Buy Bitcoin with Up Bank

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

Top Exchanges for Up Bank

• Kraken
• CoinSpot
• Binance

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
   Use an AUSTRAC-registered exchange for clean PayID funding.
2. Create your exchange account
   Register and enable two factor authentication.
3. Complete identity verification
   Verify identity before depositing.
4. Copy the PayID deposit details
   Get the PayID and any reference details from the exchange deposit screen.
5. Send PayID in the Up app
   Open Up, tap Pay then PayID, enter the PayID, confirm the payee name, and approve; keep the reference exactly if required.
6. Wait for funds to arrive
   Osko PayID is often instant, including weekends, unless the recipient is under review.
7. Purchase Bitcoin
   Buy BTC after your deposit is credited.
8. Secure your Bitcoin
   Withdraw to a wallet if you plan to hold long term.

Frequently Asked Questions

Can I buy Bitcoin with Up Bank?

Yes. Up users usually fund CoinSpot, Kraken, Binance, or Independent Reserve using PayID or a BSB transfer from the Up app. Up's product terms describe a default daily Pay Anyone limit of $30,000, which is useful if you want to move more than the typical neobank caps. If a PayID deposit is held, it is often a PayID security hold rather than a hard block.

Where do I create or remove a PayID inside the Up app?

Up's Pay Anyone product terms state you may register and unregister a PayID for your account in the Up application. Once PayID is set, you can send deposits to exchanges that accept PayID without typing a BSB each time. If you change PayID ownership (new number or email), update it before your next deposit.

What is Up's default Pay Anyone daily limit and why does it matter for crypto?

Up's terms state the default Pay Anyone daily limit is $30,000. That makes Up workable for larger bank transfer deposits without needing branch approvals. If you need to send above your in-app limit, you will need to follow Up's in-app guidance for limits.

BPAY from Up to a crypto exchange, what are the cut-off times?

Up's BPAY product terms list cut-off times, including a 6:30pm Victorian time cut-off on business days for some BPAY processing. If you pay on a weekend or after cut-off, it is processed next business day. If you need instant funding, PayID is usually better than BPAY.

Why can a PayID payment from Up be "held" even though PayID is meant to be instant?

AusPayPlus explains PayID payments are typically sent fast over Osko, but some PayID payments may be held for security purposes. This is common on first-time transfers or unusual patterns. If it happens, wait for the hold to clear or retry later with a smaller amount.

Is Up faster than the big banks for Osko and PayID deposits to exchanges?

Speed mostly comes from the rail, not the brand. Osko is designed to move participating bank transfers in under a minute, 24/7, and PayID typically runs over Osko. Up is popular because everything is done in-app and limits are clearly surfaced.

Evidence & Verification

This page references 4 sources: Up Bank Pay Anyone Terms, PayID FAQs (AusPayNet), BPAY Support. Information was compiled from official sources and user reports.

Sources:

• Up Bank Pay Anyone Terms
• PayID FAQs (AusPayNet)
• BPAY Support
• 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.