Although not considered legal tender, cryptocurrencies are generally legal across Canada. So, even though you’re not allowed to pay taxes to CRA using Dogecoin, you can legally purchase crypto and use it with any individual businesses that are willing to accept it.
But what about Canadian banks? You may enjoy crypto’s flexibility, convenience, and lower costs but want to combine it with some conventional banking activities. Luckily, most major Canadian banks will allow you to do just that.
Picking a crypto-friendly bank in Canada is not easy, however. Many banks have certain limitations, so it’s crucial to choose one that meets all your crypto needs and preferences.
Key Takeaways
- Not all banks will allow you to transact with a cryptocurrency exchange
- The following is a list of crypto friendly Canadian banks:
1. National Bank of Canada
The National Bank of Canada is one of the country’s biggest and most trusted financial institutions, serving over 2.6 million individual customers and over 140,000 businesses.
The bank’s head office is located in Montreal, but it has branches in nearly all provinces and territories, as well as many representative offices through which it manages clients from the United States and Europe. It is listed on the Toronto Stock Exchange (traded as NA).
The National Bank of Canada is probably your best option if you’re looking for a safe and reliable bank that accepts crypto purchases. It lets you buy crypto using its credit and debit cards, wire transfers, and Interac e-Transfer.
The bank even encourages cryptocurrency transactions and has helpful articles on its Learning Centre pages, teaching you the basics of cryptocurrency investments and warning you of potential crypto pitfalls.
2. Toronto-Dominion Bank (TD)
The Toronto-Dominion Bank resulted from a 1955 merger in which the Bank of Toronto and The Dominion Bank joined forces to become one of the country’s most prominent financial groups.
At present, TD is considered the second-largest Canadian bank by total assets (only the Royal Bank of Canada has more) and the sixth-largest in North America. It serves around 27.5 million customers worldwide and over 11 million in Canada. TD is a publicly traded company present at the Toronto, New York, and London stock exchanges.
TD Bank allows its customers to purchase and invest in cryptocurrency. While it does not offer crypto investing services directly, it enables customers to invest in exchange-traded funds (ETFs).
Once you create an account on a reputable exchange like Kraken, you can link your TD Bank account and start buying cryptocurrencies. For this, you can use Interac e-Transfer, bank transfer, or your TD Bank debit card.
3. Royal Bank of Canada (RBC)
According to 2023 reports, the Royal Bank of Canada ranks as the nation’s largest bank and the fifth largest on the continent, holding over $1.5 trillion in assets. It employs over 100,000 people and serves around 20 million individual customers.
RBC is also one of Canada’s oldest financial institutions, founded in 1864 in Halifax, Nova Scotia. Its current headquarters are in Toronto and Montreal, and it is publicly traded at TSX and NYSE under the ticker RY. The Financial Stability Board listed RBC as one of the most systemically important institutions in the world.
You can easily buy cryptocurrencies through the Royal Bank of Canada using Interac e-Transfer and debit cards. Debit transactions are free, while Interac transactions incur a fixed charge of C$1.
4. Scotiabank
In 2023, Scotiabank exceeded 1 trillion dollars in assets, cementing itself as the third-largest bank in Canada and one of the country’s Big Five. Founded nearly two centuries ago, it is a trusted bank among the Canadian populace, employing almost 90,000 people and providing services to over 11 million customers worldwide. Scotiabank is headquartered in Toronto and publicly traded as BNS on the Toronto and New York stock exchanges.
As a Scotiabank client, you can purchase cryptocurrencies through approved exchanges. You can buy your digital coins using debit cards and Interac e-Transfer, while wire transfers are also an option, but only on Canadian-based crypto exchanges (i.e., abides by the rules and regulations of FINTRAC).
5. Canadian Imperial Bank of Commerce (CIBC)
CIBC is another bank that grew out of a big merger. Namely, in 1961, the Canadian Bank of Commerce merged with the Imperial Bank of Canada to create the Canadian Imperial Bank of Commerce.
It is one of the most successful financial organizations in the country and part of the original Big Five Banks. CIBC operates from its Toronto headquarters, has over 40,000 employees, and services over 11 million customers. The bank operates globally, focusing on the US, UK, Asian, and Caribbean markets, in addition to Canada.
Clients can use their CIBC debit cards to purchase cryptocurrencies through any legitimate crypto exchange platform.
6. Tangerine
Tangerine is a subsidiary of Scotiabank. It was founded in 1997 as ING Bank of Canada before being acquired by Scotiabank and relaunched under its new moniker in 2014. The bank operates from Toronto and has just over 1,000 employees. Its products include savings and checking accounts, credit cards, investing, loans, and more.
As a modern-looking bank with an emphasis on easy-to-use platforms for younger clients, Tangerine is in tune with current financial trends and has fully embraced cryptocurrency. The bank’s clients can use Interac e-Transfer to purchase crypto without fees.
7. Bank of Montreal (BMO)
Formerly known as Montreal Bank and founded in 1817, BMO is officially the oldest Canadian bank. It is one of the country’s Big Five Banks and among the biggest ten in North America. Its formal headquarters are in Montreal, while the operating headquarters are in Toronto.
BMO specializes in retail banking, capital markets, and wealth management. Keeping up with the times, it has adopted the concept of cryptocurrency. Although it does not directly provide cryptocurrency trading services, it enables customers to purchase digital coins. You can do so using Interac e-Transfer and wire transfers only, as debit and credit card purchases have been disallowed.
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