If you own a US bank account with online banking access, you may want to buy bitcoin with an ACH bank transfer (sometimes called eCheck). Bank of America, Wells Fargo, Citigroup, and Chase all support ACH. Buying bitcoins with direct ACH payment usually comes with lower fees as opposed to credit card. It also allows you to buy bitcoin online in more significant quantities than with other methods.
ACH stands for Automated Clearing House. It is a batch processing system in which financial institutions accumulate transactions throughout the day for later batch processing. That is why the process takes a bit longer than if you by bitcoin with credit card which is usually instantly. It is also possible to buy bitcoins with an ACH transfer even if you are not a US citizen, but you have to own an us-based account.
Buy Bitcoin with ACH – Coinbase
Coinbase is one of the best bitcoin wallets and probably the world’s largest bitcoin broker. It allows users to purchase bitcoin by directly transferring money from a bank account and this is a standard option to buy BTC with ACH. In the United States linking a bank account can be done using instant account verification (by providing your online bank account credentials). ACH bank transfer is best for large investments and it takes 4-5 business days. The exchange also supports wire transfers that take 1-3 business days and secure debit cards to purchase bitcoins instantly.
If you buy more than $100 worth of bitcoin through this link, you’ll get $10 of free bitcoin. Coinbase charges a flat 1% fee on all transactions, and you’ll have to wait five days to receive your coins.
Buy Bitcoin with ACH Transfer at Uphold
Uphold is a full financial platform for moving, converting, transacting and holding any form of money or commodity. If you own US-based bank account, you can add funds to your Uphold account using ACH bank transfer and then convert it to bitcoin. Beside bitcoin, you can also buy gold and all sorts of digital currencies here.
Before you begin with the ACH deposit, please make sure you are a verified member (in most cases, verification is complete within minutes). Uphold does not charge any fees when funded from your bank account. However, you will pay a conversion fee – from USD to bitcoin – 0.65%. There is a $500 limit per day in the beginning, after a while, they increase it to $2.500.
The problem with Uphold is that you need to deposit USD first and then wait for five days for your money to arrive in your account. In the meantime, the bitcoin price can change, meaning you are exposed to potential loss. They are expanding now into loan business.
Buy BTC with ACH – Gemini
Gemini is a bitcoin exchange based in New York City and operating in the United States. It serves both individual and institutional clients. You can fund your exchange account via ACH transfer or with a wire transfer. They currently operate in all U.S. states except Hawaii and Arizona. Gemini is also operational in Canada, Hong Kong, Singapore, South Korea, and the U.K.
They do not charge fees for any ACH payments (both deposits and withdrawals), and that is incredible. ACH transfers will take at least five (5) business days to become available in your account (but could take longer). Possible if you have a US bank account and US address.
There is no service to buy bitcoin with ACH instantly. It is just not possible, although Gemini’s service is very close to that, with their “Instant ACH deposit.” You can now use their instant ACH feature to deposit funds immediately for trading. You are free to buy and sell BTC at any point, but you won’t be able to withdraw any bitcoin you buy. Once your ACH deposit clears (4–5 business days later), you will be able to withdraw the amount of your deposit, and any BTC purchased with your deposit.
The best part?
Once you buy bitcoin, you can make interest on your bitcoin holdings. Please check our dedicated page about bitcoin savings accounts.
Buy Bitcoin with Bank ACH – xCoins
xCoins is another bitcoin broker that serves the U.S. and Canada. At xCoins they claim that you can buy bitcoin with PayPal, bank ACH or by paying with eCheck. Although it is officially a lending site, it more works like buy/sell bitcoin site, but at the time of writing, we were unable to locate ACH and eCheck payment method after logging in the site.
- ACH network allows moving money and information from one bank account to another through direct deposits and payments. Currently supports more than 90% of the total value of all electronic payments in the U.S. As such, the ACH Network is now one of the largest, safest, and most reliable payment systems in the world, creating value and enabling innovation for all participants. See Wikipedia.
- Some of the current direct financial institution members of ACH are: Bank of America, Wells Fargo, Chase, Merrill Lynch, Capital One, Silicon Valley Bank, Citibank, and others.
- If you are an exchange or some other bitcoin service that would like to integrate ACH direct payment into your business, Dwolla has a white-label solution for this. Your customers select their bank, log in with their bank credentials, and link the bank account they’d like to use. This way they are on their way to quick and easy payments inside your application.
- If you are looking to buy bitcoin with eCheck, look no further as you are the right place. ACH (Automated Clearing House) is sometimes called e-check.
- Please check also other options to buy bitcoin with bank account.