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How to Buy Crypto With Santander Bank [2024]

How to Buy Crypto With Santander Bank [2024]
Diana Paluteder

Summary: Santander customers can’t buy cryptocurrencies directly on its platform. However, investors in the UK can use their Santander banking account to transfer funds to a regulated third-party broker like eToro to purchase digital assets like Bitcoin (BTC) and Ethereum (ETH).

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Can you buy crypto with Santander? 

You can buy crypto with Santander UK, but you need to connect to an FCA-licensed cryptocurrency exchange. As mentioned above, this is because Santander does not offer cryptocurrency services directly through its online banking platform.

How to buy crypto with Santander?

The best way to buy Bitcoin or any other cryptocurrency with a Santander online banking account in the UK is through an FCA-regulated broker like eToro, which is a licensed and widely trusted digital asset platform with over 70 cryptocurrencies and unique features such as Copy Trading, which enables users to copy top-performing crypto traders, in addition to a staking service, custom watchlist, as well as advanced charts and technical analysis tools. 

How to buy crypto with Santander: Step-by-Step

You can get started in minutes with four simple steps:

  • Step 1: Create an account on eToro and complete your verification (personal or company);
  • Step 2: Enter the GBP amount you want to deposit on the eToro platform;
  • Step 3: Connect your Santander account to deposit your selected fiat currency;
  • Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.
Crypto on eToro. Source: etoro.com

About Santander

Santander UK is a British retail and commercial bank headquartered in London. The bank is a wholly-owned subsidiary of the Spanish Santander Group. With 14 million active customers, Santander UK is one of the leading personal financial services companies in the United Kingdom. 

Santander’s homepage. Source: santander.co.uk

Services offered by Santander UK include: 

  • Personal banking: Checking accounts, savings accounts, credit cards, mortgages, loans, overdrafts, home/life/car/travel insurance;
  • Business banking: Business checking and savings accounts, credit cards, overdrafts, and insurance;
  • Wealth management: Financial planning and investment services, 950 investment funds, fixed-term bonds, as well as cash ISAs (individual savings accounts).

Santander crypto policy

Santander UK doesn’t offer cryptocurrency products or services but permits secure deposits and withdrawals from FCA-regulated exchanges. Due to fraud risks in the crypto market, the bank limits outgoing payments to cryptocurrency exchanges. Santander crypto users face a £1,000 per transaction limit and £3,000 in any 30-day period. Withdrawals from crypto exchanges into Santander accounts have no restrictions. Payments to Binance are barred, aligning with the FCA’s warning, but customers can withdraw funds from Binance to their Santander accounts. These limitations are in effect as of May 2023, and updates can be found on Santander’s support page. Customers are urged to stay informed about safety measures on the bank’s fraud and scams hub.

How to buy crypto safely

Safely buying crypto involves understanding its risks due to volatility and potential scams. Although FCA-licensed brokers have AML procedures, crypto lacks UK regulation, limiting investor protections. To ensure safety:

  • Research your chosen cryptocurrency thoroughly for risks;
  • Use a secure device, avoiding public networks, and employ a VPN;
  • Opt for reputable exchanges regulated in your country;
  • Secure your account with two-factor authentication and a strong password;
  • Use a crypto wallet (hot or cold) to protect against hackers;
  • Only invest what you can afford to lose due to market volatility;
  • Regularly monitor your investments for market changes.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

FAQs about how to buy crypto with Santander

Can you buy crypto with Santander?

While Santander doesn’t offer crypto trading directly through its own platform, customers can connect their bank accounts to an FCA-regulated digital asset broker to invest in crypto.

How to buy crypto with Santander?

You can buy crypto with Santander by connecting your banking account to a third-party cryptocurrency exchange.

Is Santander crypto-friendly?

Santander allows customers to use Santander online banking accounts or services to buy, sell and trade digital assets through regulated exchanges. 

What crypto exchanges does Santander allow?

Customers can connect their Santander banking account to an FCA-licensed cryptocurrency broker to buy crypto. 

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