Bank of America is a leading provider of personal and commercial banking services such as holding accounts, a range of loans, and other financial products in the United States. The multinational investment bank also offers payment processors for customers to complete transactions via wire transfers, online bank transfers, and debit/credit cards. Folks in the United States of America can purchase cryptocurrencies on a supported exchange from a Bank of America account using either of these payment methods.
Conventional payment systems provide one of the safest and most reliable ways to buy crypto in 2024. In this article, you’ll learn how to buy crypto on Coinbase with a Bank of America account using wire transfer.
Can You Buy Crypto with Bank of America?
Yes, you can buy cryptocurrency with USD using a Bank of America account, but you have to go through a trusted crypto exchange. Although Bank of America doesn’t offer the direct exchange of fiat for crypto coins, you can transfer USD from your bank account into a crypto exchange and swap its value for any cryptocurrency of your choice. Clients within the US can deposit funds on supported exchanges such as Coinbase using standard US bank transfers (ACH).
How to Buy Crypto with Bank of America on Coinbase
Coinbase is the number one option for US customers seeking a reliable exchange to buy, trade, and earn interest for holding crypto. It supports all major cryptocurrencies such as Bitcoin, Ethereum, Solana, BNB, and over two hundred other coins. Here’s a step-by-step buy on how to buy crypto with Bank of America on Coinbase.
Step 1: Create a Coinbase Account
First things first, you need to register on Coinbase. Luckily, it only takes a few minutes. Go to their official website and click “Sign Up” on the top-right corner to go to the signup page. Enter your name, email, and password to create an account. Verify your email.
To finish the registration process, take a clear picture of a government-issued document and upload it to the platform. Coinbase will review your document in a few minutes. Once your document is approved, you can move on to the next step.
Step 2: Add Payment Method
Coinbase supports online bank transfers (ACH), wire transfers (FedWire), and credit/debit card payments for US customers. To add a bank transfer payment method, you must link your bank account with the platform. Usually, Coinbase will prompt you to add a payment method while you’re creating your account. If you skipped this step earlier, you can still add a payment method.
From the homepage, click the avatar icon on the top-right corner of the screen.
Click “Settings” in the drop-down menu.
Select “Payment method” from the options.
Click “Add a Payment Method.”
Follow all the provided instructions to verify your bank account and link it with your Coinbase profile.
Step 3: Add Cash
After setting up your bank account, you’re ready to deposit funds into your USD balance. To do this, click the “My assets” tab on the sidebar.
Your current USD balance will be displayed on the screen. Under the “My cash” section, click “Add cash” in the US Dollar section.
From the pop-up window, select the bank you wish to initiate the transfer from in the provided field.
Enter the amount of USD you wish to deposit.
Click “Continue”
Go over the details of the transaction details one more time to ensure that you have provided accurate information. Note that your bank account’s title must match the name in the government-issued document you provided while verifying your identity.
Click “Add cash now” to proceed with the transaction.
Congratulations, you have successfully added funds to your USD balance! Now, you’re all set to use the deposited fiat to buy any cryptocurrency of your choosing on Coinbase.
Return to the homepage and click the “Buy & Sell” icon on top of the screen.
Now, you have all it takes to explore the exciting world of crypto. Go ahead and buy any cryptocurrency listed on Coinbase. Use the search filter if you have difficulty finding your preferred crypto.
About Bank of America
Bank of America is a globally recognized investment bank and financial holding company that serves over 68 million clients. The national giant’s clientele includes small-to-mid-sized businesses, large corporations, and governments. Headquartered at the Bank of Corporate Center in Charlotte, North Carolina, Bank of America offers a wide range of financial services and products such as loans, financial custody, and asset management to customers across the United States. Grossing a revenue of $94.95 billion as of 2022, BoA is an industry leader in the financial sector.
Conclusion
Online bank transfer is one of the most convenient financial technologies of the century. It’s good to know that banks are partnering with exchanges to provide a super easy way for users to buy crypto through bank transfer. Coinbase is a go-to platform for US customers who wish to leverage this payment method for acquiring cryptocurrencies.
