As cryptocurrencies become a significant part of society, it’s important to know where you can and cannot use them. So we’ll answer this question so you know where you can go to buy and store your favourite digital assets.
Whether you’re new to crypto or an experienced investor, there’s still plenty to learn about which financial institutions do and do not allow digital assets.
So keep reading below to know exactly where you can go if you want to find a Canadian bank that allows cryptocurrency.
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Factors to Consider
We’ve done the legwork for you, so you don’t have to scour through pages of websites to determine which Canadian banks allow cryptocurrency.
These banks typically allow customers to purchase crypto through wire transfer, eTransfer, or with a debit or credit card.
But what should you look for when looking for the right bank? There are several factors you should consider before making your final decision. As you read our list and find the right bank for you, think about these factors:
Convenience – Is it easy to purchase cryptocurrencies through the bank? Some banks require additional steps or approval before you can move your funds to an external crypto exchange. What’s the process for transferring your funds from your bank to the platform you want to use?
Availability – Is the bank available in your province? If you want to perform transactions outside of the country, does it allow you to do so?
Interest rates – Do the debit cards and credit cards offer competitive rates. Are there enough low-interest lending options? Are the rates competitive with other institutions?
Fees – Does the bank charge monthly maintenance fees or transaction fees? If so, you might want to consider looking elsewhere.
Accessibility – Can you spend your crypto in retail spaces? Is it easy to earn on your crypto? How convenient is the integration with popular exchanges?
Which Canadian Banks Allow Cryptocurrency?
Here’s our list of the banks in Canada that allow purchasing of cryptocurrency. These are crypto-friendly banks that offer a variety of products for purchasing digital assets.
Note that many of these banks and credit unions don’t allow the direct buying and holding of cryptocurrency assets in their bank accounts. But you can use your bank accounts to do things like a wire transfer to a crypto exchange and purchase it there.
1. National Bank of Canada
Available Crypto Options:
- Wire Transfers
- Credit or debit card
- eTransfer
First up on our list of Canadian banks that allow cryptocurrency is the National Bank of Canada. Users can purchase crypto using any of the financial products and services used for fiat currency.
This means you can buy crypto using debit or credit cards, wire transfers, or eTransfer.
The National Bank of Canada is considered by many to be one of the most crypto-friendly institutions in the country.
The bank views itself as an innovator in the crypto industry and is always ready to develop new products and services for those who prefer using crypto.
2. Canadian Imperial Bank of Commerce (CIBC)
Available Crypto Options:
- Wire Transfers
- Credit or debit card
- eTransfer
The Canadian Imperial Bank of Commerce is another bank that allows cryptocurrency. Like the National Bank of Canada, CIBC offers a variety of options for purchasing digital assets.
You can use any major credit or debit card to buy crypto, as well as wire transfer and eTransfer.
CIBC is one of the Big Five banks in Canada and is one of the oldest financial institutions in the country.
The bank has been around for over 150 years and is a major player in both the personal and business banking sectors. If you want a bank with plenty of history, CIBC is an excellent choice.
3. Bank of Montreal (BMO)
Available Crypto Options:
- Wire Transfers
- Credit or debit card
- eTransfer
Bank of Montreal is another big bank in Canada that allows cryptocurrency. BMO offers the same methods for purchasing crypto as CIBC and the National Bank of Canada. You can use wire transfer, credit or debit card, and eTransfer to purchase cryptocurrency.
BMO is one of the oldest banks in North America and has been serving Canadians for over 200 years. The bank is a major player in both the personal and business banking sectors and offers a wide range of products and services.
4. Royal Bank of Canada (RBC)
Available Crypto Options:
- Wire Transfers
- Credit or debit card
- eTransfer
The Royal Bank of Canada is another bank that allows cryptocurrency. RBC offers the same methods for purchasing digital assets as BMO, CIBC, and the National Bank of Canada. You can use wire transfer, credit or debit card, and eTransfer to buy digital assets.
RBC is one of the largest banks in the world and has been serving Canadians for over 150 years. The bank is a major player in both the personal and business banking sectors and offers a wide range of products and services.
5. Toronto-Dominion Bank (TD)
Available Crypto Options:
- Wire Transfers
- Credit or debit card
- eTransfer
The Toronto-Dominion Bank is another bank on our list of Canadian banks that allow cryptocurrency. TD offers the same methods for purchasing digital assets as RBC, BMO, CIBC, and the National Bank of Canada.
Users can choose between wire transfer, credit or debit card, and eTransfer to buy digital assets.
TD is one of the largest banks in the world and has been serving Canadians for over 150 years. The bank is a major player in both the personal and business banking sectors and offers a wide range of products and services.
6. Scotiabank
Available Crypto Options:
- Wire Transfers
- Credit or debit card
- eTransfer
Scotiabank offers the same methods for purchasing digital assets as TD, RBC, BMO, CIBC, and the National Bank of Canada. You can use wire transfer, credit or debit card, and eTransfer to buy digital assets.
Scotiabank is one of the largest banks in the world and has been serving Canadians for over 150 years. The bank is a major player in both the personal and business banking sectors and offers a wide range of products and services.
7. Coast Capital
Available Crypto Options:
- Credit or debit card
- Wire transfer
- eTransfer
Like many of the other banks on our list, you can purchase crypto through Coast Capital using your credit or debit card, through wire transfer, or via Transfer.
Additionally, you’ll discover that Coast Capital isn’t averse to offering new and innovative crypto technologies to its customers.
For instance, the bank recently launched its nCino program. Through this program, customers have access to more digital services than they would otherwise have.
Many crypto enthusiasts are considering Coast Capital, as it takes time and effort to find out what its users want and tries to implement it.
8. ATB
Available Crypto Options:
- Debit card
- eTransfer
- Wire transfer
Even though ATB has only been supporting cryptocurrency since 2019, the bank does its best to educate its customers on the importance of managing their risks in regard to digital assets.
Users can transfer their funds from ATB to their preferred exchange to purchase crypto.
Customers can perform international wire transfers, so if you want to use an exchange across the Canadian border, you can do so for a fee, so long as the purchase amount is less than $1,000.
You can also use any Visa debit card or eTransfer to buy your favourite cryptocurrencies.
9. Desjardins
Available Crypto Options:
- Debit card
- Wire transfer
- eTransfer
Desjardin is a great bank if you’re looking for a financial institution that just works. For example, you can buy all your favourite cryptocurrencies with a debit card, via eTransfer, or wire transfer.
The only thing you’re not allowed to use to purchase crypto is the bank’s credit card. However, this is the case for many banks, so it’s not something unusual.
There are many financial institutions that prefer customers not to purchase crypto via credit card.
This is largely due to the risk associated with cryptocurrencies. Banks don’t want customers borrowing funds to buy such a volatile asset.
10. Manulife
Available Crypto Options:
- Wire transfer
- eTransfer
- Debit card
The last bank on our list of Canadian banks that allow cryptocurrency is Manulife. This unique financial institution has supported blockchain technology for the past six years.
Customers can use Manulife to purchase crypto through wire transfer to their favourite cryptocurrency exchange.
However, before they can do so, customers must submit the exchange information and receive consent from Manulife. More than likely, this is so the bank can confirm the legitimacy of the platform beforehand.
While some argue this behaviour adds extra steps to purchasing crypto, Manulife is simply doing all it can to ensure its customers’ funds are safe and secure.
