Crypto-Friendly Banks In Canada: Which Big Banks And Credit Unions Allow Crypto Purchases?

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 purchase crypto but allow debit card transactions (or buying via Interac E-Transfer to a registered exchange). 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.

The right-hand column is exactly what each bank’s representative said in my 2021 chats. Bank policies change without notice, so treat it as history and confirm with your own bank before you send money.

Which Canadian Banks Have Said No To Crypto Credit Card Purchases?

RBC posted a notice on its website that reads: “Effective immediately, RBC will no longer be allowing the use of RBC credit cards for transactions involving cryptocurrency.” The notice carries no date. CBC reported in 2018 that TD and then BMO banned customers from buying cryptocurrency on their credit cards, citing volatility and the risk of customers borrowing more than they can repay. If a card does go through, it may be treated as a cash advance, which usually means a higher rate and no interest-free grace period, so I treat credit cards as a bad idea for crypto anyway.

What Did Each Bank Tell Us In 2021?

These are the answers we collected from each bank’s customer service chat in 2021, with the screenshots. Open a bank to see its chat.

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 (case by case)
• 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 (see the list of the best cryptocurrency exchanges for Canadians)

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

Which Canadian Bank Is The Most Crypto-Friendly?

Based on the responses we received from customer service in 2021, some Canadian banks are more crypto-friendly than others. Tangerine appeared to be the least crypto-friendly, only allowing Interac E-Transfer purchases of crypto. Bank of Montreal was similar, only allowing purchases via Interac E-Transfer and wire transfer.

Toronto Dominion (TD) told us it allowed crypto purchases using credit and debit 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 was 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 (2021 chats): 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.

Do Credit Unions And Digital Banks Allow Crypto Purchases?

I did not survey credit unions, so I will not claim a policy for any of them. Tangerine, a digital bank, was in my 2021 chats and allowed Interac E-Transfer only. The practical test is the same everywhere: ask whether payments to a registered crypto exchange by Interac E-Transfer or bank transfer are allowed, and whether your daily limit covers the amount. A credit union that answers yes in writing is as good as a big bank for this purpose, because the exchange, not the bank, is what needs to be CSA-registered.

Which Exchanges Work Best With A Canadian Bank Account?

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