Buy Bitcoin with Macquarie Bank

[✓] last verified 2026-01-28·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: Jan 28, 2026

Top Exchanges for Macquarie Bank

• Kraken
• CoinSpot
• Binance

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. Understand the limitation
   Macquarie blocks PayID and bank transfers to known crypto exchanges. Direct funding from Macquarie is unlikely to work.
2. Open a second bank account
   Open an account with a crypto-friendly bank such as Up, ING Australia, or a major bank that allows crypto transfers.
3. Transfer funds to your second bank
   Move money from Macquarie to your second bank account using PayID or a standard bank transfer.
4. Pick an AUSTRAC-registered exchange
   Choose an AUSTRAC-registered exchange that supports PayID or Osko deposits from your second bank.
5. Create your exchange account
   Register and enable two factor authentication.
6. Complete identity verification
   Verify identity so deposits are enabled.
7. Fund the exchange from your second bank
   Use PayID or Osko from your second bank to deposit funds to the exchange.
8. Purchase Bitcoin
   Buy BTC after the deposit is credited.
9. Secure your Bitcoin
   Withdraw to a wallet if you want self custody.

Frequently Asked Questions

Can I buy Bitcoin with Macquarie Bank?

Not reliably right now. Multiple Australia-based exchanges state that Macquarie currently blocks new deposits to crypto exchanges, so Osko or bank transfer top ups can fail. You can still use Macquarie as your main bank, but you may need a second bank account to fund an exchange, then buy Bitcoin on the exchange.

Does Macquarie allow Osko or PayID deposits to crypto exchanges?

In many cases, no. Exchange support pages report Macquarie declines deposits to crypto platforms, including fast payment rails that are normally used for instant AUD funding. If your transfer is rejected, treat it as a Macquarie policy block, not an exchange outage.

Why did my Macquarie transfer to a crypto exchange fail or get reversed?

The most common reason is that the bank is stopping deposits to crypto exchanges at the payment stage. Do not keep retrying the same transfer, as repeated failures can add more friction. Use a different bank account for funding, then keep Macquarie for everyday banking.

Can I still withdraw AUD from an exchange back to Macquarie?

Often, yes. Some exchange operators report Macquarie may block deposits going to exchanges, while still allowing incoming payments from exchanges back to your Macquarie account. Always do a small test withdrawal first before relying on it for larger amounts.

If Macquarie blocks deposits, what is the cleanest setup to keep buying Bitcoin?

Use a separate Australian bank account that supports Osko or PayID deposits to fund your exchange, then keep Macquarie as your salary and bills account. Keep the same legal name across bank and exchange accounts and avoid third party transfers. This reduces compliance resets and failed withdrawals.

How do I sanity check that a platform is operating inside Australia's rules?

Start with AUSTRAC registration. Digital currency exchanges in Australia are required to be enrolled and registered with AUSTRAC under the AML and CTF regime. If a platform cannot show a clear Australian compliance footprint, expect more account reviews and payment issues.

Evidence & Verification

This page references 3 sources: 6044230 Macquarie Blocking, AUSTRAC Source, AUSTRAC Exchange Register. Information was compiled from official sources and user reports.

Sources:

• 6044230 Macquarie Blocking
• AUSTRAC Source
• 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.