Key Takeaway: Bank of America customers can buy Bitcoin and other cryptocurrencies by transferring funds to regulated exchanges like Kraken, which is FinCEN-registered.
Although the bank doesn't offer direct crypto services, it ensures secure and compliant access to digital asset investments through trusted platforms.
- Instant and free USD deposits from US Bank via ACH, bank transfer, credit cards and more.
- Trade and stake over 200 crypto assets with industry-leading fees and tight spreads.
- Registered as a Money Services Business with Financial Crimes Enforcement Network (FinCEN).
Can I Buy Bitcoin with Bank of America?
Yes, Bank of America customers can buy Bitcoin, Ethereum, and other cryptocurrencies, but not directly through the bank itself. Instead, you can transfer funds from your Bank of America account to a regulated crypto exchange. The bank allows USD transfers to platforms registered with the Financial Crimes Enforcement Network (FinCEN), ensuring compliance with U.S. regulations.
How to Buy Crypto with Bank of America
If you’re a Bank of America account holder looking to buy crypto, you’ll need to link your account to a trustworthy exchange like Kraken. Kraken is FinCEN-registered and offers a secure way to buy, sell, and trade over 200 cryptocurrencies. You can easily fund your Kraken account using ACH, wire transfer, or a debit/credit card linked to your Bank of America account.
Here's how to get started:
- Sign Up: Create an account on Kraken and complete the identity verification process.
- Deposit Funds: Once verified, go to the deposit section, choose USD, and link your Bank of America account.
- Fund Account: Transfer money using ACH, wire transfer, or a debit/credit card.
- Buy Crypto: Select your preferred cryptocurrency, confirm the transaction, and complete the purchase.
Bank of America Cryptocurrency Policy
Bank of America allows its customers to invest in cryptocurrencies through regulated exchanges like Kraken, though it doesn’t provide direct crypto services. The bank permits USD transfers to exchanges registered with the Financial Crimes Enforcement Network (FinCEN), ensuring a compliant and secure way to explore digital assets.
Kraken, a FinCEN-registered Money Services Business (MSB), provides a trusted platform for Bank of America users to buy and sell cryptocurrencies under Payward, Inc. (registration No. 31000239561651).
This approach from Bank of America reflects its focus on compliance, offering customers access to the crypto market while maintaining regulatory safeguards.
Digital Asset Investing Fees
When using Kraken to trade cryptocurrencies, fees are something to keep in mind:
- Trading Fees: Kraken's fees start at 0.16% for makers and 0.26% for takers. The more you trade, the lower your fees, potentially increasing your overall returns.
- Deposit Fees: Crypto deposits are free, but if you're transferring fiat from your Bank of America account, there might be small fees depending on whether you use ACH, wire transfer, or a debit/credit card.
- Withdrawal Fees: Fees for withdrawing crypto depend on the asset. For example, withdrawing Bitcoin incurs a 0.0005 BTC fee.
Kraken's fees are competitive within the industry, making it a viable option for Bank of America customers to engage in crypto trading at a reasonable cost.
What is Bank of America?
Bank of America, serving over 68 million customers primarily in the U.S., offers a wide range of financial products, including the Advantage Banking Account, Merrill Guided Investing, and the Bank of America® Cash Rewards Credit Card. Known for its robust mobile app and digital banking tools, Bank of America provides customers with convenient access to both traditional and digital asset management, making it a strong option for individuals and businesses.
BofA is licensed by the FDIC and part of the Federal Reserve System, with oversight from the Office of the Comptroller of Currency (OCC). It’s widely regarded as a reliable and safe option, with a solid reputation in the industry.
Final Thoughts
In summary, while Bank of America doesn’t offer direct crypto purchasing, it allows seamless transfers to regulated exchanges like Kraken, giving users a compliant and secure way to invest in Bitcoin and other cryptocurrencies. By leveraging trusted platforms and understanding the associated fees, Bank of America customers can confidently explore digital asset investments while staying aligned with U.S. regulations.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Crypto Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
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