While cryptocurrency is becoming more popular and generally it is easier to purchase now more than ever, banks are putting up roadblocks that prevent Canadians from purchasing crypto. One reason for this could be to protect their customers from fraud and scams and to prevent their customers from losing money due to price volatility. A lot of Canadian banks prevent their customers from using credit cards to purchasing crypto but allow debit card transactions (or buy via Interac e-transfers, e.g. on Coinsmart). When you use a credit card, it’s borrowed money, and when you use a debit card, it’s your own. It’s understandable why banks would want to protect themselves and their customers if borrowed money cannot be paid back.
On the flip side, many crypto enthusiasts feel that banks are only trying to protect themselves since cryptocurrency could threaten their existence in the future. Many people distrust the centralized financial system and believe that they should be able to purchase whatever they like. Intervention by banks is seen by many as a form of censorship.
If you’re looking to purchase cryptocurrency in Canada, you probably want to know which is the most crypto-friendly Canadian bank. So, we reached out directly to Canada’s biggest banks to find out which Canadian banks allow crypto transactions.
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Royal Bank of Canada (RBC)
- Interac e-Transfer: Yes
- Credit card: No
- Debit card: Yes
- Wire transfer: No
Toronto Dominion (TD)
- Interac e-Transfer: Yes
- Credit card: Yes
- Debit card: Yes
- Wire transfer: Yes
Bank of Montreal (BMO)
- Interac e-Transfer: Yes
- Credit card: No
- Debit card: No
- Wire transfer: Yes
Bank of Nova Scotia (Scotiabank)
- Interac e-Transfer: Yes
- Credit card: No
- Debit card: Yes
- Wire transfer: Yes – if the crypto exchange is Canadian (check the list of the best Cryptocurrency exchanges for Canadians here)
Canadian Imperial Bank of Commerce (CIBC)
- Interac e-Transfer: Unknown
- Credit card: No
- Debit card: Yes
- Wire transfer: No
National Bank of Canada
- Interac e-Transfer: Yes
- Credit card: Yes
- Debit card: Yes
- Wire transfer: Yes
HSBC
- Interac e-Transfer: Yes
- Credit card: No
- Debit card: Unknown
- Wire transfer: Yes
Tangerine
- Interac e-Transfer: Yes
- Credit card: No
- Debit card: No
- Wire transfer: No
Quick Conclusion
Based on the responses we received from customer service, some Canadian banks are more crypto-friendly than others. Tangerine appears to be the least crypto-friendly, only allowing Interac e-Transfer purchases of crypto. Bank of Montreal, is similar, only allowing purchases vis Interac e-Transfer and wire transfer.
Toronto Dominion (TD) allows crypto purchases using credit and debits cards, Interac e-Transfers, and wire transfers but on a case-by-case basis. They may or may not allow your purchase to complete.
If you’re looking for a Canadian bank that allows crypto purchases, National Bank of Canada is the top choice. It is Canada’s sixth-largest commercial bank and the largest bank in Quebec. According to the customer service representative we reached out to, they do not block cryptocurrency transactions. The downside is that there are not many branches of National Bank of Canada outside of Quebec. Therefore, TD might be the better choice for most people.
- Most Crypto-friendly Canadian bank: National Bank of Canada
- Runner up: TD
- Least crypto-friendly Canadian bank: Tangerine
Nevertheless, you can easily buy cryptocurrency through many crypto exchanges for Canadians by using your Canadian bank account if you pay with a debit card or e-transfer.
