deposit fee0.26%
  • No limit
  • Worldwide
  • Good
  • Good
  • B+
  • Bitfinex

  • bitfinex
  • Does not include deposit fee0.2%
  • No limit
  • Worldwide
  • Average
  • Good
  • B+
  • Coinfloor

  • coinfloor
  • Does not include deposit fee0.38%
  • Unclear
  • United kingdom
  • Average
  • Average
  • B
  • BTC-E

  • btce
  • Does not include deposit fee0.2%
  • No limit
  • Worldwide
  • Average
  • Low
  • C

Buying Bitcoins with a bank account in the US

Probably the best option for buying Bitcoins in the US with your bank account is Coinbase. Coinbase is one of the pioneering companies in the Bitcoin ecosystem and has been around since late 2012. Coinbase allows you to connect your bank account via ACH bank transfer and can be connected with 26 different banks.

Once you supply your bank credentials on Coinbase’s website you can easily buy Bitcoins through your bank account. The fee for buying Bitcoins with your bank account is %1.49. The good thing about Coinbase is that the site has very high liquidity and won’t “run out of Bitcoins”. It’s also pretty intuitive for beginners.

On the other hand Coinbase bank transfers are slower than credit card purchases and can take up to 5 days. Also Coinbase has been known to monitor their user funds and may take action against your account if they deem that you are using it for illegal purchases.

Some other options for buying Bitcoins with a bank account in the US include CEX.IO (offers ACH transfers), Bitstamp, Kraken, Bitfinex and Bitpanda. For a complete exchange comparison visit this page.

Buying Bitcoins with a bank account in Europe

If you’re inside the Eurozone Coinbase will also allow you to buy Bitcoins with a SEPA transfer. Fees are basically the same as buying within the US. If you’re in Europe you would probably also want to check out Kraken or Bitstamp – both large and reputable Bitcoin exchanges. Both exchanges offer high liquidity and SEPA transfers. Fees will probably be lowest via one of these two exchanges if you’re buying large amounts of Bitcoin.

UK residents can also consider Coinfloor and fund their account via SEPA or online bank transfer. However there is a minimum deposit amount of 1,000 pounds.

Cex.io is another exchange that offers SEPA transfers and high liquidity. Unlike the previous exchanges it also allows you to buy Bitcoins with your credit card and not only your bank account.

Buying Bitcoins with a bank account in other countries worldwide

If you don’t live in the US or the EU there are some international Bitcoin exchanges that will allow you to buy Bitcoins with your bank account mainly via SWIFT (i.e. wire transfer).

The most reputable are Bitstamp and Kraken. BTC-e is another exchange that will accept customers worldwide however its reputation is questionable so I’d advise caution if using it. CEX.io offers its services to most countries worldwide. Bifinex may also be a good option however it’s a bit harder to navigate through if you’re a newbie.

To conclude, 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.

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Ron
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Ron

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

tom
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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
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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
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Anonymous

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

dean
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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
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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!