Bendigo Bank customers in Australia can securely buy Bitcoin and crypto by making transfers to crypto 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 Bendigo Bank’s policies on crypto transactions, and tax considerations.
How to buy Bitcoin and crypto with Bendigo Bank
Create your account
To buy Bitcoin and crypto with Bendigo Bank, create a trading account with Independent Reserve or another trusted platform. You will need to verify your identity by providing:
- Your full name, email and date of birth
- Proof of address (e.g. utility bill, bank statement, or government notice)
- ID and selfie (e.g. passport or driver’s licence)
This is to meet Australian regulatory standards and keep your account secure.
Deposit funds from Bendigo Bank
Bendigo Bank 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.
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.
Your Bitcoin will appear in your Independent Reserve account after the trade is complete.
Below is an example of the mobile app interface.
Bendigo Bank’s crypto policies
As of August 2025, Bendigo Bank has not issued a formal crypto endorsement, but generally supports payments to AUSTRAC‑registered exchanges. Most users report smooth transactions, though transactions may occasionally be delayed or blocked if flagged as higher risk.
Independent Reserve has not received any significant complaints from Bendigo Bank customers using our 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 deposit limits for Bendigo 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 Bendigo Bank account?
- Yes, you can easily send AUD to your linked bank account.
Are there any limitations when it comes to using Bendigo Bank?
- Bendigo Bank 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.
How much does it cost to buy Bitcoin in Australia?
At the time of writing, a single Bitcoin is currently trading at $176,194. A lot of beginner investors might not know this, but you don’t have to buy one “whole Bitcoin”. You can always purchase a fraction of a Bitcoin.
