Learn what Canadian banks allow online gambling, and the available methods of deposit and withdrawal.
Online gambling can be a sore subject in Canada. Players love it, and several provinces encourage their citizens to participate at their respective, self-regulated iGaming websites. At the same time, those governments disdain the the use of international online casinos. It’s not illegal, but it sure cuts into provincial cash flow.
Since internet gambling isn’t illegal, you might assume that all Canadian banks allow online gambling. However, that’s not the case. Most banks that are headquartered within the boundaries of the nation have no qualms with facilitating online gambling deposits. Those based below the 49th parallel, governed by our American neighbors to the south… not so much.
The problem stems from a US legislative document known as the Unlawful Internet Gambling Enforcement Act. Enacted in late 2006, the UIGEA made it illegal for US banks to knowingly facilitate monetary transfers for international (illegal) online gambling websites.
While some casinos still accept this Interac product, many customers are reporting declined transactions outside of provincial online casinos like PlayNow. Neosurf and Inpay are popular casino banking methods that can be funded with a debit card from the Royal Bank of Canada. MasterCard, VISA and American Express are all accepted at most online gambling sites, and are favorites with those who gamble online. People who have gambling problems and decide to stop can choose to self-exclude from gambling, use software to block online gambling sites and self-exclude physically from betting shops and casinos. While these are all helpful ways for people to get support, many banks believe they can do more to support self-exclusion too.
As a result, US-based credit card companies like Chase put a stop to it. Even if you live in Canada, you won’t be able to use a Chase-branded Visa card to deposit at an online casino. The transaction will be declined, leaving you searching for an alternative deposit method.
What Canadian Banks Allow Online Gambling?
To answer this question, we must first look at Canadian financial institutions with base operations located here in the True North. It’s okay if the card issuer has additional offices in the US, so long as the headquarters are on Canadian soil.
There are five major financial institutions that make the list. They are known as the ‘Big Five Banks of Canada‘, and include:
- Bank of Montreal (BMO)
- Bank of Nova Scotia (Scotiabank)
- Canadian Imperial Bank of Commerce (CIBC)
- Royal Bank of Canada (RBC)
- Toronto-Dominion Bank (TD)
However, only four of the Big Five Canadian Banks allow online gambling at international websites.
Scotiabank Says ‘No’ to Online Gambling Abroad
The Bank of Nova Scotia, aka Scotiabank, is perfectly happy to facilitate online gambling payments, so long as the deposit is going to one of Canada’s provincially regulated iGaming websites.
Therefore, players in British Columbia and Manitoba are limited to to PlayNow.com, citizens of Ontario to PlayOLG.com, and members of Quebec to EspaceJeux.com.
According to the terms laid out in the company’s ‘Day-to-Day Banking‘ guide:
“We reserve the right to prevent use of your account without notifying you in advance if we suspect illegal, unauthorized or fraudulent use of the account, including transactions relating to illegal internet gambling.”
Scotiabank gift cards won’t make the cut either. Under the Visa Gift Card Cardholder Agreement, the company states:
Banks That Accept Online Gambling Sites
“Only online gambling transactions conducted at gaming sites owned and operated by Provincial/Territorial Governments/agencies can be authorized. All other online gambling transactions will be declined.”
Apparently Scotiabank considers internet gambling at offshore casino websites to be illegal—despite there being no laws on the books to back it up. Using a Scotiabank bank account, or Scotiabank-branded credit card or gift card, to facilitate payments to known international online casinos will be met with rejection.
4 Big Five Canadian Banks Allow Online Gambling
That leaves us with BMO, CIBC, RBC and TD Bank. It may seem like a small number of Canadian banks allow online gambling, but in the greater scheme of things, these banks serve the vast majority of Canadian residents.
The Royal Bank of Canada (RBC) is the largest banking institution in the nation, with branches in 50 countries. It has more than 16 million customers, and is perfectly happy to facilitate online gambling transactions to both homegrown and offshore gambling websites.
The Canadian Imperial Bank of Commerce (CIBC) ranks second largest. With operations in Canada, Asia, Europe and the Caribbean, this bank provides services to around 11 million customers, and values those who enjoy wagering with offshore operators.
Next up is TD Bank, a national commercial bank serving personal and small business accounts from 1,100 offices across Canada. TD welcomes over 10 million customers, and doesn’t care whether they deposit at international online gambling websites.
Bank of Montreal (BMO) rounds out the list. It is the oldest financial institution in the country, dating back to its meager beginnings in 1817. BMO has 900+ branches across Canada, and more than 7 million customers in its ledger.
Accepted Canadian Bank Payment Methods
If you hold an account with any of the above listed Canadian banks that allow online gambling transactions, you have a few options for making payments.
Each of these banks can issue Visa credit cards to their account holders. These Visa cards are accepted forms of payment at just about every online casino in existence. Feel free to use them for deposits. Likewise, Visa debit cards are available to all account holders. They can also be used at most online gambling sites.
eCheck / ACH deposits are the equivalent of writing a paper cheque, but without the paper and pen. They work by entering the bank’s name, transit number and institution number, along with your bank account number (all found on your paper cheques). Again, the payments are instant, but can’t be used for withdrawals.
Direct bank transfers are another popular form of deposit, and can also be used to facilitate withdrawals. A bank transfer deposit can be completed in just a few seconds. However, bank wire withdrawals can take anywhere from 4 to 14 business days to complete.
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Royal Vegas is our editorial pick for safe Canadian gaming. Currently offering a good range of Canadian deposit options, everything from prepaid gift cards, to eCheck, instadebit and visa/mastercard. That, and a world-class gaming experience, with countless table games, strong variety, and even live dealers. The brand has been in the business for a decade long.
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If you’re worried about how much you're spending on gambling, then there is lots of support out there to help you. Including banks.
What Tools Do Banks Provide Their Users?
Banks That Allow Online Gambling
Can banks block gambling transactions? We run through the major UK high street banks and outline what services they provide to their at-risk customers.
Many banks are now working on plans to help customers restrict their spending on gambling, offering gambling blocking solutions, with some banks allowing customers to 'turn off' payments to certain types of retailer, including gambling services.
What is the Gambling Block?
While each scheme operates in their own way, fundamentally they all work the same. The gambling block is a feature that allows you to block your bank account/bank card/credit card from being used for gambling transactions.
Which banks offer a Gambling Blocking Services?
Royal Bank of Scotland
Offers a card locking feature to customers which include a blocker specifically for gambling transactions.
Learn more about the Royal Bank of Scotland's services below.
Lloyds Bank
A feature within their banking app, which lets customers quickly freeze and unfreeze different types of transactions on their debit or credit cards. As well as offering their customers access to Gamban.
Learn more about Lloyds Bank's services below.
Halifax
Offers customers various useful tools and support such as; financial tracking, personal support and advice and access to Gamban licences to block online gambling.
Learn more about Halifax's services below.
Bank of Scotland
Offers a card freezing feature, which, include a blocker specifically for gambling transactions.
Learn more about the Bank of Scotland's services below.
mbna
Allows customers to keep track of their bills and spending by using their Online Card Services.
Learn more about mbna's services below.
HSBC
Allows customers to voluntarily add or remove gambling restrictions on their debit cards or credit cards (including Pay by Bank app). HSBC also offers a 'Cool Off Period', this means that customers can opt to lift the gambling restriction, but transactions will still be declined until the 'Cool Off Period' has completed.
Learn more about HSBC's services below.
Monzo
Allows customers to block gambling transactions on their Monzo account, straight from the app. To turn off the block, customers will need to talk to Monzo's customer support team. Where they'll ask questions to see if their situation has changed since first switching on the restrictions.
Learn more about Monzo's services below.
Starling Bank
Allows customers to block online payments, including gambling transactions, easily from their banking app.
Learn more about Starling Bank's services below.
Natwest
Offers customers a card locking feature, which includes a gambling transactions blocker, within the banking app.
Learn more about Natwest's services below.
Barclays
Allows customers to block debit card payments to certain types of merchants, including gambling websites and apps, within their banking app.
Learn more about Barclays' services below.
Santander
Allows customers to block specific transaction types without freezing their Mastercard entirely (iOS devices only, coming soon for Android).
Learn more about Santander's services below.
Why are banks doing this?
People who have gambling problems and decide to stop can choose to self-exclude from gambling, use software to block online gambling sites and self-exclude physically from betting shops and casinos. While these are all helpful ways for people to get support, many banks believe they can do more to support self-exclusion too.