If you want to buy cryptocurrency with Indian rupees, using a crypto exchange that accepts bank transfers can be one of the cheapest and most convenient solutions. But if you’re new to cryptocurrency, it can be tough knowing where to get started.
Read on for a list of which exchanges accept bank transfers and how you can buy crypto with your bank account.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Where to buy cryptocurrency with a bank transfer
Must read: Bank account payment methods
There are four ways you can buy crypto with your Indian bank account:
National Electronic Funds Transfer (NEFT). NEFT is a nationwide electronic funds transfer system that allows a quick way to transfer funds between NEFT-enabled bank accounts. These transfers can take between one to two hours to arrive.
Real Time Gross Settlement (RTGS). RTGS is a large value funds transfer mechanism that facilitates interbank transfer. The system requires a minimum transaction value of ₹2,00,000. This interbank funds transfer facility is settled on a real-time and one-to-one basis, and typically takes 30 minutes to be processed.
Immediate Payment Service (IMPS). IMPS is an instant payment system in India that allows funds to be transferred immediately from one account to another within the same bank or across other banks. The service has been later extended to other electronic channels, such as Internet banking and ATMs.
Unified Payments Interface (UPI). Most Indians will be quite familiar with this instant interbank payment system, which makes it easy to send payments to many payment apps like Airtel Payments Bank, Paytm, PhonePe and MobiKwik. UPI works by transferring funds between two bank accounts on a real-time basis.
Depending on the exchange you choose, the exchange may support one, two or even all four of these payment methods.
Quick guide to buying Bitcoin with your bank account
Register for an account with a cryptocurrency exchange like WazirX.
Enable 2-factor authentication.
Verify your account.
Select “Funds” and click “Deposit INR”.
Link your bank account by entering the account details.
Click on “Instant Deposit IMPS/NEFT/RTGS” and you’ll see the WazirX bank details.
Transfer your funds via IMPS/NEFT/RTGS to the account provided.
Once the transfer is successful, click “Exchange” at the top of the screen.
Visit the BTC/INR market and select the “Buy” tab.
Enter the amount you want to buy, or the amount of INR you want to spend.
Buying crypto with your bank account is actually quite easy. To show you how to do it, let’s look at an example of how to buy Bitcoin (BTC) with Indian rupees.
For security reasons, you shouldn’t store digital coins or tokens on an exchange for an extended period of time. Instead, before buying any crypto, you should set up a secure wallet where you can store your private keys.
WazirX is an Indian digital currency exchange that accepts multiple types of deposit from Indian bank accounts: NEFT, RTGS, IMPS and UPI. To register for a WazirX account, you’ll need to provide your email address and create a password.
Before you can start trading, you’ll also need to verify your identity to meet Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements. This means you’ll also need to supply the following:
Your email address
Your phone number
A scanned copy or photo of your PAN card
A scanned copy or photo of either your Aadhaar card, passport or driver’s licence
Remember to also enable 2-factor authentication on your account for an extra layer of security.
Select “Funds” from your account dashboard and click “Deposit INR”. Link your bank account by entering the account details if you’ve not done this already. Click on “Instant Deposit IMPS/NEFT/RTGS” and you’ll see the WazirX bank details.
Transfer your funds via IMPS, NEFT, or RTGS to the account details provided. Once the transfer is successful, your deposit will be credited into your WazirX account.
You can then click “Exchange” at the top of the screen and visit the BTC/INR market. Select the “Buy” tab and enter the amount you want to buy or the amount of INR you want to spend in the fields provided. Take a moment to review all the details of your transaction before you click “Buy BTC”.
Once the transaction has been processed, remember to move your Bitcoin off the exchange and into your private wallet. To do this on WazirX, Click on “Funds” at the top of your screen and select your WazirX BTC wallet.
Click on the “Withdraw” button and enter or paste the address of your private wallet. Specify the amount of BTC you want to send and double-check that you’ve entered the correct address before you click “Proceed”. Follow the rest of the steps to confirm your withdrawal.
Choosing the right exchange
There are a number of platforms to choose from when purchasing crypto with your bank account, so compare your options to see how each exchange performs across a range of key areas:
Bank account payment methods. How can you send INR to the exchange from your bank account: NEFT, RTGS, IMPS and/or UPI transaction?
Fees. How much will it cost you to complete your transaction? Remember to also consider the trading fees the exchange charges.
Transaction limits. Are there any minimum or maximum limits on the amount of crypto you can purchase? When you want to transfer the crypto you purchase away from the exchange, what is the minimum withdrawal limit?
Processing times. How long will it take for you to complete your crypto purchase from start to finish? For example, while IMPS and UPI transactions usually clear instantly, NEFT transfers can take one to two hours.
Supported cryptocurrencies. Which cryptocurrencies can you purchase directly with INR? Some platforms will only provide access to one or two popular digital currencies while others will offer a much wider range.
Ease of use. Does the platform have a simple and intuitive user interface that you can navigate without any problems?
Sign up and verification. What information and documentation will you need to provide to register for an account? How long does the verification process take?
Security features. What protective measures are in place to ensure the security of your funds? For example, does the platform support 2-factor authentication? Where are your funds stored? Has the exchange ever been hacked?
Customer support. How can you contact the customer support team? What contact methods are supported and during what hours is the team available? Is there an online help centre where you can easily find solutions to a range of common problems?
Reputation. Check out online forums and reviews to gauge what level of community trust the platform has. Would other users recommend it?
Answering these questions should help you narrow down your choices and find a platform that will work for you.
If you want to store your newly acquired crypto coins on the exchange where you bought them, you can. However, this is not recommended for a couple of reasons:
You don’t control your private keys, the exchange does
Exchanges are frequently targeted by hackers and there have been numerous incidences of security breaches
With this in mind, the safest course of action is to move your digital coins into a secure wallet that allows you to retain control of your private keys. From desktop and mobile wallets to online and hardware wallets, there are plenty of options to choose from. Make sure you do your research before picking one that’s right for you.
Buying crypto with a bank account offers a safe and secure way to exchange INR for digital currency, but only if you’re certain you’re dealing with a reputable exchange provider. With this in mind, it’s essential that you thoroughly research the credentials of any platform before transferring any funds.
You’ll need to find out the following:
Who are the people behind the platform?
Where is it based?
How is it regulated and is it properly licensed?
How long has it been in business?
Of course, if you plan on buying cryptocurrency from someone through a peer-to-peer platform, you’ll need to be certain you’re dealing with a reputable seller before transferring any funds. This is why it’s a good idea to set up the trade through a marketplace that uses some sort of reputation system and has security measures in place to protect against fraud.
From a broader point of view, you should also be fully aware of the risks associated with buying cryptocurrency before you make a purchase. Cryptocurrencies are complicated and volatile assets, so there’s a risk of losing some or all of the money you spend.
Pros and cons
Buy crypto directly with INR
Relatively simple process
Cheaper than buying with a credit card
Suitable for beginners looking to get their hands on some digital currency
Only a limited selection of altcoins can be purchased with INR – many digital currencies can only be exchanged for other cryptocurrencies
Fiat-to-crypto trades usually attract higher fees than crypto-to-crypto trades
If you want to buy crypto with your bank account, the first thing you need to do is start comparing a range of cryptocurrency exchanges. Compare their features, accepted payment methods, transaction limits, fees and level of community trust to find a platform that’s right for your needs.
Yes, at the time of writing, it’s legal to buy crypto with your bank account in India.
Yes. If you’re using an exchange that supports IMPS and UPI, the INR you deposit should arrive on the exchange straight away. However, RTGS and NEFT deposits can take between one to two hours to be processed.
If you’re making a peer-to-peer trade, it may be possible to buy crypto with your bank account without providing proof of ID. However, if purchasing through a crypto exchange or broker, you will need to provide your personal details and proof of ID before you’ll be allowed to buy cryptocurrency using your Indian bank account.
For those looking to buy Bitcoin anonymously, it’s worth pointing out that your bank account will be linked to your ID, so paying for your crypto via NEFT/RTGS/IMPS/UPI won’t allow you to protect your identity.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.
Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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