How to Buy Bitcoin & Crypto with Tesco Bank

Key Takeaway: Tesco Bank doesn't directly support crypto trading or custody services, but customers can conveniently fund accounts on FCA-regulated UK exchanges like eToro. 

Through eToro, Tesco users can securely trade over 70 cryptocurrencies, including Bitcoin and Solana, benefit from transparent GBP transactions, competitive fees, and trusted FCA oversight.

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How to Buy Bitcoin with Tesco Bank

Tesco Bank customers can securely purchase Bitcoin by transferring British Pounds (GBP) to a regulated cryptocurrency exchange authorised by the UK's Financial Conduct Authority (FCA).

A trusted FCA-approved exchange popular among Tesco clients is eToro, which supports GBP deposits via Faster Payments, bank transfers, or debit cards.

Follow these straightforward steps to buy Bitcoin on eToro using Tesco Bank:

1. Create an eToro Account: Visit the eToro website, register, and complete the required identity checks (KYC).
2. Deposit Funds: Log into your eToro account, click "Deposit Funds," select GBP bank transfer, and transfer funds directly from your Tesco Bank account.
3. Locate Bitcoin: Type "Bitcoin" or "BTC" into eToro’s search box and select "Trade."
4. Make Your Purchase: Input the amount of GBP to invest, double-check transaction details, and click "Confirm" to finalise your Bitcoin purchase.

Tesco Bank’s Policy on Crypto Transactions

Tesco Bank does not currently offer direct cryptocurrency trading or custodial services. Customers interested in crypto investments can transfer British Pounds (GBP) from their Tesco Bank accounts to FCA-registered exchanges.

Tesco permits deposits to regulated crypto platforms via bank transfers and debit cards, but restricts cryptocurrency purchases made using credit cards due to the heightened financial risks involved.

To protect customers from potential fraud and financial crimes, Tesco Bank actively monitors crypto-related payments. Transactions directed to exchanges not registered with the FCA may face additional scrutiny or be blocked entirely.

Crypto Trading Fees

Tesco Bank customers who use platforms like eToro for crypto investing should clearly understand the associated fees. Here’s a concise breakdown specifically for eToro users funding accounts via Tesco:

• Trading Fees: eToro charges a clear-cut trading fee of 1% per crypto transaction (buy or sell). This fee is automatically included in the displayed transaction price.
• Market Spreads: While eToro doesn't explicitly charge additional spread fees, users should still factor in market spreads, the difference between buy and sell prices. Spreads vary depending on market volatility and asset liquidity.
• Withdrawal Fees: Tesco Bank customers with GBP accounts benefit from fee-free withdrawals when moving funds from eToro back to their bank accounts.

Understanding these fees allows Tesco Bank users to invest confidently in cryptocurrencies through eToro, effectively managing costs while minimising surprises.

Best GBP Deposit Methods for Tesco Bank

Tesco customers have multiple efficient ways to deposit British Pounds (GBP) into their eToro crypto trading accounts. Here’s an expert breakdown tailored specifically for Tesco Bank users:

Faster Payments Service (FPS)

Customers can instantly deposit GBP from Tesco Bank to eToro via Faster Payments. Transfers are free, processed immediately, and eToro imposes no maximum limit.

Debit Card (Visa/MasterCard) 

Using a Tesco Bank debit card enables instant funding of your eToro account, ideal for timely market opportunities. Individual deposits are capped at £30,000.

When withdrawing funds back to Tesco Bank, customers benefit from fee-free GBP transfers via Faster Payments, providing seamless and swift access to their funds.

What is Tesco Bank?

Tesco Bank was founded in 1997 as a joint venture between Tesco and the Royal Bank of Scotland, becoming fully Tesco-owned in 2008. In November 2024, Barclays acquired its retail banking services, including credit cards, loans, and savings, under an agreement that maintains the Tesco Bank brand. 

With over 3 million customers, Tesco Bank provides personal loans, savings accounts, credit cards, and Clubcard Pay+, a prepaid debit card linked to Tesco’s loyalty program. Tesco retains direct management of insurance services, ATMs, travel money, and gift cards.

Final Thoughts

Buying Bitcoin using your Tesco Bank account is straightforward when partnering with a trusted FCA-registered exchange like eToro. Always clearly assess trading fees, deposit options, and Tesco Bank’s payment policies before investing to avoid unforeseen issues. 

Staying informed on these details ensures a smoother and safer cryptocurrency trading experience.