Buy Bitcoin with Up Bank

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

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

Crypto-friendly but $10K AUD/month cap added in 2024.

Supported payment methods: osko

Last verified: Mar 30, 2026

Best exchanges to use with Up Bank

We've confirmed exchanges that pair smoothly with Up Bank, using OSKO/PayID rails under AUSTRAC registration with full AUD funding support.

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

Up Bank works best when you fund an AUSTRAC registered exchange using OSKO/PayID, then buy Bitcoin. See the steps below.

1. Pick an AUSTRAC-registered exchange
   CoinSpot, Independent Reserve, Swyftx, and Kraken Australia are all AUSTRAC-registered and work well with Up Bank. Up does not publish a block list, so most registered exchanges are accessible.
2. Create your exchange account
   Sign up with your email address, create a strong password, and enable two-factor authentication before adding any payment method.
3. Complete identity verification (KYC)
   Upload your driver's licence or passport. KYC is required before AUD deposits and withdrawals are enabled on any regulated exchange.
4. Get the PayID or bank deposit details from the exchange
   In the exchange app, go to Deposit then AUD then PayID or Bank Transfer. Copy the PayID address (often an email or phone number) or the BSB/account number, along with the exact payment reference.
5. Open the Up Bank app and send via PayID
   In the Up app, tap Pay then Pay by PayID or Pay by Bank Transfer, enter the exchange's PayID address and the exact payment reference from the exchange, and confirm the transfer. Up uses Osko/NPP, so funds typically arrive within seconds.
6. Wait for funds to arrive
   PayID transfers from Up Bank usually settle in seconds to a few minutes, 24 hours a day, 7 days a week. If it is your very first transfer to a new exchange, there may be a one-time short hold while Up confirms the payee.
7. Purchase Bitcoin
   With AUD credited on the exchange, select BTC, review the current price, and confirm your purchase.
8. Secure your Bitcoin
   Transfer BTC to a personal hardware wallet for long-term storage. For active trading, keeping it on the exchange is fine but involves custodial risk.

Frequently Asked Questions

Can I buy Bitcoin with Up Bank?

Yes. Up Bank is one of Australia's most crypto-friendly banks. You cannot buy Bitcoin directly in the Up app, but you can fund AUSTRAC-registered exchanges via Osko/PayID and buy BTC there. Up does not publish a block list of specific exchanges, and a $10,000 AUD per calendar month limit was added in 2024. Up Bank is backed by Bendigo and Adelaide Bank, an APRA-licensed authorised deposit-taking institution, so your deposits are government-guaranteed up to $250,000.

What is Up Bank's $10,000 monthly crypto limit?

In 2024, Up Bank added a $10,000 AUD per calendar month limit on payments to cryptocurrency exchanges. Before this change, Up had no specific crypto cap and was unrestricted by monthly limits. The $10,000 limit resets at the start of each calendar month. If you regularly need to move more than $10,000 AUD per month, consider supplementing with a NAB account, which has no specific monthly crypto cap.

Does Up Bank block any crypto exchanges?

Up Bank has not published a block list of specific cryptocurrency exchanges. In practice, most AUSTRAC-registered exchanges including CoinSpot, Independent Reserve, Swyftx, Kraken Australia, and Coinbase work with Up Bank transfers. Very occasional holds can occur on first-time transfers to a new payee as part of routine fraud detection, but these are typically resolved within minutes. Up Bank's approach is noticeably less restrictive than the Big Four banks.

Is Up Bank safe for crypto transfers?

Yes. Up Bank is an APRA-regulated Australian bank backed by Bendigo and Adelaide Bank. Your deposits are covered by the Australian Government's Financial Claims Scheme up to $250,000. Osko/NPP transfers from Up are secure and settle near-instantly using the same New Payments Platform infrastructure used by all Australian banks. Up uses the same regulatory framework as any other ADI in Australia. The only things to be aware of are the $10,000 AUD per month crypto cap and the general AUSTRAC registration status of the exchange you are funding.

How do I send a PayID transfer from Up Bank to a crypto exchange?

To send an Osko/PayID transfer from Up Bank to a crypto exchange: (1) open the Up Bank app, (2) tap the Pay button, (3) choose Pay by PayID or Pay by Bank Transfer depending on what the exchange provides, (4) enter the exchange's PayID address (usually an email or phone number) or BSB and account number, (5) enter the exact payment reference from the exchange as shown in its deposit screen, and (6) confirm the transfer. Osko transfers from Up typically settle in seconds. If the deposit does not appear within 10 minutes, check the exchange's support or confirm the reference code was entered correctly.

What taxes apply to Bitcoin profits for Up Bank customers?

The ATO treats cryptocurrency as a CGT asset for most Australian investors. Profits from selling or exchanging BTC are assessable in the year of disposal. Most individuals holding for more than 12 months qualify for a 50% CGT discount. The bank you fund through does not affect your tax treatment. Keep complete trade and deposit records from your exchange, as the ATO has data-sharing arrangements with AUSTRAC-registered exchanges. Consider speaking to an accountant who specialises in Australian crypto taxation.

Evidence & Verification

This page references 3 sources: Up Bank Source, Crypto Asset Investments, AUSTRAC Exchange Register. Information was compiled from official sources and user reports.

Sources:

• Up Bank Source
• Crypto Asset Investments
• 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.