How to buy Crypto with BMO Online Banking
As mentioned above - the best way to buy cryptocurrency as a BMO bank account holder is through a Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulated crypto exchange in Canada. With this method, customers can safely deposit Canadian Dollars via Interac e-Transfer, Credit Card or Bank Wire to securely invest in digital assets.
We recommend Bitbuy Canada who have the proper licensing and offer cheap and fast Canadian dollar deposits to trade over 130 digital assets. You can follow the guide below to get started.
- Sign up to Bitbuy and verify your personal or company account.
- Deposit Canadian Dollars (CAD) via e-Transfer through your BMO online banking account.
- Find the Crypto you want to buy (over 100 cryptocurrencies to select).
- Input the CAD amount you want to invest and execute your trade.
Bank of Montreal Digital Asset Policy
The Bank of Montreal did place a ban on cryptocurrency purchases via debit card or credit card back in 2018. However, since then they have retracted that ban and currently have no adverse policies that would prohibit customers from trading cryptocurrencies from a BMO bank account.
Investors must be sure that they are depositing CAD into FINTRAC regulated exchanges like Bitbuy to avoid the potential of bank freezes however.
About BMO Bank
BMO Bank of Montreal is a Canadian bank that offers a wide range of personal and business banking products and services. You can find BMO branches in every province across Canada.
BMO was founded in 1817, making it one of the oldest banks in Canada. The bank has a long history of serving Canadians and supporting the growth of the Canadian economy.
BMO is a regulated financial institution in Canada and is a member of the Canadian Deposit Insurance Corporation (CDIC). This means that your deposits are protected up to $100,000 per account type. The Bank of Montreal is a safe and reliable choice for your banking needs.