Citibank is a financial institution that has been around for centuries and offers several banking services. Though pro-crypto, Citibank does not support direct exchange of cryptocurrencies for fiat. To get around this hurdle, you can buy and sell cryptocurrencies through trusted crypto platforms like Coinbase and Crypto.com.
This article will walk you through how to buy Cryptocurrency using your Citibank account.
Is Buying Crypto with Citibank Legal?
Absolutely! It is completely legal. If you have a Citibank account, you can buy crypto in a few easy steps. Citibank does not provide crypto services; however, you may purchase cryptocurrencies on various exchanges using a Citibank account.
How to Buy Crypto with Citibank on Coinbase
Coinbase is a renowned crypto exchange that allows you to purchase, sell, and store cryptocurrencies. This platform has high-security features and supports Citibank’s deposit.
Follow the instructions in this guide to purchase cryptocurrency on Coinbase using Citibank.
Steps:
- Sign up on Coinbase and verify your identity by providing the requested information.
- After verification, navigate to Profiles and Settings.
- There, you’ll see “Add payment method.” Add your bank account. Select “Assets” from the Home page.
- After you have selected your balance, click “Add Cash.” The platform will collect the information necessary to perform the transfer.
- Use the bank details given in the previous step to initiate a SEPA transfer from your bank to your Coinbase account. Your account will be credited within a day or a few days after you send the money.
- Now you can explore over 250 digital currencies on Coinbase.
- To initiate a transaction, choose the cryptocurrency and input the amount of EUR to invest. Please carefully study the transaction details and confirm your purchase.
There are several reasons to go with Citibank. For one, this bank has stringent security procedures to protect your transactions. You may also earn extra points when you use a Citibank credit card, increasing the value of your purchases. However, you should constantly consider the fees and interest rates associated with using a credit card.
How to Purchase Crypto with Citibank on Crypto.com
Crypto.com is another safe alternative for buying crypto. The exchange offers low transaction fees and user-friendly features. It supports hundreds of well-known cryptocurrencies and users may begin acquiring them after only a short registration.
Register on Crypto.com with your phone number, email address, and government-issued proof of identity. After creating your account and validating your credentials, choose a payment method to fund your Crypto.com wallet. Next, connect your Citibank account to the cryptocurrency exchange by going to the “Accounts” area, which allows you to manage funds and link other accounts.
Select the “Bank Transfer” or “Add Bank Account” option. Enter your bank account information. To avoid verification difficulties, ensure that you enter the information correctly. Once authenticated, you will get a confirmation message. Now that you’re linked, you may deposit or withdraw funds from your cryptocurrency account.
Fees and Transaction Costs
While depositing on Coinbase and Crypto.com is free, these exchanges charge minor fees for withdrawing and purchasing crypto. Depositing with a credit or debit card attracts a fee of 3.99% of the deposit.
About Citibank
Citibank is a well-known financial institution that provides diverse financial services to people, organizations, and governments. Citibank has a long history spanning two centuries, establishing itself as a trustworthy and dependable organization in the financial business. The bank operates in several countries and offers personal banking, wealth management, credit cards, loans, and investment banking.
Citibank is dedicated to providing excellent customer experiences and creative solutions to address the changing demands of its clients. Citibank tries to deliver easy and safe financial services to its clients globally by focusing heavily on technology and digital banking.
Conclusion
This guide shows that Citibank is crypto-friendly and accepts transactions from exchanges, particularly those registered with the Financial Crimes Enforcement Network (FinCEN). The bank supports these transactions while following FinCEN’s strict standards, guaranteeing a safe environment for cryptocurrency investors.
Citibank gives its customers a clear approach to buying and selling cryptocurrencies via licensed exchanges such as Coinbase and Crypto.com. Although the bank does not offer direct cryptocurrency trading services, it does accept EUR transfers to compliant platforms, ensuring a secure investing environment. Citibank clients may confidently enter the digital asset market, thanks to the cheap costs and comprehensive cryptocurrency options provided by Coinbase and Crypto.com.
