Buy Bitcoin with Macquarie Bank

[✓] last verified 2026-03-30·Reviewed by BankToBTC Team

Data from bank docs & AUSTRAC registers · How we verify · Report an error

BLOCKS payments to crypto exchanges since late 2024.

Last verified: Mar 30, 2026

Best exchanges to use with Macquarie Bank

Macquarie blocks direct deposits to crypto exchanges. These AUSTRAC-registered platforms are recommended if you use a second bank to fund your account.

Step-by-step guide to buying Bitcoin with Macquarie Bank

Macquarie currently blocks deposits to crypto exchanges. You will need a workaround using a second bank account. See the steps below.

1. Confirm the block applies to you
   Attempt a small Osko transfer to a known exchange like CoinSpot. If you see BSB or account number does not exist even with correct details, Macquarie has blocked that exchange. This affects virtually all Australian crypto exchanges as of late 2024.
2. Open a secondary bank account for crypto
   NAB, Up Bank, and Commonwealth Bank all allow crypto transfers. Opening a NAB or Up Bank account is straightforward online. Up Bank approval typically takes a few minutes.
3. Transfer funds from Macquarie to your secondary account
   Send AUD from Macquarie to your new NAB or Up Bank account via Osko/PayID. Transfers between regular bank accounts (not crypto exchanges) are not blocked by Macquarie.
4. Pick an AUSTRAC-registered exchange
   CoinSpot, Independent Reserve, and Swyftx are well-established AUSTRAC-registered exchanges that accept deposits from NAB and Up Bank.
5. Create your exchange account and complete KYC
   Sign up with your email address, enable two-factor authentication, and upload your ID. KYC is required before deposits are enabled.
6. Fund the exchange from your secondary bank
   From NAB or Up Bank, send an Osko/PayID transfer to the exchange using the PayID address or BSB/account number and the payment reference provided by the exchange.
7. Purchase Bitcoin
   Once AUD is credited on the exchange, select BTC, review the current price, and confirm your purchase.
8. Secure your Bitcoin
   For long-term storage, transfer BTC to a personal hardware wallet. For active trading, keep it on-exchange but be aware of custodial risk.

Frequently Asked Questions

Can I buy Bitcoin with Macquarie Bank?

No. Macquarie Bank blocks all payments to cryptocurrency exchanges. If you try to send an Osko or bank transfer to an exchange, you will see an error saying the BSB or account number does not exist, even when the details are correct. This block applies to both personal and business accounts and covers virtually all Australian and international crypto exchanges. As of late 2025, Macquarie has not publicly announced any plans to lift the restriction. To buy Bitcoin, you will need to use a different bank.

Why does Macquarie show 'BSB or account number does not exist' for crypto transfers?

Macquarie Bank blocks the BSB numbers and account details used by known cryptocurrency exchanges at the payment routing level. This means even if you enter the correct BSB and account number, Macquarie's system returns an error saying the account does not exist rather than processing the payment. It is a deliberate block, not a data entry error on your part. The same block applies whether you try via Osko/PayID, standard bank transfer, or card payment. The exchange's contact details are valid; it is Macquarie that is refusing the routing.

Does Macquarie block card payments to crypto exchanges as well?

Yes. Macquarie's block covers both bank transfers and card payments to crypto exchanges. Card-based purchases of cryptocurrency through exchanges or crypto debit card top-ups will also fail. There is no workaround that allows you to fund a crypto exchange directly from a Macquarie account. You need to move funds to a different bank account first.

What bank should I use instead of Macquarie for buying Bitcoin?

If you bank with Macquarie and want to buy Bitcoin, the most reliable options are: NAB (most crypto-friendly Big Four bank, no specific monthly crypto cap), Up Bank (digital bank, $10,000 AUD/month limit, very low friction), and Commonwealth Bank ($10,000 AUD/month limit, cards blocked but Osko works). Transfer funds from your Macquarie account to one of these banks first (regular bank-to-bank transfers are not blocked by Macquarie), then fund your exchange from the secondary account.

Has Macquarie officially announced the crypto block?

Macquarie Bank has not made a formal public announcement about blocking crypto exchange payments. The block has been confirmed through widespread customer reports and by exchanges like Digital Surge, which published a customer support article explaining the issue in December 2025. Macquarie has not published a timeline for lifting the restriction, and there is no official policy page on their website explaining which exchanges are blocked or why. If you contact Macquarie, they will typically confirm that transfers to crypto exchanges are not supported.

Evidence & Verification

This page references 2 sources: Digital Surge Guide, AUSTRAC Exchange Register. Information was compiled from official sources and user reports.

Sources:

• Digital Surge Guide
• AUSTRAC Exchange Register

How we verify · Report an error

Information can change without notice. Always verify current policies directly with your bank and exchange before making transactions.