nadiagant on Nostr: My update for buying BTC in your Self Managed Super Fund (SMSF) in Australia: For ...
My update for buying BTC in your Self Managed Super Fund (SMSF) in Australia:
For large bulk purchases which may be common if you have just transferred to an SMSF, I have found it a nightmare. I tried all the big banks and all (except for ANZ) blocked me.
ANZ apparently allows you to do what you want but the account set-up at a branch that takes an hour put me off...and then they all change the rules as soon as you set up an account.
There is a relatively new digital bank called In1 Bank. They allow an SMSF account to be set up and instant transfers to the exchange Coinstash. Coinstash fees and spread is average and they don't have a trading platform for reduced fees...just instant buys...but at least you can do it.
For small monthly DCA from your super fund Commbank may be the best option as they still allow transfers to exchanges that have low fees.
Don't hesitate to let me know if you have found better options.
For large bulk purchases which may be common if you have just transferred to an SMSF, I have found it a nightmare. I tried all the big banks and all (except for ANZ) blocked me.
ANZ apparently allows you to do what you want but the account set-up at a branch that takes an hour put me off...and then they all change the rules as soon as you set up an account.
There is a relatively new digital bank called In1 Bank. They allow an SMSF account to be set up and instant transfers to the exchange Coinstash. Coinstash fees and spread is average and they don't have a trading platform for reduced fees...just instant buys...but at least you can do it.
For small monthly DCA from your super fund Commbank may be the best option as they still allow transfers to exchanges that have low fees.
Don't hesitate to let me know if you have found better options.