Yes, some banks in Canada allow Bitcoin and other cryptocurrencies. In order to buy, sell, and trade bitcoin, you will need to pair your bank account with a reliable and effective cryptocurrency exchange.
Finding a reliable bank to work with when it comes to your cryptocurrency investments is important. As a Canadian, you’ve got to know which banks are going to make it a seamless process, and which ones will make it a hassle.
3 Best Bitcoin-friendly Canadian Banks
Take a look at the list below and learn more about 3 of the most Bitcoin-friendly banks in Canada.
A few of them even let you fund your crypto exchange account with a credit card. The majority of them let you buy Bitcoin and other cryptocurrencies through wire transfers, eTransfers, and even debit cards.
Toronto-Dominion Bank (TD)
The Toronto-Dominion Bank (TD) is a Canadian multinational banking and financial services corporation formed on February 1, 1955, through the merger of the Bank of Toronto and The Dominion Bank.
It is one of the finest Canadian banks for bitcoin purchases because it accepts a variety of payment options, including Interac e-Transfer, credit/debit cards, and bank wire transfers.
Additionally, they constantly review their procedures to guarantee that your money, whether it be in cash or cryptocurrency, is always safe.
Royal Bank of Canada (RBC)
The Royal Bank of Canada (RBC) is a Canadian multinational financial services corporation founded in 1864 in Halifax, Nova Scotia.
By market value, the Royal Bank of Canada is the biggest bank in the nation.
Unfortunately, you won’t be able to buy cryptocurrency through wire transfers or credit cards with this Canadian bank. But, you will be able to buy cryptocurrency using debit cards and Interac e-Transfers.
Tangerine
Tangerine is a popular Canadian online bank that was established by Scotiabank in 2014. Because of its connections to Scotiabank, it is one of the few online banks that hasn’t deviated significantly from the standards for brick and mortar banks.
Despite that, however, Tangerine is one of the few Canadian banks that have embraced cryptocurrency.
It provides extra features like real-time spending notifications and sub-savings accounts called objectives, which make saving for a specific purpose easier, and you can currently buy Bitcoin through Interac e-Transfers.
Final Thoughts
You can easily buy bitcoin and other cryptocurrencies through many crypto exchanges for Canadians by using your Canadian bank account if you pay with a debit card or e-transfer.