Founded in 1961 with its headquarters in Toronto, the Canadian Imperial Bank of Commerce (CIBC) is one of Canada’s Big Five.

Like any bank, CIBC allows its customers to perform online transactions, including deposits and withdrawals on online casino sites. However, CIBC imposes some specific restrictions in regard to online gambling, making the situation a bit tricky.

Does this mean that you can’t use CIBC to gamble online? Well, the answer is not so straightforward. The good news is that it is possible to circumvent potential restrictions and send and receive money to and from your online gambling account with ease.

The guide below will provide more details on CIBC and give you complete instructions on how to gamble online as the bank’s client.

About CIBC

The Canadian Imperial Bank of Commerce was established in 1961 as a result of a merger between the Canadian Bank of Commerce and the Imperial Bank of Canada. It is the second biggest bank in Toronto after the Toronto-Dominion Bank (TD).

During the course of its 60-year history, CIBC became known for implementing various banking innovations. They were the first to update their customers’ accounts via computer and are credited as the first Canadian bank to introduce ATMs, known as 24-hour cash dispensers at the time.

CIBC also made acquisitions of various financial institutions, including Wood Gundy, Simplii Financial, FirstCaribbean International Bank, Atlantic Trust, and Privatebancorp.

Today, the bank operates across North America and the Caribbean. It is partnered with a number of corporations, schools, and sports organizations. CIBC employs over 40,000 people and has recorded a revenue of $18.7 billion in 2020.

Can I Gamble Online With a CIBC Account?

Bank accounts in Canada can be used for gambling on offshore sites, as there are no laws preventing it. CIBC, specifically, doesn’t mention gambling in its terms and conditions, although the users of its credit and debit cards will face certain restrictions.

Namely, the bank can restrict all gambling-related credit card transactions while also blocking debit card withdrawals.

Luckily, these restrictions shouldn’t concern you, as you can choose instant banking services approved by CIBC instead. As a result, you’ll be circumventing the aforementioned stipulations and, at the same time, protecting yourself from exposing personal and financial details.

CIBC Payment Methods for Online Gambling Transactions

There are multiple ways in which you can deposit and withdraw your online casino funds as a CIBC customer. Most of the methods include intermediary services like Interac or Paysafecard, which are commonly accepted across Canadian-friendly online casinos.

Here is more information on each of the most popular CIBC-accepted payment options:

• Interac e-Transfer — Apart from being compatible with CIBC, Interac is a fast, safe, reliable, and cheap payment option. It also allows you to conceal your transactions, meaning that the bank won’t know whether your acquired funds originated from an online gambling platform.
• Instadebit — Instadebit is another popular Canadian payment option accepted on offshore sites. Since it’s an intermediary, the bank won’t be able to detect where the money is going to or coming from. The service is relatively fast, and the fees are low.
• iDebit — iDebit offers similar benefits as the two methods mentioned above. It is characterized by instant deposits, standard several-day withdrawals, and anonymity.
• Bank wire — Of course, you can always choose to wire money directly from your bank account. However, there’s always the risk of getting exposed and having the transaction terminated. Another inconvenience of wire transfers is that they are really slow (sometimes withdrawals take up to ten days), and the fees are on the higher end of the spectrum.
• Prepaid cards — Prepaid cards and vouchers are another secure online casino banking option. The ones that are commonly accepted on offshore sites include Paysafecard, Neosurf, and AstroPay. The only drawback is that these can be used just for deposits.
• E-wallets — Canadians can also connect their CIBC account to a number of e-wallets that provide quick transactions, anonymity, and low fees. Some popular e-wallet choices for online gambling include ecoPayz, WebMoney, and MuchBetter. Unfortunately, PayPal, Skrill, and Neteller are no longer available to Canadian casino players.

How to Deposit With a CIBC Account

Once you connect your CIBC account to one of these instant banking methods, the process of actually getting the money to your online casino account is a rather simple one. The procedure might vary slightly depending on the provider, but it generally consists of the following steps:

1. Choose an online casino that accepts Canadian players.
2. Create an account by providing your name, age, email, and other necessary details.
3. Go to the casino’s Deposit page and choose a method compatible with your CIBC account.
4. Type in the requirements, including the deposit amount, and proceed to complete the transaction.
5. In most cases, the deposit will go through almost immediately.

How to Withdraw With a CIBC Account

The withdrawal is pretty straightforward, too. Just make sure that you are allowed to withdraw funds with the payment method of your choice and that you’ve completed the wagering requirements in case you’ve claimed the casino’s bonus. Otherwise, the process is as follows:

1. Log in to your online casino account.
2. Go to the Cashier page and select the Withdrawal tab.
3. Choose a CIBC-associated method from the list and type in the amount you wish to cash out.
4. Complete the transaction.

How long you’ll need to wait for the money to arrive in your bank account depends on the selected method and the casino’s withdrawal policy. The same goes for potential fees.

Final Thoughts

CIBC is a trusted Canadian bank operating across Canada, the USA, and the Caribbean. You can easily connect your CIBC account with a number of instant banking methods or make direct payments to and from the account, although the latter option might lead to certain restrictions.

Methods compatible with CIBC are commonly accepted in offshore casinos, so you won’t have any issues finding a casino that suits you the most in terms of banking.

FAQ

Is CIBC accepted in online casinos?

If the casino allows bank wires and cards, you will be able to deposit the money directly from your CIBC account. However, in order to conceal your gambling transactions and thus avoid potential restrictions, it’s best to use third-party methods like Interac, e-wallets, and prepaid cards.

Do CIBC transactions include any fees?

You may encounter certain fees when using your CIBC account in connection to intermediary services or the online casino. Some fees may also come from the casino’s end.

Is CIBC safe and trusted?

Yes, CIBC has been around for over 60 years and is one of the largest banks in Canada. It provides its customers with easy and innovative banking solutions and employs the highest standards of safety.

Can I connect my CIBC account with PayPal?

Unfortunately, PayPal has stopped servicing online casino transactions in Canada.