Topic: Canadian bank not accepting money ( cash ) transfers form bitcoin exchanges ? (Read 157 times)

So you have two ways to make use of your cryptocurrency. Let me describe below,

1. P2P trade - Use websites like Paxful, Bisq or localbitcoins to trade directly with another person. That's a good way to convert your cryptos to spendable cash. A bank wouldn't identify it as a crypto transaction because the credit would come from an individual's account.

2. Bitpay or Polispay card: Make use of the crypto debit card from these suppliers. I am sure Canada is available within their serviceable countries. But just check their FAQ before ordering a card from them. That's the best way because it effectively bypasses your banking system and you get to spend cryptos like you do with your bank debit cards.

Hope this helps!

Thanks for all the good advise . Here in Alberta ( western Canada ) there are no BC, ATM's that give out cash. All the exchanges I contacted are unable to give me cash . Somewhere I seem to be missing something ...

 Coinify ,a BC exchange said they can issue a prepaid visa card, but between the exchange fee ,and visa's fee, it would be eating into my gains.
 
Oh, btw, being Canadian, I only googled Canadian banks , but as I searched I saw it mentioned that Bank of America has the same policy . I didn't look for US banks ,but maybe you folks in US should have a look .  Everyone having BC or thinking of buying any maybe should check how you will cash out when that day comes .
 
For me it happened a few days ago when I took a look at a paper wallet I had put away in Feb 2018 .   
Once I decided to cash out ,and found that I was being blocked at every turn ,mostly by banking regulations ,I started becoming obsessed in finding how I could turn BC into cash. 2 full days and nights later, the more I was being blocked ,the more my near panic became.  I felt that ,what if I was desperate to get cash and this happened, what if there was a huge drop in BC ,and everyone was trying to sell ??
I finally just swapped my paper wallet to a person who googled the public code and that was it. We both saved on exchange fees .  I didn't feel at risk physically because the guy was a friend of a friend, but otherwise it could have been a bit scary .
I'm going to be looking to buy more BC if the bottom falls out , ( sorry folks ) so I'll keep looking for ways to turn BC into cash , but this time without the sense of desperation.
   
Just a foot note .... As I went to site ,after site which advertised buy, and sell bit coin ,I found that the emphasis was only on buy, not many sites mention how to sell, except to trade .
Another thing that was hindering me from even joining an exchange was their being under the regulations of KYC ,and FINTRAC . I am old fashioned and most sites assumed I have a smart phone, which i don't . I have my old pc. and 12 year old blackberry . for those reasons getting verified was hindering me , and adding to my frustration . What a relief to pocket 24 $100 bills ,and head for home to get some sleep .     
   

I am not living in Canada but I see some alternative options for you to sell your bitcoin to direct fiat.

Selling via Bitcoin ATM's: this allows you to convert your bitcoin into hard cash. However, it could be very difficult to find a working bitcoin ATM nearby in your place and will charge you a high transaction fee. You can use the bitcoin atm radar to scan some neaby machines in your area.
[1] https://coinatmradar.com/country/38/bitcoin-atm-canada/

Using P2P platform: Alternatively, you can also use P2P platform to sell your BTC to CAD without having to undergo KYC/AML verification process. I am just not sure what are the other payment method available in your country aside from using banks.
[2] https://bisq.network/
[3] https://bisq.network/faq/#supported-payment-methods

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Moreover, I have found an alarming articles/thread with regards to the risk of potentials loss when using e-transfers from localbitcoin, maybe you might see this as a useful info to decide which method you are going to.
[4] https://www.reddit.com/r/BitcoinCA/comments/d48jat/psa_canadian_localbitcoinscom_users_etransfer/

Cheers from someone from the Orient, mine never had any problems too.

I was going to say the same thing, P2P is the safest because you are trading with people that have the same interest. There are some here in my country that created a Facebook groups that sells their bitcoin without using a middle man, there was one guy that was selling 2 bitcoin back in 2019 although the asking price is a little lower than what you would sell it in the market.

For us farther down here somewhere in the Orient, it is not much of a problem.

Anyway, why don't you try to use P2P exchanges? Those ones which do not require KYC. Localcryptos, for example, has several Bitcoin buyers from Canada. You could sell your Bitcoin to anyone of them depending on your preferred mode of payment. You could choose to have your payment sent via PayPal, e-Transfer, cash in the mail, cash meet-up, and so on.

Um you can check payeer neteller or Crypto.com order MasterCard on there deposit some amount of bitcoin and you can withdraw/do transaction at any ATM in the world that accept MasterCard Logo

I would not trade my Bitcoin for ever more worthless CAD.  It's a long term investment.  In 20 years maybe.  By that time I might fly to Abu Dhabi or the Cayman Islands and open an account there and convert to a few trillion CAD.

So they're proving once again that your money doesn't belong to you and that they decide what you will be allowed to buy or not.

This should be a warning to all of you Canadians that one day you may need your money to make a purchase and you will not be allowed to withdraw because too many people are withdrawing at the same time or the bank doesn't want you to buy other cars than electric ones all of a sudden, or you aren't vaccinated so you will not get the money until you take a shot first, or whatever.

Try exchanging in person, using a DEX that accepts your local currency, maybe changing a bank would help? If not, use an ATM to get cash and then send money to an exchange at a post office.
Ask around. maybe there are people trading face to face in your area. Just don't go alone and do it in a public place.

I'm a  Canadian ,and was trying to get cash for my partial bit coin. I was thinking since the BC. exchanges were in other cities ,and I didn't plan on driving there , I googled " which Canadian banks deal with bit coin exchanges"
This is what I found.

  Canadian banks are not taking to the cryptocurrency craze. Just days ago, BMO Financial Group (the Bank of Montreal) announced that it would ban its credit and debit card customers from participating in cryptocurrency purchases with their cards. This makes Bank of Montreal the latest Canadian financial institution to make a move against the digital currency trend, according to decentralpost.com. Canadian investors looking to buy cryptocurrencies are increasingly forced to look to a limited range of options to facilitate their purchases.

Major Canadian Banks Ban Transactions
Bank of Montreal is only the most recent major Canadian bank to issue a ban for its customers. Last month, Toronto Dominion (TD Bank) blocked its customers from buying digital currencies. Recently, Royal Bank of Canada (RBC), the country's second-largest bank by assets, determined that it would allow cryptocurrency transactions only "in limited circumstances," although it did not ban digital currency purchases for its users outright.

I also found where most major credit cards block transactions to bit coin exchanges. MNBA credit cards are blocked completely I read. 
If a person goes to sell bitcoin and hopes to get cash from his investment ,how is he to get cash ? I'm only talking about Canada .
I also  understand   Bank of  America has the same policy .
several years ago I sold several bit coin , but there was no KYC or Fintrac to contend with .

How do all you folks convert your bit coin into spendable cash ?