Canadian gamblers who prefer to pursue their hobby online are lucky enough to live in a country where it’s regulated and legalized. This fact certainly widens punters’ horizons when it comes to the choice of gambling platforms and payment methods.

While the number of available payment solutions is constantly growing, plenty of Canadians tend to stick to the old ways and choose traditional financial institutions to fund their gambling activities.

With that in mind, we’re going to be discussing TD — a national bank with years-long experience under its belt.

About TD

The Toronto-Dominion Bank — also known as TD Bank Group —   was founded in 1955 as a product of the merger between the Bank of Toronto and the Dominion Bank. It’s one of the largest and most popular financial institutions in Canada, with around 22 million customers worldwide.

In the Great White North, the bank operates as TD Canada Trust — a division that was created after TD acquired Canada Trust in 2000. It is a part of the Canadian Big Five, with around 1,100 branches across the country and approximately 11 million Canuck clients.

Can I Gamble Online With a TD Account?

The bank’s Cardholder Agreement prohibits players from using TD services to finance their online gambling. In fact, this banking company started blocking credit and debit card transactions to gambling sites back in 2013.

Nevertheless, there are other payment methods that you’ll be able to use for this purpose. According to the mentioned agreement, customers are allowed to pull money from their accounts for the purpose of so-called cash-like transactions. These include buying casino gaming chips, betting, off-track betting, and race track wagering.

Still, don’t be surprised if some of your transactions don’t go through, as the very same agreement warns its customers that the bank might block any transactions relating to internet gambling without prior warning.

TD Payment Methods for Online Gambling Transactions

Canadian players are nothing short of resourceful. Consequently, they have discovered new ways of making transactions to online gambling platforms. They started using e-wallets, instant banking, and prepaid cards as intermediaries for their money transfers.

These are the TD-approved banking options available to Canadian gambling enthusiasts:

• Interac — This is one of the most popular banking methods in Canada that allows users to make instant payments. If you connect your TD account to Interac, you’ll be able to make deposits and withdrawals to your favourite Canadian gambling sites without disclosing the nature of your transactions. In addition, since it’s so popular, you should find this banking method on offer in most online casinos that target Canadian players.
• InstaDebit — This is another instant banking system that allows you to move funds straight from or into your TD bank account without revealing any sensitive financial information.
• iDebit — Quite similar to InstaDebit, iDebit is a payment system that lets users deposit money into the online casino of their choice instantly. However, withdrawing funds will take a bit longer, as it requires customers to create an iDebit account to be able to transfer money from gambling. Only then will they be able to withdraw funds from iDebit and send them to their TD bank account.
• Paysafecard — Another option available to punters is a prepaid card, like this one. You can preload your Paysafecard with money and then use those funds to make payments. There is a downside to this method, though — it only works for deposits.
• ecoPayz — This is one of the most widespread e-wallets in Canada. To use it, you’ll have to transfer money from your bank account into your wallet and then from the wallet into the online casino account. Still, these additional steps will take more time for the same transaction in comparison to some other payment options.
• Neosurf — Canadian gamblers can purchase Neosurf vouchers with the money from their TD Canada Trust accounts. Then, they can use the voucher funds for their gambling activities. That being said, this service does not offer withdrawals, just like Paysafecard.
• Vanilla — A third prepaid card option at your disposal is Vanilla. You can get it in a store, at a gas station, or online. Buyers can use it immediately, as it is activated with the first purchase. However, bear in mind that you’ll only be able to use this card for payments to merchants in the US and District of Columbia.
• Inpay — You can transfer money right from your bank account using this payment solution as well. Transactions can be done in CAD in a few simple steps. Keep in mind that this method is still new to the iGaming market, so you might struggle finding casinos that accept it.

Pros and Cons of Gambling with a TD Account

Like any other payment option, TD has its strengths and shortcomings. Below, you’ll find the most relevant ones for Canadian gamblers:

• Safety — TD Bank prides itself on keeping its users’ online transactions and financial data safe through the use of secure firewalls. The institution’s safety measures also include PINs, passwords, access card numbers, and a 2-step verification process. Finally, TD makes sure clients’ funds are protected in case of a bank failure by having all its accounts FDIC-insured.
• Availability — Since TD Bank is one of the largest and most chosen banks in Canada, you should have no trouble finding it in the list of banking options in your preferred casino.
• Fast payouts — Depending on the payment option you use in connection to your TD bank account, your transaction can clear in a matter of 24 h.
• Privacy — The use of intermediary payment solutions we’ve listed above should allow you to keep your personal and financial information private and safe.

Final Thoughts

As we’ve discussed, Canada does find online gambling legal as long as the site you’re playing on is properly licensed. What’s more, players can use their accounts in national banks such as TD to pursue their hobby.

While this option comes with some restrictions, you can still rely on third-party payment methods, like an instant banking system, an e-wallet, or a prepaid card, to avoid possible repercussions. All of these make up for a solid selection, so Canucks should be able to find something that fits their needs and jump straight into the action in no time.

FAQ

How safe is it to use a TD account for online gambling?

The Toronto-Dominion Bank has a long-standing history and a great reputation within the realm of financial institutions. In addition, it uses numerous safety measures to protect its clients and their money, which makes it a completely safe payment method.

Can I make deposits to online casinos using my TD Bank account?

Although TD Bank has restrictions in relation to internet gambling, there are still payment methods Canadians can use in connection to it. Intermediary payment solutions, like e-wallets, instant banking systems, or prepaid cards do the trick quite well.

Can I make crypto payments using my TD account?

No, you cannot. TD Bank has stopped allowing its customers to use its credit cards to purchase cryptocurrencies.