How to Buy Bitcoin With Bank Account

Buying Bitcoin with bank account is not hard at all, as there are many that can allow you to deposit, or transfer into your account for buying BTC.

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Buying Bitcoin through bank transfer, or checking account is the simplest way to get cheap exchange rates.

Even if you’re in Nigeria, Australia, United States, Canada or United Kingdom etc., just know you can actually buy some amount of BTC using bank account transfer.

Now, you may be wondering which is going to be the easiest and cheapest cryptocurrency exchange to use for this purpose.

Most people would prefer to use Coinbase instead, but personally, I still prefer to use LocalBitcoins to buy Bitcoin, because it supports most countries of the world.

However, this article with detail out the process and ways to purchase Bitcoin with a bank transfer, or an IBAN account. If you’d prefer to use a credit or debit card, then you should checkout this guide.

So without much ado, let’s get started.

Shall we?

Buying Bitcoin with bank transfer

Buy And Sell Crypto For Profit

Once you’ve chosen your desired crypto exchange, just follow through to see buying tutorials that include some annotated pictures on the process involve to buy Bitcoin with that exchange.

Note: Despite the fact you will see where many people are saying that they can buy BTC with no verification, using bank account to do the transfer of money, just know that you still need to submit your personal details to get it going.

So with that being cleared from the air already, let dive straight into the list of exchanges that you can use to buy Bitcoin online, and also followed by the tutorials on how to use them.

Buy Bitcoin with bank transfer using Luno

Luno Exchange

In emerging markets there is this popular option called, 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%.

  • Pros: Best option for most of the emerging markets.
  • Cons: Limited country support.

How to use Luno to Buy Bitcoin

  1. Sign up at Luno exchange
  2. Verify your identity by uploading documents
  3. Deposit money to your Luno through you bank account
  4. Buy Bitcoin, Ethereum, Ripple or Bitcoin Cash with your funds

Register on Luno Exchange

Buy Bitcoin with bank account on LocalBitcoins


The best way to buy Bitcoin with your bank account or transfer, irrespective of your your choice of payment method, is LocalBitcoins.

This P2P platform allows you to buy BTC with savings and checking bank accounts.

You will find actual Bitcoin crypto traders nearest to you in your region, and also in more than 15,000 cities across 200 countries of the world.

LocalBitcoins is based out of Finland since 2012, and allows its users to exchange Bitcoin in a peer-to-peer fashion by serving as an escrow in between.

The escrow fee service though, is also as low as 1%, which is is entirely fair (compared to some other escrow services online), for just overseeing Bitcoin trades on its platform.

  • Pros: Supports all countries, all fiat currencies, KYC (Know Your Customer) is optional.
  • Cons: Charges as high as 1% for every trade carried on the platform.

How to Buy BTC on LocalBitcoins


Step 1: Register an account with LBC to get a free and secure online Bitcoin wallet. No additional apps are needed.

Step 2: Go to the main page and in the search box fill in the form with the amount you want to buy in your currency, your location and choose a payment method.

Step 3: Select from the list of advertisements, according to the reputation score and a high amount of trades.

Step 4: After you press the ‘Buy’ button you’ll see more information about the advertisement, including the terms of the trade.

Read through them before submitting the trade request, if you don’t agree with them you can go back to the previous page and choose another advertisement.

Step 5: Once you have made the payment, click the I have paid button. Once the trader has verified that your payment has been received your Bitcoin will be released from escrow and they are instantly available in your LBC wallet.

Congratulations on your first Bitcoin trade!

Register LocalBitcoin Account


See the answers to some of the frequently asked questions you will find online concerning ways to buy Bitcoins with bank transfer or account.

Can you really buy Bitcoin without ID, or no verification?

Buying Bitcoin using a bank account is easy, but you cannot purchase bitcoin with a bank account instantly because bank transfers take time.

It can usually take up to 5 days for a bank transfer to complete, and that’s why one cannot expect instantaneous results while buying cryptocurrencies through bank transfers.

Moreover, banks require businesses and individuals to comply with AML and KYC rules, so if you are expecting to buy bitcoin through a bank with no ID, or without verification then you are daydreaming!

Can you buy Bitcoin with ACH?

Yes of course! ACH transfer is predominantly used in US, and using this method you can buy Bitcoins online in large quantities.

This method is also cheap than other ways of purchasing Bitcoin, and the US customers can buy BTC with a connected bank account via ACH bank transfers.

Why bank account, instead of credit card?

There are some people that does not have access to debit or credit cards, but they still want to invest in cryptocurrency like Bitcoin, so they will need a service that can accept bank transfer.

How do I deposit Bitcoin into my bank account?

It’s not possible to store your Bitcoin investment in your bank account. You can only store it in a secure cryptocurrency wallet.

If you would like to cash-out Bitcoins and convert it back into fiat currency, you will need to send it to an exchange, where you can sell it in exchange for fiat currency, then withdraw that currency to your local bank account.

Do banks accept Bitcoin?

Not at all! You cannot buy BTC in a bank, because financial institutions does not support trading of digital assets like cryptocurrencies.

Do I need a bank account to purchase Bitcoin?

No you don’t need any bank account to buy BTC. You only need to create an account in a crypto exchange like Binance, to buy any amount of Bitcoin instantly.

It’s now your turn

Using bank transfer to buy cryptocurrencies like; Bitcoin and Ethereum can be a cost saver, as these services take less fee than when you are buying them with credit/debit card.

Feel free to use your savings, checking account, SEPA wire transfer or direct routing, or IBAN account number to buy BTC in all major countries.

Do not forget also that leaving your Bitcoin investment on the exchange online wallet, where you bought them can be high risk that may lead to loss of your crypto assets.

Please always avoid hot wallets, but use cold storage wallets like to store your cryptocurrencies away from online thefts and hacks.

If you have enough money to invest in securing your BTC investments, I’ll recommend you purchase a Bitcoin hardware wallet.

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About The 'Staunch

I am a financial nerd with a Bachelor’s Degree in Accounting and Finance, but found digital currency and asset investment to be more lucrative. The Crypto Staunch website is established to help individuals learn how digital currency and assets work through in-depth articles. Go-to the about page to learn more.