The Canadian Imperial Bank of Commerce – colloquially known throughout the land as CIBC – is one of Canada’s eminent “Big Five” banks. As one of the nation’s largest financial institutions, CIBC serves millions of customers, across 1,100+ branches, spanning every province and territory of Canada. But is it a solid option for iGamers seeking a secure, convenient and cost effective way to deposit at their favorite online casino or sportsbook ? The answer to that question is a resounding, “Yes!”
CIBC is among the top two financial institutions known to allow online gambling transactions to go through (the other being Bank of Montreal). That wasn’t always the case. However, a few years ago, CIBC removed the restrictive text from its terms and conditions. We can only assume the transition came to acknowledge the fact that gambling online is not illegal in Canada. It is fully legal in Ontario and exists in a gray area in ROC. However, there is no law in ROC that forbids bank-level funding of casinos, similar to UIGEA in the USA. In 2025, such payments are widely acceptable in Canada. But there’s more than one way to use a CIBC bank account if you decide to use it for online gambling payments.
Disclaimer:
All bank names, including CIBC, associated brands, and trademarks are the property of their respective owners. They are mentioned in this article solely for identification purposes. The banks and brands cited do not endorse this article. This is an independent piece written objectively and without any partnership or affiliation with financial institutions.CIBC does not actively promote or accept gambling transactions. While some online gambling payments may be processed successfully, this depends on factors such as your geographic location, the legality of the merchant, and the bank’s policies, which are subject to change at any time. This article refers exclusively to legitimate deposits made at government-licensed operations or internationally licensed offshore operators. It does not address illegal gambling activities.
The following guide is intended to educate our fellow Canadian iGamers on the many features and functions of CIBC; specifically where iGaming deposits and withdrawals are concerned. You’ll learn a little about the history of Canadian Imperial Bank of Commerce, as well as all the different types of accounts and bank cards the institution offers. And, of course, we’ll study the compatibility of CIBC accounts with Canadian iGaming.
How to Make CIBC Online Deposits
This page is highly inclusive, detailing a range of account features and functions within the CIBC umbrella. If you know exactly what you’re looking for, please use the table of contents below to get you there.
Table of Contents
- Brief History of CIBC– Learn how two much older financial companies came together to form CIBC.
- CIBC Branch Locations– With more than 1,100 branches in Canada, we’ll show you how to find your nearest CIBC.
- CIBC Offerings– Discover the various types credit/debit/prepaid cards CIBC offers.
- Other Ways to Pay w/ CIBC– Find out about alternative ways to pay through CIBC without using a debit card.
- Success of iGaming Payments– Learn about the current success rate of CIBC online gambling payments.
- The Bottom Line– A concise summary of Canadian Imperial Bank of Commerce online gambling opportunities and obstacles.
Canadian Imperial Bank of Commerce – #1 in Mobile
On paper, CIBC only dates back to 1961. In reality, it’s nearly a century older than that. It’s origins date back to May 15, 1867, when William McMaster opened the Canadian Bank of Commerce (CBC) in Toronto. By 1874, its reach had spread across two dozen branches. The next year, the Imperial Bank of Canada (IBC) opened its doors in Toronto, as well. Through further expansion and acquisitions, CBC grew to over 700 branches in the 1920s, including a branch in the Yukon when gold was struck in 1896.
A few more decades of fierce competition occurred between CBC and IBC until 1960, when merger talks first began between executives. A deal was struck, and on June 1, 1961, the two merged to form Canadian Imperial Bank of Commerce. The new CIBC instantly became the largest bank in all of Canada. In 1998, CIBC almost joined forces with Toronto Dominion (TD Bank), but the merge was blocked by Canada’s Minister of Finance.
Fast forward to present day, and CIBC ranks #5 among the nation’s largest banks. In 2021, the CIBC Mobile Banking App was ranked #1 in Customer Satisfaction by J.D. Power. It’s also known for its Global Money Transfer system, wherein members can send money to over 120 countries with no transfer fee.
CIBC Branch Banking Locations Across Canada
CIBC proudly hosts more than 1,100 locations, as well as one of the largest ATM networks in the country. The institution provides you with a variety of ways to find a branch. Utilizing the CIBC Branch Locator, you can search Locations Near Me, input an Address or Postal Code, search by Transit Number, or see a list of all Branches by Province.
CIBC Menu of Payment Products
CIBC Debit Cards
Canadian Imperial Bank of Commerce provides all chequing account holders with a CIBC Advantage Debit Card, free of charge. CIBC debit cards carry the VISA and Interac logos. As a Visa card, you know it’s accepted all over the world – internet included – anywhere you see the VISA logo.
As an Interac card, you can rest assured your payments are ultra fast and incredibly secure. Interac Debit offers the convenience of contactless payments in stores all over Canada. Being a debit card, you can use it worldwide, never worrying about potential overdraft fees. Plus, it comes with a variety of rewards and perks, like students discounts, cash back at various retailers, and savings of 10 cents per litre of gas at participating locations.
Prepaid Cards
CIBC prepaid Visa cards are the perfect way to shop securely, online or in person, anywhere in the world. There are two kinds – CIBC Smart Prepaid Visa and CIBC Smart Prepaid Travel Visa. the difference is apparent in the titles. One is best for use in Canada, and the other is best for international travelers.
The cost of a CIBC Prepaid Visa is CA$5.95, or US$4.50, depending on the currency of your CIBC account. You’ll incur a 2.5% exchange rate on all purchases that aren’t made in the same currency as the card was preloaded. You can apply for a Travel Visa in 4 currencies (GBP, EUR, MXN and USD), thus avoiding currency exchange fees.
You can view the complete fee schedule, including ATM withdrawals and card replacement fees, as well as minimum, maximum and daily usage limitations, here: CIBC Prepaid VISA
Using CIBC Debit Card (Visa Debit)
- Steps:
- Log in to your online casino account.
- Navigate to the cashier or deposit section.
- Select “Visa Debit” as your payment method.
- Enter your card details and deposit amount.
- Confirm the transaction.
- Pros: Quick and widely accepted.
- Cons: Withdrawals are not supported via debit cards.
Other Ways to Deposit & Withdrawal with CIBC
Debit cards and direct transfers are not the only way to get money in and out of an online gambling account. CIBC provides customers with a variety of online banking methods; some of which are just as secure and very cost effective, if not free. Some popular options supported by many of today’s top Canadian online casinos, include Interac, iDebit and InstaDebit.
Interac
Interac 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.
Using CIBC Interac eTransfer
- Steps:
- Choose “Interac eTransfer” at the casino’s payment page.
- Log in to your CIBC online banking account or mobile app.
- Enter the recipient’s email address provided by the casino.
- Confirm the transfer.
- Pros: Secure and fast; supports withdrawals at some casinos.
- Cons: Small transaction fees may apply.
It is worth noting that CIBC is now compatible with Loonio, an Interac-branded deposit method tailored for iGaming and available to Canadians. We highly recommend using Interac through Loonio for faster deposits and withdrawals
iDebit
Similar 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.
Using CIBC iDebit
- Steps:
- Select “iDebit” as your deposit method at the casino.
- Log in using your CIBC online banking credentials.
- Approve the transaction directly from your account.
- Pros: No registration required; highly secure.
- Cons: Limited to Canadian-facing casinos.
InstaDebit
InstaDebit 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.
CIBC InstaDebit
- Steps:
- Register an InstaDebit account linked to your CIBC bank account.
- Select “InstaDebit” at checkout and log in to your InstaDebit account.
- Confirm the payment.
- Pros: Supports both deposits and withdrawals.
- Cons: Requires account setup.
Can You Use eCheck for Deposits at CIBC?
CIBC does not offer a dedicated eCheck feature for online gambling deposits in Canada. While it provides business-oriented solutions like Electronic Funds Transfer (EFT) and Automated Clearing House (ACH), these options are not adapted to iGaming transactions. However, CIBC offers other practical alternatives for personal users, such as eDeposit, ePay, ePay Express.
- eDeposit: This feature allows you to deposit personal or business checks digitally using the CIBC Mobile Banking app. Simply take a picture of the front and back of the check with your phone’s camera, and you’ll receive immediate confirmation.
- ePay and ePay Express: These services enable ACH payments from checking or savings accounts at a bank or credit union. While primarily designed for business use, they can be used for direct transfers to merchants.
Success Rate of Online Gambling with CIBC
CIBC does not explicitly restrict online gambling transactions the way most of Canada’s Big Five Banks do. An update to its accountholder agreement in June 2022 added relative language on the topic, but as with previous terms, applies only to debit card payments.
There are now two notations in the bank’s account holders user agreements that you should be aware of:
| CIBC Personal Deposit Account Agreements and Disclosures 7. Provisions for CIBC Advantage Debit Card Onlyg) Restricted Transactions: Your CIBC Advantage Debit Card cannot be used to receive credits for online gambling transactions, wire transfers, money transfers or gains/dividends from investment instruments. |
| Eligible Visa Debit Purchases: …“Cash-Like Transactions” are not considered to be an Eligible Visa Debit purchase; a “Cash-Like Transaction” refers to a transaction involving the purchase of items directly convertible into cash. Examples include casino gambling chips or credits, money orders, wire transfers, and travellers’ cheques. We reserve the right to determine if a Visa debit purchase is an Eligible Visa Debit Purchase. |
As it relates to online gambling, all this means is that you may experience trouble using your Debit card for online gambling purposes. CIBC debit card deposits may be declined, at the discretion of CIBC. the rate of rejection is low, and does not apply to gambling sites licensed in Canada. Withdrawals to your debit card are prohibited.
If you do find your debit card payment has been rejected, or you’re looking for an alternative way to withdrawal money to your bank, please see the following section.
Comparison of Payment Methods for Online Gambling with CIBC
| Payment Method | Deposit Support | Withdrawal Support | Best For | Notes |
|---|---|---|---|---|
| Interac e-Transfer | Yes | Yes (some casinos) | Fast and secure transfers | Widely accepted by Canadian casinos. |
| Loonio | Yes | Yes | iGaming-specific Interac deposits | A specialized Interac-branded service for faster deposits and withdrawals. |
| iDebit | Yes | Yes | Direct bank-to-bank transfers | No registration required; highly secure. |
| InstaDebit | Yes | Yes | Offshore transactions | Requires account setup but supports both deposits and withdrawals. |
| CIBC Credit Cards | Yes | No | Larger deposits | May incur cash advance fees. |
| CIBC Debit Cards (Visa Debit) | Yes (limited) | No | Quick deposits | Withdrawals not supported; may face occasional declines. |
This table provides a quick overview of the most common payment methods available to CIBC account holders for online gambling. Interac e-Transfer, Loonio, iDebit, and InstaDebit are the most versatile options, supporting both deposits and withdrawals at many Canadian-facing online casinos.
The Bottom Line
CIBC sits quietly atop the totem pole of best Canadian banks for iGamers. CIBC online gambling payments have a high success rate; something most of their competitors refuse to offer their members, despite the general legality surrounding internet gambling in Canada. Anyone with a viable income can open an account in a matter of minutes, with access to one of the nation’s highest rated mobile banking apps.
While it does not provide a dedicated eCheck feature, CIBC supports several practical alternatives. For personal iGaming deposits, Interac e-Transfer is the most widely accepted and secure method, offering fast transactions to Canadian online casinos. Additionally, iDebit and InstaDebit are excellent choices for users seeking payment options similar to eCheck. As they provide direct bank-to-bank transfers with added security and support both deposits and withdrawals.
With so many viable ways to pay through your CIBC account, you should have no trouble finding a secure payment option at any reputable online casino, sportsbook or poker room that accepts Canadian players. We personally give CIBC our highest recommendation.
