Lyla Lindsey
Bitcoin has revolutionised the way people send and receive money, and Australia is no exception. With the increasing popularity of cryptocurrencies in Australia, many are looking for ways to buy, sell, and transfer Bitcoin. In this guide, we will explore the various options available to Australians who want to send money via Bitcoin, including the use of self-custody Bitcoin exchanges, peer-to-peer marketplaces, and Bitcoin ATMs. We will also discuss the important considerations for safely and securely managing your Bitcoin transactions.
| Characteristics | Values |
|---|---|
| Platforms | RelayPay, bitcoin.com.au, Swyftx, CoinSpot, CoinJar, BitPay, Bit2Me, paybtc |
| Payment methods | PayID, Osko, EFT, credit card, Apple Pay, Google Pay, local banking methods |
| Verification | ID, bank statement, email, BSB and account number |
| Fees | RelayPay: None; Deposits under $100 on bitcoin.com.au: $0.99 processing fee; Deposits over $100 on bitcoin.com.au: Free; 1% trading fee on all buying and selling of crypto on bitcoin.com.au |
| Timing | RelayPay: Same-day processing on Australian bank transfers; paybtc: Instant transactions after initial verification |
| Limits | RelayPay: Limits on cryptocurrencies and fiat currencies for each combination; bitcoin.com.au: Deposit up to $40,000 per day with bank transfer |
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What You'll Learn
Using a third-party platform like RelayPay
To send money via Bitcoin from Australia, one of the third-party platforms you can use is RelayPay. Here is a step-by-step guide on how to do it:
Step 1: Sign Up
Visit RelayPay and sign up with your email and Australian mobile number. Complete the account setup and verification process to ensure a secure experience.
Step 2: Navigate to the Buy Crypto Page
Log in to RelayPay and navigate to the Buy Crypto page. Enter the amount you would like to buy in AUD and choose Bitcoin as your preferred cryptocurrency. You will also need to select the Bitcoin network from the pick list.
Step 3: Understand the Fees
Note that there is a small blockchain fee included in the quote, which is not charged by RelayPay. Also, be aware that your receiving wallet or exchange may introduce its own fees and may have a minimum deposit or transfer amount.
Step 4: Transfer Funds
Follow the instructions provided by RelayPay to transfer funds. For first-time payments, some banks may process the payment after a delay. If the funds are not received within the specified time frame, RelayPay will automatically check if they can secure the same rate, and if not, they will refund your money.
Step 5: Confirm Your Understanding of Scam Risks
Before proceeding, RelayPay will ask you to read and confirm your understanding of their scam risk warning. This is to ensure that you are aware of potential risks and how to protect yourself.
Step 6: ID Verification
As part of the security measures, RelayPay will perform a quick and easy ID check using a selfie taken with your laptop or phone camera.
Step 7: Review the Exchange Rate
RelayPay will offer you the best available exchange rate from their partners, which will be locked for a limited time while you send the payment.
Step 8: Send Bitcoin to Your Wallet
Once you have purchased Bitcoin, you can send it to your chosen wallet. Make sure that your receiving address supports Bitcoin and that you enter the receiving address details correctly to avoid any issues.
Step 9: Receive Funds
RelayPay offers same-day processing for Australian bank transfers completed and confirmed on the blockchain. For other currencies, transfers made before a certain cut-off time will be processed for international settlement on the same day.
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Using a self-custody platform like paybtc
To get started, you'll need to provide your email address, Bitcoin address, and the amount of Bitcoin you want to buy. You'll then be prompted to make a payment, after which the Bitcoin will be released to your Bitcoin address. You can make this payment via bank transfer, using PayID, Osko, or EFT.
When selling Bitcoin, you'll need to enter your email address, your bank's BSB number, account number, and the amount you want to sell. After clicking 'Sell', you'll receive a login code via email, which you'll use to access the platform and continue with the transaction. You'll then be shown the paybtc.com.au Bitcoin wallet address, to which you'll send the quoted BTC amount. In exchange, you'll receive AUD, which will be deposited directly into your bank account.
The time it takes for a Bitcoin transfer to be confirmed depends on the fee level you set when sending the payment. A higher fee will result in faster confirmation, taking around ten minutes on average. Once confirmed, most banks will credit your funds immediately, as they support the New Payments Platform (NPP). The platform also offers manual verification for new accounts, which is a private way to verify your identity, as your information is kept secure and never shared with third parties.
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Using a crypto exchange account
To send money via Bitcoin from Australia, you can use a crypto exchange account. This method allows you to transfer crypto to an exchange platform and then sell or trade it for fiat currency, such as Australian dollars (AUD). Here's a step-by-step guide on how to do it:
Choosing a Crypto Exchange
Start by selecting a reputable crypto exchange that operates in Australia, such as Swyftx, CoinSpot, or CoinJar, or platforms like bitcoin.com.au. These platforms provide a user-friendly interface and secure transactions. It is essential to choose an exchange that offers Bitcoin (BTC) trading and ensures the safety of your funds.
Creating an Account
Visit the website of your chosen crypto exchange and create an account by providing your personal information, such as your name, email address, and password. Some exchanges may require additional verification steps, such as confirming your email address or providing identification documents. Follow the platform's instructions to complete the account creation process.
Depositing Funds
Once your account is set up, you'll need to deposit funds into your crypto exchange account. You can link your Australian bank account or use payment methods such as PayID, Osko, or EFT to transfer funds. Each exchange may have its own supported payment methods, so check with your chosen platform.
Buying Bitcoin
After depositing funds into your crypto exchange account, you can buy Bitcoin. Look for the option to buy or exchange fiat currency for Bitcoin on the platform. Specify the amount of AUD you wish to spend, and the exchange will provide you with the equivalent amount of Bitcoin at the current market rate.
Sending Bitcoin
Now that you have Bitcoin in your crypto exchange account, you can send it to another Bitcoin wallet address. Copy the recipient's Bitcoin wallet address and paste it into the send or withdraw section of your crypto exchange account. Specify the amount of Bitcoin you want to send, and the transaction will be processed. The recipient will then receive the Bitcoin in their wallet.
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Using a mobile app like BitPay
To send money via bitcoin from Australia, you can use a mobile app like BitPay. Here's a step-by-step guide on how to do it:
Step 1: Set Up Your BitPay Account
Download the BitPay app on your mobile device and create an account. You may need to provide some personal information and verify your identity to meet regulatory requirements.
Step 2: Fund Your BitPay Wallet
Before you can send money, you'll need to fund your BitPay wallet with bitcoin. You can do this by purchasing bitcoin from an exchange or receiving bitcoin from someone else. Make sure the amount you want to send is available in your BitPay wallet.
Step 3: Initiate the Transaction
When you're ready to send money, open the BitPay app, and navigate to the "Send" or "Transfer" section. Here, you'll need to input the recipient's information. You can either copy and paste the receiving address into the "Send To" box or use the scan feature to scan the receiving wallet's QR code.
Step 4: Confirm the Transaction Details
Double-check the recipient's address and the amount you want to send. Ensure that all the transaction details are correct before proceeding.
Step 5: Complete the Transaction
Follow the on-screen instructions to finalize the transaction. Depending on the transaction amount and the recipient's wallet, the transfer may be instantaneous or take a few minutes to confirm.
Using BitPay allows you to send money conveniently and securely. Remember to always verify the receiving address and never share your private keys or sensitive information with anyone.
Additionally, it's worth noting that there are alternative platforms available for sending money via bitcoin from Australia, such as RelayPay, bitcoin.com.au, Swyftx, CoinSpot, and CoinJar. Each platform may have its own unique features and transfer processes, so it's important to review their instructions carefully.
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Using a bank transfer
If you're looking to send money from Australia via Bitcoin using a bank transfer, there are several options available to you.
Firstly, you can use a crypto exchange platform that supports bank transfers, such as Independent Reserve, which allows you to deposit AUD. After signing up and verifying your account, you can link your bank account to make deposits and withdrawals. This may involve providing your bank details and verifying the connection. You can then deposit funds into your exchange account using the bank transfer option.
Another option is to use a platform like RelayPay, which can convert cryptocurrency to make a bank transfer to any bank account within the supported countries. RelayPay offers same-day processing on Australian bank transfers completed and confirmed on the blockchain. It's important to note that RelayPay does not facilitate third-party international transfers and only supports AUD transfers. Additionally, your bank may charge an incoming transfer fee for international transfers.
You can also use platforms like bitcoin.com.au and paybtc.com.au to buy Bitcoin with a bank transfer. These platforms allow you to deposit funds using PayID, Osko, or EFT, and then purchase Bitcoin and other cryptocurrencies. Deposits over $100 are typically free, while deposits under $100 may incur a small processing fee.
When using these platforms, it's crucial to prioritise security. Enable two-factor authentication on your account and opt for well-established and reputable platforms with a history of security excellence. Always exercise caution when engaging in any financial transactions, especially when using cash or bank transfers to purchase Bitcoin.
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Frequently asked questions
You can buy Bitcoin in Australia through a self-custody Bitcoin exchange like paybtc, which gives you complete control over your Bitcoin wallet's private keys and your funds. You can also use RelayPay, which allows you to convert cryptocurrency and make bank transfers within supported countries. Alternatively, you can use BitPay, which offers PayID as a payment method in its app or on its website.
You can transfer Bitcoin to your Australian bank account through platforms like paybtc, which allow you to cash out directly. Simply register for an account, input your bank details and the amount you wish to transfer, and the exchange will process the transfer.
Deposits over $100 are usually free, while deposits under $100 may incur a small processing fee (around $0.99). There may also be a 1% trading fee for buying and selling crypto.
Some popular platforms for buying Bitcoin in Australia include bitcoin.com.au, Bit2Me, paybtc, BitPay, and RelayPay.
