Summary: Bank of America doesn't directly offer Bitcoin purchases, but customers can securely invest by funding FinCEN-registered exchanges like Kraken.
Kraken supports free ACH deposits, low trading fees, and access to 400+ cryptocurrencies, making it an ideal choice for compliant crypto investing in the U.S.
- Most trusted exchange in the USA founded in 2013.
- Trade 400+ cryptocurrencies and stablecoins like USDT and USDC.
- Industry-leading fees starting at 0.26% per trade and reduces with volume.
Can I Buy Bitcoin with Bank of America?
Bank of America does not directly offer Bitcoin purchases, but customers can still invest by transferring funds to regulated cryptocurrency exchanges in the U.S.
These exchanges are registered with FinCEN, ensuring transactions meet regulatory standards. After depositing money into an exchange account, users can purchase Bitcoin securely and compliantly.
How to Buy Crypto with Bank of America
The simplest way for Bank of America customers in the USA to buy cryptocurrency is through a regulated exchange that supports USD deposits. Kraken is one of the most trusted platforms, offering secure bank transfers and ACH deposits compliant with U.S. financial regulations.
You can fund your Kraken account easily from Bank of America via wire transfers or ACH deposits. Once the money arrives, you have instant access to over 400 cryptocurrencies like Bitcoin, Ethereum, and stablecoins.
Here's how to get started:
- Sign Up on Kraken: Create an account on Kraken and complete identity verification (KYC).
- Fund Your Account: Transfer USD from your Bank of America account using ACH or wire transfer.
- Select USD as Your Currency: Ensure simple deposits and clear pricing.
- Purchase Crypto: Choose your desired crypto asset, specify the amount, and finalize your transaction.
Bank of America Cryptocurrency Policy
Bank of America does not offer direct cryptocurrency trading. Instead, it permits customers to transfer funds to FinCEN-registered crypto exchanges compliant with U.S. regulatory frameworks, including stringent AML (Anti-Money Laundering) and KYC (Know Your Customer) standards mandated by federal law.
The bank facilitates USD transactions via ACH or wire transfers to regulated exchanges, ensuring customers engage securely with digital asset markets while adhering to relevant federal regulations, including those outlined by FinCEN and the Bank Secrecy Act.
For Bank of America account holders, Kraken is an excellent choice. Kraken maintains full compliance with U.S. regulatory requirements, is registered as a Money Services Business (MSB) with FinCEN, and provides robust security protocols, regular audits, and strict data privacy measures.
Digital Asset Investing Fees
Investing in crypto involves fees that can impact your returns, making it important to understand these upfront. Here’s what Bank of America customers can expect when using platforms like Kraken:
- Deposit Fees: Free for ACH transfers from Bank of America accounts. Domestic wire transfers typically incur bank processing fees ($4–$10 depending on your account terms).
- Trading Fees: Kraken operates a tiered fee structure beginning at 0.16% for makers and 0.26% for takers, with rates decreasing based on monthly trading volume.
- Withdrawal Costs: Fees vary by cryptocurrency. For instance, withdrawing Bitcoin generally costs around 0.0005 BTC.
For Bank of America clients, Kraken offers excellent value through zero-fee ACH deposits, competitive trading fees, and access to over 400 cryptocurrencies, all within a secure, FinCEN-registered exchange compliant with U.S. regulations.
What is Bank of America?
Bank of America is one of the largest financial institutions in the U.S., serving approximately 69 million consumer and small business clients through 3,700 retail financial centers and 15,000 ATMs. Its core offerings include checking and savings accounts, credit cards, mortgages, auto loans, and investment services via Merrill. The bank also provides digital tools like the Erica® virtual assistant and Zelle® for money transfers. With a robust digital presence, it supports around 58 million verified digital users.
Best Alternative Crypto Exchanges for Bank of America Users
Kraken remains our top recommendation, but Bank of America customers have several other regulated U.S. platforms:
- Coinbase: Beginner-friendly, Coinbase accepts ACH deposits from Bank of America, complies fully with U.S. regulations, and offers BTC, ETH, and USDC trading.
- Gemini: Known for security and stringent compliance with FinCEN and NY BitLicense, Gemini supports quick ACH and wire deposits, major cryptocurrencies, and advanced trading.
- Bitstamp: Operating under U.S. regulatory oversight, Bitstamp provides ACH and wire funding from Bank of America with competitive fees and deep liquidity for experienced traders.
Your choice depends on experience, deposit method, and trading needs. Always prioritize platforms compliant with U.S. financial laws.
Final Thoughts
Buying crypto with Bank of America involves using regulated exchanges like Kraken, Coinbase, Gemini, or Bitstamp, ensuring secure, compliant access to digital assets. Before choosing, clearly assess fees, available payment methods, and regulatory standards to pick the best fit for your financial goals.
Taking the extra step to verify compliance with U.S. financial laws and understanding fee structures will help you invest safely and cost-effectively.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
