Up (or aka Up Money, Up Bank, or Up Banking) customers 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.
Up does not provide a way to directly buy, hold, or trade cryptocurrency through its own banking platforms.
This guide walks you through creating an account, depositing funds, and purchasing Bitcoin, along with Up’s policies on crypto transactions, and tax considerations.
How to buy Bitcoin and crypto with Up Bank
Create your account
To buy Bitcoin and crypto with Up, 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 Up
Up customers can fund their Independent Reserve account using multiple payment options, including:
- Debit card.
- PayID: Instant and free.
- EFT bank transfer: Free.
- PayPal.
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.
Up Bank’s crypto policies
While Up does not have an explicit crypto policy, it supports transfers to AUSTRAC-registered crypto exchanges, including bitcoin.com.au and Independent Reserve. The bank is generally considered crypto-friendly and does not impose any official monthly caps. However, occasional delays on larger or first-time transfers may occur, especially for new Up Bank customers.
We have come across a limited number of unverified Up customer reports relating to account closures when depositing funds into other crypto exchanges. As such, we recommend reaching out to the bank to confirm that your intended exchange and/or transaction will be supported.
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
Can I withdraw AUD to my Up bank account?
- Yes, you can easily send AUD to your linked bank account.
Are there any limitations when it comes to using Up?
- Up 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.
Are there deposit limits for Up 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.
