Online Gambling: Banks in Canada
When it comes to Canada, online gambling was considered as a kind of a territorial thing since 2009, so there are no restriction laws at the state level that ban players from visiting or playing at any of the online casino operators located offshore. None of the provinces has passed any prohibition laws for both playing at an international level either. However, there are some limitations when it comes to money transactions between the Canadian player and an offshore online casino. One of the best examples is one of the largest banks with an office located in Canada – Bank of Nova Scotia, also known as Scotiabank. This particular bank accepts only those transactions made with online casinos under the jurisdiction of Provincial Lottery Corp.
TOP Online Casinos for Canadian Players
So, if you are in Canada and feel eager to gamble at an offshore online casino, probably the most efficient method would be instant banking, instead of going for the usual – a credit card provided by the bank. Instant banking is compatible with any bank, which provides you with access to the vast majority of operators. And such deposits/withdrawals never get declined.
Here are some of the most reputable financial institutions in Canada which will process all online gambling transactions related to online gambling, as well as offer a palette various alternative options you can utilize to fund your casino account.
Banks of Canada
Bank of Nova Scotia (Scotiabank)
When it comes to Scotiabank and online gambling, it will, as mentioned above, only process transactions to Provincial Lottery Corp. online gambling sites operated by a Crown Corporation, such as EspaceJeux for Quebecers, PlayOLG for Ontarians, and PlayNow for players in British Columbia and Manitoba.
Bank of Montreal (BMO)
BMO represents one of the banks that will process offshore gambling activities treating them as “cash-like transactions”, which includes all transaction methods through which you directly get money as an end result. The term found in their cardholder agreement states that cash-like transactions are the transactions that purchase items directly exchangeable into cash. These include wire transfers, travellers’ cheques, money orders, gaming transactions (such as betting, race track wagers, casino gaming chips and lottery tickets, etc.)”.
That’s why Bank of Montreal is a beloved choice of a large number of Canadian players.
Canadian Imperial Bank of Commerce (CIBC)
CIBC holds the right not to realize gambling transactions, as it can be found in their agreement. The agreement section 3.I. states the following: “Prohibited Use of Card. CIBC may block transactions that it can identify as internet gambling.” However, the vast majority of CIBC online gambling-related transactions are realized without any problem.
Royal Bank of Canada (RBC)
The credit card agreement you will sign if you choose the Royal Bank of Canada also states that they have the right to block transactions related to Internet gambling. However, there is always a possibility to enable the utilization of an RBC card for online gambling purposes through some third-party service.
Toronto Dominion Bank (TD BANK)
TD Bank has been following a trend of blocking a large number of online casino deposits realized with credit cards. Such a trend lasts since 2013. Nevertheless, when it comes to online gambling, TD Bank still recognizes several alternative methods to fund your account.
Alternative Ways of Funding a Casino Account
So, the bottom line lies in the fact that even if the fact only Scotiabank is the only one which strictly bans the utilization of Visa gift cards provided by them at any online casino which is not owned or operated by Territorial or Provincial agencies. This fact implies that you can face difficulties trying to deposit directly from your account via Visa/MasterCard. If you possess an account at one of the largest Canadian bank institutions, be prepared to occasionally face the rejection of credit/debit card-related casino transactions.
One of the most direct methods of funding your casino account from a Canadian bank is to use an eCheck/ACH facility represents one of the most direct deposit methods, when it comes to banks in Canada. With this particular method, you only need to submit the info located on the paper checks you plan to use for such purpose, and the transaction will be realized immediately.
In order to consistently withdraw/deposit funds, an intermediary account, better known as the eWallet, usually represents the best option.
Instant Banking in Canada
- Interac. If you are already used to buy things online, you have probably already encountered with the utilization of Interac to achieve such transactions. It represents one of the most beloved choices of online players, while it provides 100% secured deposits and withdrawals, as both sensitive personal and financial info is not being revealed during the process. Its popularity growth is simply forcing the majority of online casinos to put it in their offer of payment methods.
- Instadebit. Instadebit represents yet another method of instant transaction used for various transfers, among them those related to online gambling. You are also allowed to withdraw your online casino winnings using Instadebit if a casino operator offers such an option. Since Instadebit operates as an intermediary, the bank you are in will simply not be able to recognize whether the transaction is pointed towards an online casino. This means that even Scotiabank customers can utilize this online gambling payment method!
- iDebit. This method allows each customer to perform instantaneous withdrawals/deposits by any operator which offers it. The customers are not obliged to possess a credit card to utilize these particular services, and your bank, due to information security, will simply not be aware of the fact which your transaction partner actually is. Your funds will be kept in your financial institution until you transfer them. iDebit deposits are being processed instantly, while withdrawals may take up to a couple of days to be processed.
- UseMyBank. It represents a pretty popular method in Canada, while those players approved for PAD (Pre-Authorized debits) are able to utilize it for withdrawal as well. It also carries no fees.
- Bank Wire Transfer. When it comes to Canadian players, bank wires are considered as not so much attractive casino deposit option. Banks may reject the transaction, or it can take more than seven days to be processed. If you made a deposit via pre-paid card or different method that does not permit withdrawals, then a direct bank transfer would be a secure way to collect your winnings.
E-wallets represent a popular instant banking alternative, while transactions to and from a casino are processed almost in an instant. However, the thing that differs it from instant banking is the requirement open a 3rd party – intermediary account. Such transactions, however, will often include fees. There are many alternatives to formerly available popular Neteller, such as EcoPayz, Webmoney, MuchBetter or Jeton.
These wallets must first be funded, similar to a PayPal account. Once such is done, you can use those funds to make a deposit. Casinos will also payout via e-Wallets, and such withdrawals are usually instant.
This method is pretty easy to be obtained such as, for example, the Vanilla Prepaid card, which can be obtained in literally any 7-Eleven store. They can be used for depositing only. You will only be able to withdraw winnings via cheque sent to your home address.