Introduction
Due to the closure of the real-world gambling parlors in the face of the worldly pandemic, a pretty natural phenomenon occurred as a result.
This phenomenon is, of course, a boost in terms of the online gambling traffic, as the casino’s clients from the countries where gambling face-to-face isn’t possible anymore, had to seek their source of entertainment elsewhere.
This is particularly the case when it comes to such players from the country of Canada. However, while the number of online casinos at disposal today is vast and ever-growing, another issue is present.
Not every casino accepts players from this country, nor every Canadian bank will process the transactions when it comes to depositing and withdrawing cash from the international online gambling hubs.
Although there are no exact restrictions from becoming a client of the online casino situated far across the world, some of the well-standing banks would not process these funds.
In big part, this has to do with the Unlawful Internet Gambling Enforcement Act, a legislation that was declared in the United States of America in 2006, that regulates online gambling specifically.
This is one of the several reasons why a large number of online casinos out there would not accept the players from the US.
However, talking about Canada, the laws of this country do not prohibit online gambling at international sites or those from other countries. As a result, there are a number of banks that support funds for the purpose of online gambling.
While we can’t mention every such bank that exists, we are going to list some of the biggest of them that allow these transactions, but first, let’s mention some of the Canadian companies that legislate and oversee these casinos.
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The Canadian Gambling Corporations
To say that there is a decent number of companies that oversee online casinos intended for the Canadian audience would be an understatement.
The companies such as Atlantic Lottery Corporation, Ontario Lottery, and Gaming Corporation, British Columbia Lottery Corporation, Western Canada Lottery Corporation, and Loto-Québec are considered the most prominent.
Crafting a safe gaming environment and making sure there is no foul play or misconceptions that may lead to the misuse of any kind, these corporations have a pivotal role in terms of the regulations that retain safe client-to-casino relationships.
Thanks to their presence, there are many Canadian-friendly casinos out there, like 888 Casino, Casino Action, SIA Casino, Zodiac Casino, Aztec Riches Casino, Golden Tiger Casino, and many more.
What Are The Biggest Canadian Banks For Online Gambling Transactions?
Now, when it comes to the Canadian Banks themselves that allow online gambling funds to be processed, each of them has its own approach, varying in several things.
Bank Of Nova Scotia
Also known as Scotiabank, the Bank Of Nova Scotia does not allow international gambling, meaning that it supports solely those gambling hubs that are regulated by the government, or to be more precise by the local gambling corporations.
For the gamblers from the provinces such as Manitoba and British Columbia it only supports casinos operated by PlayNow, for those from Quebec, the company in question is EspaceJeux and the Ontarians fall under the legislation of PlayOLG.
While this might seem like a somewhat too strict and limiting approach, the idea of supporting the local provinces creates something of a money pool that goes in favor of the Canadian economy.
Bank Of Montreal
This massive Canadian financial institution counts around 7 million customers and is also the oldest one, dating back to 1817. More importantly, it is a lot more flexible in comparison to the aforementioned Bank Of Nova Scotia.
Offshore transactions are processed with no restrictions whatsoever, putting them into the category similar to any simple cash-like transaction, also allowing a direct conversion of your winnings into cash.
Canadian Imperial Bank Of Commerce
Now, this one’s a somewhat tricky one. While it supports most means of transaction, this bank reserves the right to decline processing gambling transactions, in particular when it comes to the use of credit cards.
Wagering with offshore online casinos is perfectly allowed, however, which doesn’t come as a surprise, given that the bank operates in Asia, Europe, and the Caribbean, as well as on the Canadian ground.
Toronto-Dominion Bank
Similar to the previous one, TD Bank, as it is more conveniently called, blocks deposits via credit card. More precisely, they’ve been doing so since 2013.
However, it does have a pretty approving stance on online gambling and it supports the use of other methods available, such as instant banking and e-wallets.
Royal Bank Of Canada
Last but not least on our list is what is arguably the largest Canadian bank, branching in about 50 countries around the world and having around 16 million customers in its ledger.
The Royal Bank Of Canada allows for deposits and withdrawals when it comes to both, international and local online gaming hubs, however, they do retain the right to restrict the use of credit cards for such purpose.
What Are The Most Prominent Paying Methods?
As we already mentioned some of the banks listed above do not support the use of credit cards like Canadian Imperial Bank Of Commerce and Toronto-Dominion Bank, however, there is a plethora of other methods available.
Credit and Debit Cards
It has to be said first, that for those banks that do accept cards, Visa credit and debit cards are supported, MasterCard, being the second most common one.
E-Wallets
Ever-popular e-wallets, usually being one of the fastest ways of depositing and withdrawing, is also an option. Some of these are Neteller, EcoPayz, MuchBetter, Webmoney and Jeton.
eCheck
This gateway being something of a virtual cheque might be a bit tedious method, as it requires entering the bank’s name as well as all the following information of importance.
Bank Transfers
Of course, there are always direct bank transfers, another remarkably fast way to deposit or withdraw your money, and the somewhat slower bank wire withdrawal method.
Interac, Instadebit & iDebit
Speaking about instant banking, Interac is a popular method for such transactions, followed by Instadebit and iDebit.
Conclusion
In the wake of the more and more growing online gambling clientele from the country of Canada, it appears as a natural reaction for Canadian banks and gambling corporations to become more and more involved in this activity.
While the companies regulating these gambling platforms create safe gambling environments, the banks supporting a variety of payment methods and secure transactions are an essential cog in the entire machine.
The situation as a whole is, simply said, a win-win for all parties included.
