Sirwin
Sirwin

Full list of the major Canadian banks and their funding support for cryptocurrencies


If you live in Canada, you may wonder which banks support cryptocurrencies. Well, no banks do support cryptocurrencies directly on their platform. Instead, you need to sign for another cryptocurrency exchange platform, transfer funds from your bank account to it, and trade there. I use Coinbase, but you can use the many other available exchange platforms out there.

You might now think you can transfer funds from any major Canadian banks to any of these cryptocurrency exchange platforms, and you'll be suitable for the most part. This post will tell you exactly which banks support the transfers, and if they do, how you can transfer money. 

TLDR; if you use TD bank, you have the most flexibility, and if you use BMO, you have the least flexibility.

Breakdown by Method

Here is the breakdown of 4 primary ways of transferring funds and which banks support them.

Interac Transfer

RBC, TD, BMO, Scotiabank, HSBC, Tangerine

Credit Card

TD, National Bank of Canada, 

Debit Card

RBC, TD, Scotiabank, CIBC, National Bank of Canada

Wire

TD, BMO, Scotiabank, National Bank of Canada, HSBC

 

Breakdown by Each Bank

Here are each bank and what they support

RBC (Royal Bank of Canada)

  • Interac Transfer: YES
  • Credit Card: NO
  • Debit Card: YES
  • Wire: NO

TD (Toronto Dominion)

  • Interac Transfer: YES
  • Credit Card: YES
  • Debit Card: YES
  • Wire: YES

BMO (Bank of Montreal)

  • Interac Transfer: YES
  • Credit Card: NO
  • Debit Card: NO
  • Wire: YES

Scotiabank (Bank of Nova Scotia)

  • Interac Transfer: YES
  • Credit Card: NO
  • Debit Card: YES
  • Wire: YES

CIBC (Canadian Imperial Bank of Commerce)

  • Interac Transfer: NO
  • Credit Card: NO
  • Debit Card: YES
  • Wire: NO

National Bank of Canada

  • Interac Transfer: YES
  • Credit Card: YES
  • Debit Card: YES
  • Wire: YES

HSBC

  • Interac Transfer: YES
  • Credit Card: NO
  • Debit Card: NO
  • Wire: YES

Tangerine

  • Interac Transfer: YES
  • Credit Card: NO
  • Debit Card: NO
  • Wire: NO

Source: https://ocryptocanada.ca/faq/are-there-canadian-banks-that-allow-crypto/

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