CIBC Bank Account for Online Gambling Payments 2023
Reliability and Success Rate of CIBC Online Gambling Payments Canada
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 the best 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 that authorize online gambling in 2023; (the other being Bank of Montreal). That wasn’t always the case. However, a few years back, 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. Now, such payments are widely acceptable. But there’s more than one way to use a CIBC bank account for online gambling payments.
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 teach you how easy it is to use your CIBC account for online casinos, sportsbooks and more.
JackpotCity.com: CA Deposits Accepted
How to Make CIBC Online Gambling Payments
Table of Contents |
|
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: Alberta – British Columbia – Manitoba – Newfoundland & Labrador – New Brunswick – Nova Scotia Northwest Territory – Nunavut – Ontario – Prince Edward Island – Quebec – Saskatchewan – Yukon |
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. | |
JackpotCity.com: CA Deposits Accepted
Menu of CIBC Accounts and Bank Cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIBC banking services come with a lot of perks, like easy sign-up and a great mobile app. They offer a variety of chequing accounts, savings accounts, money market and investment accounts, loan services, and of course a wide selection of bank cards (credit, debit, and prepaid). You’ll learn more about each of these below. Account ServicesYou can sign up for most account services online, over the phone, or in person at any CIBC branch. There are a variety of account types available, designed to suit all of your financial needs.
CIBC Bank AccountsThe bank offers regular promotions to attract new members, as well as special rates for youths, students, seniors, foreign workers and new Canadian residents.
Savings Accounts
Credit CardsCIBC presents members with a plethora of credit card options, featuring a range of rewards and benefits to suit every style and budget. Whether you’re a frequent traveler, or a cash back connoisseur, there’s a card to suit your needs. Most CIBC cards are designated for personal use, unless otherwise noted (for Student or Business). Please see the CIBC Credit Cards page for additional details.
CIBC Debit Cards
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 CardsCIBC 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 |
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:
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. |
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. 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. |
CA Deposits Accepted at Jackpot City
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 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. Whatever your preferred method of payment – credit card, debit card, EFT, wire transfer, Interac, iDebit, or InstaDebit – CIBC has it. 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. |
#1 Canadian-Friendly Casino
Jackpotcity.com is our editorial pick for your gaming needs.
Currently offering an entire suite of casino games, as well as a wide range of Canadian deposit options, JackPotCity truly offers world-class gaming.
JackpotCity.com
Related posts:






About the Author
Adalene Lucas: is our jack of all trades here at DBC. She is a skilled coder, gambler, writer and webmaster. She lives in Manitoba where she enjoys the lush landscapes and camping near Tulabi Falls. Nature gives her inspiration to write. When she's not immersed in nature, her favorite words are "game theory". She lives with her husband and their two Labradors, Kophy and Whisper.