Every native Canadian has surely heard of, if not done business with, the great Bank of Montreal. It’s is, after all, the oldest bank in the country. Not quite the largest, mind you, but copious indeed. Its branches span every province and territory, from St. John’s, NL, to Whitehorse, YT.
As a method of payment for Canada’s myriad online gambling enthusiasts, Bank of Montreal – colloquially known as BMO, or among the French Canadian community, Banque de Montréal – there’s no better choice for banking. It is the top choice among Canadian banks that support iGaming. While the majority of Canada’s financial institutions take great measures to thwart payments to/from international online casinos, sportsbooks, poker rooms and other iGaming websites, BMO still process these payments more often than not.
This guide will inform you about the many features and functionalities of BMO; specifically online gambling with a BMO account in Canada. You’ll learn about the institution, the different types of accounts and payment cards available, and additional ways to use your BMO account to deposit at online gambling sites.
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Disclaimer:
All bank names, associated brands such as BMO, and trademarks are the property of their respective owners. In this article, they are used for identification purposes only. The banks and brands cited did not endorse this article. This is an independent article, written from an objective vantage, not in partnership with any financial institution. These banks also do not actively promote or accept gambling. We strongly recommend that you study these T&Cs before making any wagering decisions. As a content driven website, we are also not affiliated with any financial institution or process payments (for them, or anyone). We just write about casinos that accept eCheck – which is a generic EFT term – and covers many payment modalities. Remember to gamble responsibly and seek help if you believe you may have a gambling problem.
How to Make BMO Online Gambling Payments
For your convenience, I’m kicking things off with a categorical table of contents. You can use it to you pin-point the exact information your looking for.
Table of Contents |
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Disclaimer – Not all forms of gambling are legal in all provinces of Canada. The legal age to gamble also varies by province. Breaking the law is a serious matter. The information provided on this website is meant for educational purposes only, and we will not be held liable for any irresponsible / illegal activity on your part. Know the gambling laws in your province and follow them. The following pages provide more information on Canadian gambling laws: |
Bank of Montreal – Two Centuries of Service |
Canada’s oldest bank was founded in Montreal, Quebec as a private institution in 1817. At that time, it was known as Montreal Bank. Then in 1822, its small group of owners chose to go public, changing the name to Bank of Montreal. Expansion began immediately thereafter with the purchase of Toronto’s Bank of the People. Branches soon spread eastward to Ottawa, and westward to Winnipeg. By the 20th century, BMO was operating in every province of Atlantic Canada, while continuing its push to the west. Today, there are more than 900 branches, serving more than 12 million customers across every province and territory of Canada. Throughout the years, BMO’s head office has always been in Montreal. However, in 1977, the bank’s operational headquarters and executive offices set up shop in Canada’s financial hub of Toronto, Ontario. It is now the fourth largest bank in Canada, and ranks among the top ten largest in all of North America. |
BMO Branch Banking Locations Across Canada |
From Whitehorse, Yukon to St. John’s, Newfoundland, Bank of Montreal has branches all over Canada; more than 900 of them, in fact. After a couple centuries of expansion, you can rest assured, there’s a branch (and ATM), somewhere near you. To find one, you could take a drive through any business district and look for the prominent BMO logo. Or, from any computer or mobile device, you can visit the following link and look one up. |
Menu of BMO Accounts and Bank Cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMO is a multi-functional financial institution. They offer a wide range of services, including multiple types of accounts, a range of credit, debit and prepaid cards, as well as personal loan and mortgage opportunities, not to mention a variety of compatible online banking services. Account ServicesNew members can open a BMO chequing/savings account in person or online in just a few minutes. All account services come with 24/7 online banking access and a 100% electronic banking safety guarantee.
BMO Bank AccountsBMO offers specials rates on most chequing account services for students, seniors, family bundles, etc.
Savings Accounts
Credit CardsBMO offers a wide range of credit cards to fit every person, every budget, every lifestyle. They come in Visa and MasterCard brands. The chart below offers all the basic details.
BMO Debit Cards
Debit card purchases may be subject to special rewards, depending on the type of chequing/savings account you link it to. For example, a BMO Air Miles Chequing Account earns 1 mile for every $30 spent with BMO debit. Serving today’s technological age, BMO debit cards are also quite versatile. They can be linked to a variety of virtual payment accounts, such as Google Pay and Apple Pay. Prepaid Gift CardsBank of Montreal members can apply for a BMO Prepaid MasterCard. It comes with an annual fee of just $6,95. There are no basic usage fees for using or reloading the card, although you may incur a fee for things balance refunds or inactivity. Because it is prepaid, there are no interest rates or cash advance charges. A BMO Prepaid MasterCard works just like BMO credit or debit card, meaning you can spend it anywhere in the world the MasterCard logo is visible, and withdrawal cash from any ATM with the Cirrus logo. See the BMO Prepaid MasterCard Infosheet for more details. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Success Rate of Online Gambling with BMO |
BMO’s success rate for online gambling payments is what you might call a mixed blessing. On the one hand, BMO has the highest acceptance rate of any Canadian bank issued debit cards. On the other hand, it’s not a great acceptance rate overall. Where BMO once had a very high rate of 80-90% success, it’s now down to about 50%. Fortunately, there are alternative ways to use your BMO chequing account to deposit at online casinos, without the funds undergoing bank scrutiny. We discuss each of these in this next section… |
Other Ways to Deposit with a BMO Account |
If you’re having trouble depositing with a BMO debit card, EFT or eCheck, you’ve still got options. Bank of Montreal works with a number of internal payment systems, including Interac, iDebit and InstaDebit. One thing these all have in common is that your bank only gets the basic details of each payment. BMO will know how much money is moving, and where to/from. However, it won’t scrutinize the payment any further. And if it’s not labeled for ‘gambling purposes’, BMO has no reason to reject it. InteracInterac is Canada’s home-grown, autonomously integrated payment network. It was developed by the Big Five Banks back in 1984 to facilitate seamless inter-network transfers. Today, it is the system that facilitates more than 80% of the nation’s digital transactions; everything from direct deposits, to the swipe of a debit card. It’s also extremely useful for online payments, such as iGaming deposits. Some online casinos also promote Interac Online withdrawals. Simply look for the Interac, Interac Online, or Interac eTransfer logo at your favorite online casino. iDebitSimilar to Interac, iDebit is a bank-to-bank payments system exclusive to Canadians. It creates a direct link between your bank and the merchant you’re transacting with, at the same time shielding your banking details. Like Interac, you don’t need to register any special account to use it. iDebit works through your existing online banking account. Plus, it’s supported by a large number of Canadian-facing international online casinos, sportsbooks, and poker rooms. InstaDebitInstaDebit is a lot like iDebit, except you’ll need to register a free account to use it. It takes a couple of days to link and verify that account, but once that’s done, payments are instant (as the name implies). InstaDebit payments are extremely secure, allowing quick transactions to offshore merchants without divulging your bank details. Online casinos that support InstaDebit should accept this method for both deposits and withdrawals. |
The Bottom Line |
Canada’s online gamblers would do well to bank with BMO. It’s spent the last two centuries expanding its reach and building trust with the nation’s community. BMO has the highest rate of success for online gambling debit card payments among the Big Five. Plus, if debit isn’t working for you, there are plenty of other online banking options that will. |
