3 largest banks in Canada and credit card policy for virtual currency transactions

Recently, many news sites reported on a change in Toronto-Dominion (TD) bank policy in Canada, about stopping customers from using credit ...

Recently, many news sites reported on a change in Toronto-Dominion (TD) bank policy in Canada, about stopping customers from using credit cards for virtual currency trading. However, that is not the whole story of the banks here, some banks outside TD are still "friendly" with virtual currency.

1. Toronto-Dominion Bank (TD).

Toronto-Dominion Bank (TD), Canada's largest bank by assets last week, announced its policy of not applying the bank's credit cards to its customers. virtual.
By the time of the news, Toronto-Dominion was the first major bank to issue a credit ban for virtual currency transactions in Canada. A spokesman for the bank said TD's views through email content:

At TD, we regularly review policies and security measures aimed at serving and protecting clients.

The move by Toronto-Dominion Bank is part of a wave of stops offering credit card services for global virtual currency transactions. The wave began in the United States when a number of major banks in the country announced a policy to stop providing credit to customers buying virtual currency.

Following the likes of JP Morgan Chase, Bank of America, Citigroup, UK's largest bank, Lloyds Banking Group, Virgin Money International has operations in Australia, South Africa, and the United Kingdom. Policy to stop providing credit cards to customers buying virtual currency.
While TD Bank has changed its "unfriendly" policy to credit cards, some other major banks in Canada still allow customers to continue using their credit cards for virtual currency transactions.

2. Royal Bank of Canada (RBC).

The country's second largest bank allows customers to use both debit and credit cards for virtual currency transactions. However, RBC warns its customers about the risk of market volatility, which may cause them to over-limit their ability to pay. A representative of the bank said via email:

We are looking at the rules, risks and external factors that affect the development of virtual currency. We will continue to review policies to best support our customers.

3. Bank of Nova Scotia (Scotiabank).

A spokesman for the bank said that information on the Nova Scotia bank:

We understand that the rules and risk factors associated with virtual currency are important. We are thoroughly scrutinizing the policies for virtual currency transactions.

Currently, Canada's third largest bank is considering virtual currency trading policies. However, the Bank of Nova Scotia has not changed the policy of customer friendly virtual currency transactions.