Although online gambling often falls into a grey area, Canadian laws have made it perfectly legal. As long as the platform holds a valid licence from a relevant province, players will enjoy a safe and exciting gambling experience.

To that end, many gambling enthusiasts look for secure ways to transfer funds into their casino accounts. While residents of other countries can’t rely on national banks for online casino transactions, Canadians have multiple options at their disposal. One popular choice is BMO (Bank of Montréal), established over 200 years ago.

The following article will explain the intricate details of making online gambling deposits and withdrawals via a BMO account. Scroll down to get started!

About BMO

BMO (Bank of Montréal) was established in 1817, making it one of the oldest financial institutions in Canada. It’s also part of the Big Five — the name given to describe the five largest banks that dominate the Canadian financial industry.

Over the years, BMO has built a massive community of nearly 45,000 employees and 12 million customers globally. With more than 900 branches and $971 billion in total assets, BMO is the eighth largest bank in North America.

Can I Gamble Online With a BMO Account?

Unlike some of its competitors, the Bank of Montréal has specific user agreements that allow customers to perform various online transactions, including gambling-related ones.

According to the current Credit Card Cardholder Agreement, gambling falls under the “cash-like transactions” category. Therefore, you can perform online casino and sports betting transactions directly from your BMO account.

However, keep in mind that most payments are authorized on online gambling websites with a Canadian licence. If you opt for offshore gambling platforms, BMO might decline or block your transaction requests.

BMO Payment Methods for Online Gambling Transactions

The fastest way to transfer your funds to an online casino or sportsbook is via ACH (automated clearing house) or e-checks. However, these methods require you to reveal personal financial information you’d probably like to keep safe.

Fortunately, Canadian players have discovered a way to keep the details private and still access quick and secure transactions. Options like e-wallets and prepaid cards act as intermediaries, allowing for smooth casino deposits and withdrawals.

Below, you can find some of the most common BMO-approved banking solutions:

• Interac — BMO is among the 250 institutions that support Interac e-Transfers, one of Canada’s most popular payment methods. Connecting your BMO account with Interac allows you to make online gambling deposits and withdrawals easily. Best of all — Interac won’t show when you’ve used the funds for casino transactions.
• Instadebit — An instant banking system you can use for both deposits and withdrawals. Setting up an account is free and straightforward, allowing you to start gambling straight away.
• iDebit — Like Instadebit, iDebit also serves as an instant transfer method in online gambling. However, although it offers instant deposits, you’ll have to wait a couple of days for a withdrawal.
• Neosurf — You can use your BMO debit card to purchase prepaid vouchers and use them for online casino deposits. Unfortunately, Neosurf doesn’t support withdrawals like other prepaid methods.
• Paysafecard — This is one of the favourite payment options among Canadians. Despite not offering withdrawals, Paysafecard transfers deposits instantly.
• ecoPayz — This is one of the few e-wallets still operating in Canada. You’ll have to fund the ecoPayz account before transferring the funds to an online casino.
• Much Better — This mobile-based e-wallet offers fast transactions at a low cost. You can perform casino deposits and withdrawals with just a couple of clicks on your mobile device.

Pros and Cons of Gambling With a BMO Account

Like any other payment method, BMO comes with a set of advantages and drawbacks. Below, we’ll show you both sides of using BMO in online gambling. Afterward, you’ll be able to decide whether this payment option is a good choice for your online gaming adventure.

• Pros:
  • Security — BMO employs advanced security measures to protect you and your money.
  • Anonymity — If you use third parties to process payments, you’ll enjoy increased anonymity levels.
  • Fast payouts — Certain banking options process withdrawals in just one business day.
  • Widespread presence — BMO is an acclaimed and accepted payment option in Canada.

• Cons:
  • Payment fees — You’ll likely experience transaction fees charged to your BMO account.
  • Payment restrictions — Certain online casinos may block or limit your BMO transactions if you don’t use third parties.

Final Thoughts

With online gambling flourishing in Canada, players seek convenient and secure ways to transfer their funds and start playing their favourite games. Thankfully, a bank as big as BMO has a friendly stance towards gambling, allowing for smooth and easy transactions.

However, if you want to bypass potential problems or limitations, we suggest using third-party payment methods like e-wallets, prepaid cards, and instant banking systems. So, choose your preferred banking solution, send funds from your BMO account, and enjoy everything Canadian online casinos and sportsbooks have to offer.

FAQ

Can I gamble online with a BMO account?

Yes, you can use your BMO account to make casino transactions. However, you must carefully read the user agreement before connecting your credit or debit card to an online casino or betting site. Certain BMO users won’t be able to make direct transactions. However, you can employ e-wallets or prepaid cards as intermediaries and use them for online gambling payments.

Is it safe to use BMO accounts for online casino deposits and withdrawals?

Bank of Montréal is a trusted institution with over 200 years of experience, meaning it’s one of the safest options for online casino transactions.

Can I make cryptocurrency payments via BMO?

Unfortunately, BMO has recently blocked all cryptocurrency purchases on its credit and debit cards. However, you could still connect your card to your favourite e-wallet, transfer funds, and use them to buy cryptocurrencies.

Are my BMO transactions subject to fees?

Your transactions come with a small fee on the bank’s end. However, you should also check whether the chosen online casino imposes charges for BMO deposits and withdrawals.