As cryptocurrencies become integral to modern finance, knowing which Canadian banks support digital assets is crucial. Whether you're a novice or a seasoned investor, this guide highlights the top crypto-friendly banks in Canada and key factors to consider when choosing one.
Key Factors When Choosing a Crypto-Friendly Bank
Selecting the right bank for cryptocurrency transactions involves evaluating several aspects:
Convenience:
- How seamless is the process for buying crypto?
- Are additional approvals or steps required for transfers to exchanges?
Availability:
- Is the bank accessible in your province?
- Does it permit international transactions?
Interest Rates & Fees:
- Compare debit/credit card rates and lending options.
- Watch for monthly maintenance or transaction fees.
Accessibility:
- Can you spend crypto at retail locations?
- How well does the bank integrate with major exchanges?
Below are 10 Canadian banks that facilitate cryptocurrency purchases, though most require transfers to external exchanges rather than direct in-app trading.
Top 10 Crypto-Friendly Banks in Canada
1. National Bank of Canada
Available Options:
- Wire transfers
- Credit/debit cards
- eTransfers
A pioneer in crypto adoption, the National Bank of Canada offers versatile funding methods and actively innovates in digital asset services.
👉 Explore crypto-friendly banking solutions
2. Canadian Imperial Bank of Commerce (CIBC)
Available Options:
- Wire transfers
- Credit/debit cards
- eTransfers
One of Canada’s "Big Five" banks, CIBC supports crypto purchases via mainstream payment methods, backed by 150+ years of financial expertise.
3. Bank of Montreal (BMO)
Available Options:
- Wire transfers
- Credit/debit cards
- eTransfers
With over 200 years in operation, BMO provides reliable crypto purchasing channels alongside traditional banking services.
4. Royal Bank of Canada (RBC)
Available Options:
- Wire transfers
- Credit/debit cards
- eTransfers
RBC, a global banking leader, allows digital asset acquisitions through multiple payment avenues, catering to both individuals and businesses.
5. Toronto-Dominion Bank (TD)
Available Options:
- Wire transfers
- Credit/debit cards
- eTransfers
TD’s robust platform supports crypto transactions, reflecting its commitment to modern financial tools.
6. Scotiabank
Available Options:
- Wire transfers
- Credit/debit cards
- eTransfers
Scotiabank enables seamless crypto purchases, maintaining its reputation as a forward-thinking institution.
7. Coast Capital
Available Options:
- Credit/debit cards
- Wire transfers
- eTransfers
Coast Capital stands out for embracing crypto innovations, such as its nCino program, enhancing digital service accessibility.
8. ATB
Available Options:
- Debit cards
- eTransfers
- Wire transfers
Since 2019, ATB has educated users on crypto risks while facilitating secure purchases via exchanges.
👉 Discover secure crypto transaction methods
9. Desjardins
Available Options:
- Debit cards
- Wire transfers
- eTransfers
Desjardins supports crypto purchases except via credit cards, aligning with industry precautions against volatile asset lending.
10. Manulife
Available Options:
- Wire transfers
- eTransfers
- Debit cards
Manulife requires pre-approval for crypto exchange transfers, prioritizing customer security in blockchain transactions.
FAQs
Q: Can I hold cryptocurrencies directly in these bank accounts?
A: Most banks only allow transfers to external exchanges; direct in-bank crypto holdings are rare.
Q: Are there fees for crypto transactions?
A: Fees vary by bank (e.g., wire transfer costs). Compare options to minimize expenses.
Q: Which banks block credit card crypto purchases?
A: Desjardins and others restrict credit card usage due to volatility risks.
Q: Is international crypto trading permitted?
A: Banks like ATB allow cross-border transfers, often with limits (e.g., <$1,000).
Q: How do I start buying crypto through my bank?
A: Link your account to a trusted exchange, fund it via approved methods, and trade.
Final Thoughts
Canadian banks increasingly accommodate cryptocurrency, though primarily through indirect methods. Evaluate convenience, fees, and integration with exchanges to optimize your crypto banking experience.
For advanced trading tools and security, consider platforms like Coinbase, which complement traditional banking for seamless digital asset management.