Bank Transfer vs Card for Buying Crypto
Why bank transfers usually cost less than cards, and the bank payment options on Flow orders.
Last updated Guides
The short answer
- Paying for crypto by card is usually faster, but it often costs more because card payments carry processing and fraud costs that providers pass on.
- A bank transfer from your own NZ account usually costs less, and Flow accepts bank payments only: manual bank deposit, POLi or Akahu Open Banking, depending on the order.
On this page
Bank transfer and card side by side, permalink
| Factor | Bank transfer compared with card |
|---|---|
| Cost | Bank transfers usually cost less. Card payments often carry a surcharge or a higher fee. |
| Speed | Card payments are near-instant. Instant bank payments are quick, while a manual bank deposit can take longer to arrive and be matched. |
| Reversals | Card payments can be disputed with your card issuer, so services that accept cards often add checks or lower limits. A bank transfer generally cannot be pulled back once sent. |
| Limits | Bank transfers are limited by your bank and the provider's account limits. Card payments are also limited by your card. |
| Credit cards | Some card issuers treat crypto purchases as cash advances, which can mean extra fees and interest. Check with your issuer. |
Why card purchases usually cost more, permalink
Card payments cost the business a processing fee, and crypto purchases carry a higher risk of disputed or fraudulent payments because crypto cannot be taken back once it is sent. Services that accept cards usually cover these costs through a card fee or a less favourable rate.
Whichever method you use, compare the amount of crypto you receive for the same NZD amount, not just the advertised fee.
Paying by bank transfer in New Zealand, permalink
- Manual bank deposit: you transfer the exact amount from your own internet banking, using the account details and unique reference shown.
- POLi: an online bank payment that you complete through your own internet banking.
- Akahu Open Banking: a bank payment you approve through Akahu's connection to your bank.
How Flow handles payment, permalink
Flow does not accept card payments. Each order shows the bank payment methods available for it, with the exact amount and a unique reference. Flow matches your payment to the order, buys the crypto and sends it to the wallet on your order.
Because you pay by bank, your quote shows the 0.79% Flow fee, including GST, the rate and the estimated network cost, with no card surcharge.
Avoid payment scams, permalink
- Only pay using the details shown on your own order in the Flow dashboard.
- Never buy crypto on behalf of someone you met online or who contacted you unexpectedly.
- Do not share bank or card logins, one-time codes or recovery phrases with anyone.