If you’re an investor in the crypto industry, you know it can be tough to find a bank that supports the industry. It’s important to find a financial institution that supports your crypto investments.
However, finding a crypto-friendly bank in Canada isn’t as easy as you might think. You have to know which banks you can trust and which banks might make things difficult.
That’s why we’ve made this guide to crypto-friendly banks in Canada. If you’re new to crypto and want to know where to turn, keep reading!
Features to Consider in a Crypto-Friendly Bank
Before we get into the best crypto-friendly banks in Canada, let’s take a moment and look at a few key features to consider. Here are a few items to look for as you search for a bank that first your crypto-related needs
Is it secure?
Arguably the most important issue you should consider when looking for a crypto-friendly bank is security. This is especially true in the crypto space, where nefarious parties like to lurk and attack when you least expect it.
The level of security offered by a bank should be your first priority.
Ask pertinent questions, like ‘Has the bank ever been hacked?’ or ‘What type of security measures does the bank use?’
A secure bank will be able to easily answer these questions to your satisfaction, which means it will be able to protect your digital assets.
Is it easy to use?
Let’s be honest. One of the biggest problems that plague the crypto industry is the ease of use. Even though it’s been around for a decade, crypto is still in its nascent stages and can be intimidating to those that don’t understand it.
The easier banks make it for users, the more likely people are to adopt cryptocurrency.
Look for a bank that makes it easy for your to manage your crypto assets. You want a platform that’s intuitive and straightforward, providing a simple way to observe your portfolio while moving your assets between fiat and crypto.
Can you move between fiat and crypto?
The reality is that crypto is still so new that we’re going to have to use fiat currency for many of our daily activities. However, if you want to pay your bills with crypto, you should be able to, right?
That’s why it’s important that you have a bank that can quickly and easily move your funds between fiat and crypto.
Are the fees reasonable?
Speaking of switching between fiat and crypto, how much do you have to pay when doing so? High fees only take money away from you, which is why it’s important to find a crypto-friendly bank that offers reasonable fees.
Keep in mind that you’re going to have to pay some type of fee when performing a transaction.
On the other hand, if the fees for changing between crypto and fiat are outrageous, maybe it’s time to consider another financial institution.
Fees are a part of banking but there’s no reason you should sacrifice your hard-earned assets due to the greediness of a bank.
Does it support the crypto you want?
Lastly, you’ll want to determine which cryptocurrencies the bank supports before signing up. While it may not support all the crypto you want, it should at least support some of the more popular options like Bitcoin (BTC) and Ethereum (ETH).
If you’re looking to invest in lesser-known altcoins, you might have to trade for it on a crypto exchange. However, most crypto-friendly banks in Canada will offer support for the more well-known digital assets.
Crypto-Friendly Banks in Canada
This is what you came for, right? A list of the best crypto-friendly banks in Canada. We’ve done the work for you and found the financial institutions that offer crypto purchases, crypto debit cards, and easy transfers between crypto and fiat.
1. Toronto-Dominion
First up on our list is Toronto Dominion. Why is it first? Because Toronto-Dominion, or TD as it’s often called, is arguably the most crypto-friendly bank in Canada.
TD allows gives users access to a crypto credit/debit card, lets them transfer and purchase crypto through eTransfer, and offers wire crypto transfers.
Toronto-Dominion has gone so far as to say they regularly review their crypto policies to ensure their customers get the maximum protection and security possible. One of these practices involves purchases using cryptocurrency.
While these purchases are enabled and allowed, TD reviews all transactions and approves them after manually confirming their validity.
This process takes a little longer, but it ensures that customers aren’t losing funds to nefarious scammers or hackers.
2. Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce (CIBC) is an institution that allows customers to use their debit cards for crypto transactions. However, like Toronto-Dominion, these transactions may be subject to review to confirm validity.
It’s possible that some transactions could be prevented if they don’t look legitimate, but for the most part, you won’t notice a difference. However, if you have a CIBC credit card, you won’t be able to purchase any cryptocurrencies.
3. National Bank of Canada
With the National Bank of Canada, you can use your crypto to invest in your favourite digital assets.
The cool thing about the National Bank of Canada is that this is available using any of the bank’s financial products or services. As a result, customers can fund their crypto accounts using wire transfers, eTransfer, or debit or credit cards.
If you’re looking for a financial institution at the forefront of crypto support, you might consider the National Bank of Canada.
This bank wants to be a front-runner in the crypto market and regularly tries out new ideas and innovations within the crypto/financial services sector.
4. HSBC
Like a lot of other crypto-friendly banks in Canada, HSBC allows its customers to purchase cryptocurrencies using nearly any method. The lone exception is through a credit card.
As a result, users can get their hands on Bitcoin via wire transfer, debit cards, and eTransfer, so long as you’re an active HSBC user.
5. Coast Capital
National Bank of Canada and Coast Capital are two financial institutions that allow customers to invest in cryptocurrencies using their credit cards. Users can also buy crypto using their debit card, via wire transfer, or Transfer.
Plus, like the National Bank of Canada, Coast Capital isn’t afraid to try out new innovations or technology.
For example, Coast Capital recently announced its nCino Platform, which provides additional digital services to customers.
Their willingness to adjust to what the customer wants and needs makes Coast Capital a financial institution to keep an eye on if you want to find a crypto-friendly bank in Canada.
6. Desjardins
If you want a platform that’s just going to work the way you want it to, Desjardin might be the crypto-friendly bank for you. Users have the ability to purchase crypto with no issues and can do so via debit card, wire transfer, or Transfer.
The lone exception is a credit card, which is standard among many financial institutions in Canada.
Many banks don’t allow customers to purchase crypto using their credit cards due to the fact that they aren’t keen on using borrowed funds to purchase assets in such a high-risk market.
7. Royal Bank of Canada
The Royal Bank of Canada, or RBC, lets its customers buy crypto via eTransfers to approved third-party platforms. It’s seventh on our list because that’s the only option you’ll get.
The bank has said that it does not allow users to perform wire transfers to outside cryptocurrency exchanges.
Additionally, users can’t use their credit cards to purchase crypto, which follows suit with a lot of other crypto banks in Canada.
8. BMO
As you may have noticed, a lot of Canadian banks that offer crypto services don’t allow their customers to purchase crypto using a credit card.
While BMO is the same as these other banks, users can use their debit cards, eTransfer, or wire transfers to get their hands on some digital assets.
Something to keep in mind before considering BMO is that the bank is known for blocking debit card transactions. While this is done to keep customers safe, BMO is the outlier with this practice.
As a result, if you place a large order, the bank may reject it unless you’ve made prior arrangements.
9. Scotiabank
The Bank of Nova Scotia, often referred to as Scotiabank, is a financial institution that offers its customers the ability to buy crypto via wire transfer, eTransfer, or debit card.
The big catch with Scotiabank is that you have to be sending your funds to an exchange that’s based in Canada.
If the exchange you want to use isn’t located in Canada, there’s a good chance the transfer will get blocked by Scotiabank.
The good news is that there are plenty of Canadian-based exchanges on the market you can use.
10. Vancity
Last on our list of crypto-friendly banks in Canada is Vancity. This bank only offers eTransfers and wire transfers as a way of adding crypto to your portfolio, but it does support crypto, so you shouldn’t have any problems.
Plus, so long as the exchange supports wire transfers or eTransfers, Vancity won’t block the transfer.
Canadian Banks that Don’t Support Crypto
Due to the high risk and volatility associated with the crypto market, not all Canadian banks are interested in supporting cryptocurrency.
However, there are also others who simply have no interest in adding the necessary support for a nascent technology.
Here are a few banks in Canada that you should avoid if you’re looking for a crypto-friendly bank in Canada.
Tangerine
Tangerine is a decent bank if you’re only interested in using it for fiat currency. You’ll get 0.10% interest on a no-fee Tangerine account.
However, this financial institution does not allow the use of wire transfers, credit or debit cards, or eTransfers in regard to purchasing cryptocurrencies.
As a result, you should probably avoid using Tangering if you want to invest in digital assets.
Laurentian Bank
While you can try to purchase crypto using Laurentian Bank, the reality is that they’ll likely block the transaction if it’s associated with crypto.
Plus, if you are guilty of multiple infractions, the bank may lock your account, which means you won’t have access to any of your funds, fiat or crypto.
If you use Laurentian Bank, it’s wisest to steer clear of crypto transactions. Otherwise, you’re likely to have your account flagged, which could lead to your account getting locked.
Conclusion
As you can see, there are plenty of crypto-friendly banks in Canada. Some offer more services and capabilities than others, but if you don’t mind using eTransfer or wire transfer, you have a wide array of choices.
Additionally, there are several banks that let you use your debit or credit card to make crypto purchases.
RBC does not let one purchase crypto. At least not with their debit card or virtual Visa card through MoonPay. When contacting them they even tell you that they don’t allow crypto purchase.
CaptialOne credit cards and Netcoins credit cards don’t work either with MoonPay.
Thanks Scott, I believe you can still use E-transfer for RBC to certain merchants, you might want to look into that