The demand for cryptocurrency is increasing with time, and more and more people want to invest in cryptocurrency. Considering this, banks also allow users to trade in crypto along with the traditional modes of transactions. Selling and purchasing cryptocurrency has become effortless since the arrival of crypto atms or bitcoin atms.
Bitcoin is the most popular cryptocurrency and is also the most valuable crypto coin. Therefore bitcoin ATMs are more common than other others.
This blog covers the most crypto-friendly banks in Canada with bitcoin atms. If you are interested in either of them, read this blog to get clarification about your doubts.
Scotiabank
Scotiabank has its name for banking industry giants in Canada. However, the bank may be a century old, but it has been flexible in adopting modern trade methods, whether a wire transfer, e-transfer or cryptocurrencies.
Scotiabank captures a large portion of ATMs in Canada. Try searching scotiabank atm near me or scotia atm near me. One atm out of three would be a scotia bank atm.
Also Read: 4 Best ATM services in Canada, along with RBC ATM service
Scotiabank currently allows the purchase of cryptocurrencies through a wire transfer, e-transfer or using debit cards, but ain’t open for bitcoin atms yet.
However, you can not transfer funds to crypto exchanges based out of Canada.
Canadian Imperial Bank Of Commerce-CIBC
The CIBC may not be ideal for selling and purchasing cryptocurrencies, but it accepts and acknowledges the crypto transaction.
You can purchase cryptocurrency by CIBC using wire transfer and e-transfer but not with credit or debit cards.
However, a successful crypto transaction through wire transfer or e-transfer must undergo a verification process.
Also, the CIBC branches across Canada don’t have any bitcoin ATMs. Instead, it has high-performing and speedy cash-only ATMs. Try searching “cibc branch cash at atm only” to get the exact location of CIBC ATMs.
RBC- Royal Bank Of Canada
Purchasing cryptocurrencies using an RBC account is more convenient than others. The RBC allows you to purchase cryptocurrency using a debit card and e-transfer and restricts transactions via wire transfer.
However, the transactions processed via RBC credit card are also unfavourable because the bank believes using credit cards can be dangerous for customers.
The sale and purchase of crypto with RBC is workable but has limitations.
The rbc royal bank atms are only for cash purposes and don’t support any crypto transaction, be it bitcoin or any other digital coin.
BMO- Bank Of Montreal
The BMO is one of the good-to-go banks for crypto transactions. This bank is a crypto-friendly bank in general. Moreover, BMO allows the sale and purchases through every method, including e-transfer, debit card or even wire transfer.
Like most banks in Canada and worldwide, BMO doesn’t allow transactions processed via credit cards due to the volatile nature of digital assets.
Also, the BMO may block the transactions processed via debit card if it exceeds the certain amount set by the bank.
Therefore the account holders wanting to process a larger transaction must inform the bank in advance. Still, the bank reserves the right to accept it or decline it.
On the other hand, the bmo bank of montreal atms are currently cash-only ATMs, but there are plans to launch the crypto atm. Further, keep searching bmo atm near me to check if bitcoins ATMs are available.
TD- Toronto Dominion Bank
TD Bank is undoubtedly the most crypto-friendly bank in Canada as of now. As TD bank allows crypto transactions through all means of transactions.
Whether it be a debit card, wire transfer or e-transfer transaction, TD bank is open for all when it comes to crypto.
However, the transaction processed with a credit card will proceed only after a manual review.
Currently, td canada trust atms are only for cash purposes. In the recent future, we may have TD Bank crypto ATMs.
Before initiating a crypto transaction, you must have a bank account from which you can fund your transaction. Moreover, The sale and purchase of cryptocurrency have become convenient because Banks acknowledge the demand for cryptocurrency.
You can easily invest in crypto and fund your investment using your conventional bank account. Also, crypto ATMs are available, preferably bitcoin ATMs, to directly buy and sell digital assets.
You can search for bitcoin atm near me to spot the available bitcoin ATMs near you.
Ending Notes
The rise of cryptocurrency is inevitable and will take everyone by storm. Therefore it is a wise move to move forward with the technology. Banks have realized this and are trying to facilitate their customers in crypto trading.
However, there is also scope for improvement to achieve this, as most banks only have conventional ATMs other than bitcoin or crypto ATMs.
Although there are independent companies exclusively dealing in crypto ATMs, sooner or later, we will experience conventional banks doing the same.
