How to Pay for Online Gambling with RBC Bank in 2023

Table of Contents

• Brief History of RBC – A quick look back at how RBC’s financial services have progressed over the last 150+ years.
• RBC Branch Locations – Find your local RBC branch out of more than 1,200 locations spanning all provinces and territories of Canada.
• RBC Offerings – Learn about all the multifarious accounts and card services available to members of RBC.
• Success of iGaming Payments – Discover why RBC doesn’t have the best track record for facilitating online gambling payments. 
• Other Ways to Pay w/ RBC – When your RBC Visa online gambling payments aren’t working, these alternative online banking options will.
• The Bottom Line – A concise summary of all the pros and cons surrounding online gambling with Royal Bank of Canada.

Royal Bank of Canada – From ‘Merchants’ to ‘Royal’ Ascension

RBC is the third oldest bank among Canada’s famous Big Five. Its humble beginnings date back to 1864, where a group of financial industrialists opened a commercial bank Halifax, Nova Scotia. Its sole purpose was to help finance fishing and timber industries, which were constantly shipping goods between Canada, Europe and the Caribbean. Aptly named Merchants Bank, it branched out to additional maritime colonies over the next few decades.

It wasn’t until 1901, when Merchants Bank was spreading its wings westward, that it took on the more relevant name, Royal Bank of Canada. Through numerous mergers and acquisitions, the number of RBC branches grew rapidly; not just here in Canada, but internationally, as well. Throughout the late 1800s and early 1900s, RBC was setting branches across every major port city in the Caribbean. They also set up shop in major trading destination like New York City, Paris, and Venezuela. 

Fast forward to 1962 – RBC gained fame as the first Canadian bank to install a computer. You can surely imagine what such technology did for their savings, loans, and investment banking operations, as well as the subsequent launch of insurance products.

Now, 150+ years after its founding, RBC continues to dominate the nation’s finance industry. Their offices span _ branches nearly 1,500 branches worldwide, serving over 17 million customers across 29 countries. Retail Banker International named RBC North American Retail Bank of the Year three years straight (2018-20), and Best Loyalty/Rewards Strategy twice (2019-20).

RBC Branch Locations & ATMs Throughout Canada

With over 1,200 in Canada (and several hundred more worldwide), members can rest assured they’ll always have access to an RBC branch nearby. Sprinkling every provincial destination on the map, and the major cities of every territory, the RBC network is truly impressive. And that’s not to mention the approximately 5,000 ATMs the bank shares.

You can use this handy RBC Branch & ATM Locator Tool to find the nearest one.

List of RBC Accounts Services and Bank Cards

Royal Bank of Canada’s claim to fame is diversification. When it comes to account and card services, RBC has a wider selection of banking and investment opportunities than any Canadian competitor. 

Account Services

While face-to-face accounting is always welcome, you can initialize most RBC services online from any computer or mobile device. The bank offers a fair selection of chequing and savings account options, linking to a free RBC Visa Debit for all members. More impressive is their collection of credit cards for individuals, students and businesses. You’ll find details for each of these services below.

RBC Bank Accounts

From day to day banking, to high interest savings accounts, RBC promotes all the banking essentials at competitive rates. Their range of chequing and savings accounts include the following.

• RBC Day to Daying Banking:
       “The Essentials” ($4.00/mo)
• RBC Advantage Banking:
       “Unlimited Debits & More” ($11.95/mo)
• RBC Signature No Limit Banking:
       “Unlimited Debits & even More” ($15.95/mo)
• RBC VIP Banking:
       “All-Inclusive Banking” ($30.00/mo)

Savings Accounts

• RBC High Interest eSavings:
       “Competitive Interest” (IR up to 1.55%)
• RBC NOMI Find & Save:
       “Automatic Savings” (IR 0.05%)
• RBC Day to Day Savings:
       “Everyday Savings” (IR 0.005-0.01%)
• RBC U.S. High Interest eSavings:
       “U.S. Dollars” (IR up to 0.05%)

Credit Cards

RBC offers a vast selection of credit cards. Each is designed to suit different types of people and budgets. They come with a range of rewards, geared towards cash back, international travel, low interest rates and more. Below is an overview of all credit cards on the RBC menu.

RBC Debit Cards

Every RBC chequing account comes with an optional Interac Flash-enabled debit card and Virtual Visa, at no cost to you. Interac Flash debit cards are incredibly versatile, capable of being used online, with Mobile Pay, or in person, via swipe or contactless tap-to-pay technology. Virtual Visa debit cards are just that – virtual. Because there is no physical card to tap or swipe, they are designed for digital purchases only (e.g. online, Mobile Pay) 

Prepaid Cards

RBC offers its members a variety of Visa-branded prepaid cards, gift cards and eGift cards. What’s the difference? Simply put, a prepaid card can be reloaded; a gift/eGift card cannot. which you you choose should depend on your needs, as it will effect the overall fee schedule. A gift card, for example, has a base fee of $3.95, but no additional usage fees and no expiration date. A prepaid card is more like a debit card, with an expiration date, except that it’s only linked to the funds you give it (as opposed to your bank account).

Please refer to the RBC website for additional details:

• RBC Visa Gift Cards
• RBC Visa Commercial Prepaid Cards

RBC Online Gambling Success Rate in 2023

The Royal Bank of Canada isn’t exactly open to the concept of international online gambling by its members. In fact, the financial institution amended all of its member agreements several years back to prevent iGaming payments to international websites; or at least, to give them the right to decline facilitation of such payments.

Alternative Ways to Deposit & Withdrawal with RBC

RBC clients can still move money in and out of online casinos, sportsbooks and other gambling sites, direct from their chequing account. EFT and bank card purchases are likely to be declined, but RBC utilizes Canada’s exclusive network financing system, Interac. this makes it possible to deposit with an RBC account at any online gambling site that promotes Interac Online and/or Interac E-Transfer deposits.

Interac

Interac is the home-grown pride and joy of Canada’s Big Five Banks. Collectively, they developed the Interac network in 1984 to facilitate expedient transfers between one another. Today, it is the system that powers over 80% of the country’s digital transactions.

When you use Interac Online or Interac eTransfer services to deposit or withdrawal, RBC won’t see where that money is going or coming from. It works because, if the bank doesn’t identify a payment for gambling purposes, it has no reason to reject it. 

Most of today’s reputable, Canadian-facing international gambling operators accept Interac Online and/or Inter eTransfer deposits. Some, but not all, will also promote Interac for withdrawals. Simply look for the Interac, Interac Online, or Interac eTransfer logo at your favorite online casino.

The Bottom Line

At a glance, RBC may not seem like a great choice for Canada’s online gambling community, but there are ways to get around the RBC Visa gambling restrictions. No, it’s not the best option, but there’s no reason to go opening an account with a different Canadian bank, either. Simply use an RBC bank card (credit, debit, or prepaid) to fund an alternative method, or look for the Interac logo at your favorite iGaming website.