We Canadians seem to love online gambling. But unfortunately, some banks are not too happy with the activity. Some even block iGaming transactions outright. This can be incredibly frustrating for players, so we have decided to do our own research to help save you some time.
The Big Five Canadian Banks
Canada’s banking industry is dominated by five major players known as the big five:
1. Bank of Montreal (BMO)
2. Canadian Imperial Bank of Commerce (CIBC)
3. Royal Bank of Canada (RBC)
4. Scotiabank
5. Toronto-Dominion Bank (TD Canada)
These banks control over 90% of the country’s banking market, so let’s examine each one’s stance on iGaming transactions.
Bank of Montreal
BMO is currently the most iGaming-friendly of the Big Five. They allow transactions with both local and global online casinos. So BMO has naturally become the top choice for Canadian gamblers.
BMO’s Policy
BMO treats online gambling transactions as “cash-like transactions”. This puts them in the same category as money orders or traveler’s cheques. Their cardholder agreement explicitly includes gaming transactions in this definition.
Success Rate
While BMO is generally accepting of iGaming transactions, there have been some recent changes these last few years. Since late 2021, some payments have been rejected. This seems to affect frequent depositors and those using high-profile gambling sites.
Here are some tips to avoid issues:
– Limit transactions to two per week
– Stick to one online casino
– Avoid multiple gambling websites in a 7-day period
If this is the only bank you have, and you’re still having problems, you could always try alternative payment methods like Interac.
Canadian Imperial Bank of Commerce
CIBC has a mixed approach to online gambling transactions. They’re more lenient than some, but still have restrictions.
CIBC’s Policy
CIBC’s policies differ for debit and credit cards. Their debit card agreement prohibits receiving credits for online gambling. And CIBC’s credit card agreement allows them to block transactions identified as internet gambling.
Success Rate
In practice, CIBC rarely blocks outgoing transactions to international gaming sites. However, withdrawals are often blocked. So if you’re a CIBC customer, you can most likely deposit with a debit card but you may need alternative methods for withdrawals.
Overall quite a mess. You’re better off with an e-wallet in this case, or another bank.
Royal Bank of Canada
RBC is one of the stricter banks when it comes to online gambling transactions, so this one gets an immediate thumbs down from us.
RBC’s Policy
RBC explicitly permits transactions only with provincially-run online gaming sites. They reserve the right to block all other gambling-related transactions.
Success Rate
Despite their strict policy, some transactions do slip through. However this is the exception and not the rule. Players should avoid using this bank for iGaming, unless you are from Ontario and can comply with their terms. According to eCheckCasinos, they have a dismal 20% or less success rate for international casino debit card deposits. Withdrawal success rates are even lower.
Scotiabank
Scotiabank is one of the stricter banks when it comes to gambling transactions. Particularly when it comes to international casinos.
Scotiabank’s Policy
Scotiabank’s policy is clear: they reserve the right to prevent account use for transactions related to illegal internet gambling. They also comply with Visa’s Internet Gambling blocking service.
Success Rate
Scotiabank will process payments for provincial lottery online casinos. However, transactions with offshore sites are consistently blocked.
Toronto-Dominion Bank
TD Canada is the most restrictive of the Big Five when it comes to online gambling transactions.
TD’s Policy
Like BMO, TD defines gaming/betting as cash-like transactions. However, they explicitly restrict transactions related to unauthorized gambling.
Success Rate
We know of no successful attempts to use TD for international online gambling transactions in recent years. Their blocking measures appear to be the most effective among the Big Five.
Alternative Payment Methods
If your bank blocks online gambling transactions, don’t worry. There are many alternatives available. When you’re gambling online, you generally want to use instant banking methods, echecks, or e-wallets.
Instant Banking Methods
These methods are similar to eChecks and include:
1. InstaDebit
2. iDebit
3. Interac
Interac is our favorite. They’re quick, easy, secure, and don’t raise red flags with banks.
Web Wallets / eWallets
eWallets are basically prepaid digital wallets. The most popular options for Canadians are:
1. ecoPayz
2. MuchBetter
3. PayPal
These are not directly linked to your bank. Instead you credit them with the amount of money you want, and you get to use them like standalone bank accounts.
Prepaid Cards & Vouchers
Prepaid options are excellent for deposits but rarely work for withdrawals. Popular choices include:
1. Paysafecard
2. Vanilla Visa
3. NeoSurf
4. AstroPay
5. Flexepin
These can be bought at retail locations or online as virtual vouchers.
Bank Wires & Cheques
These are typically “last resort” options for withdrawals. They include:
1. International bank wire transfers
2. Cheques by mail
Bank wires can be costly but are sometimes covered by the casino for large withdrawals. Cheques take longer to arrive but are widely accepted.
eCheck: A Canadian Exclusive
eCheck is a payment method exclusive to the Canadian market. It’s based on the electronic fund transfer (EFT) protocol and offers several benefits:
1. Speed: Instant deposits, 1-3 days for withdrawals
2. Security: Facilitated by your bank, insured
3. Cost: Free to use
4. Privacy: Information is not stored after processing
eCheck is safe to use, with multiple security measures in place. However, it’s not available at all online casinos due to its Canada-exclusive nature.
Availability of Alternative Payment Methods by Bank
Here’s a quick reference guide for alternative payment method availability by bank:
– D = Deposits only
– W = Withdrawals only
– D+W = Deposits and Withdrawals
– n/a = Not available or unknown
| Payment Method | BMO | CIBC | RBC | Scotiabank | TD |
| Interac eTransfer | D+W | D+W | D+W | D+W | D+W |
| iDebit | D+W | D+W | D | D | D+W |
| InstaDebit | D+W | D+W | D+W | D+W | D+W |
| ecoPayz | D | D+W | D+W | D | D+W |
| MuchBetter | D+W | D+W | n/a | n/a | n/a |
| Paysafecard | D | D | D | D | D |
| NeoSurf | D | D | D | D | D |
| Vanilla Visa | D | D | D | D | D |
| AstroPay | D | D | D | D | D |
| Flexepin | D | D | D | D | D |
| Bank Wire | n/a | W | n/a | n/a | n/a |
Republished with permission from https://echeckcasinos.ca/banks/.
Choosing the Right Payment Method
When selecting a payment method for online gambling, here are some factors you should consider:
1. Availability: Check which methods your bank and chosen casino support
2. Speed: Some methods offer instant transactions, others take longer
3. Fees: Look out for any associated costs
4. Limits: Be aware of minimum and maximum transaction amounts
5. Security: Ensure the method offers robust protection for your funds and data
6. Bonuses: Some casinos offer special promotions for specific payment methods
Our Best Tips for Safe Online Gambling Transactions
1. Use reputable, licensed online casinos
2. Keep transaction records
3. Set deposit limits to manage your spending
4. Use strong, unique passwords for your casino accounts
5. Enable two-factor authentication when available
6. Be cautious of phishing attempts and only use official casino websites
Closing Thoughts
Canadian banks vary widely in their approach to iGaming transactions, from BMO’s relative openness to TD’s strict restrictions. Alternative payment methods like Interac, e-wallets, and prepaid cards offer solutions for players facing banking obstacles. To navigate this landscape, Canadian gamblers should choose reputable casinos, stay informed about their bank’s policies, and consider alternative payment options when needed.