It has been recently reported that one of Canada’s largest banks, the Bank of Montreal, is now blocking transactions that are related to online casino credits. This move is allegedly an attempt to combat money laundering. While it is not clear how this will actually impact players who enjoy gambling online, it is certainly a cause for concern. We will be sure to keep you updated on any new information regarding this story.
What are Canadian bank blocks and how do they work?
Canadian banks are required by law to take measures to prevent money laundering. One of the ways they do this is by blocking credit card transactions that are made with online casinos.
When a Canadian bank blocks a transaction, the customer is not notified until after the fact. This can be very frustrating for customers, as it can leave them in the dark about why their transaction was declined.
There are a few things that customers can do if they believe that their bank has incorrectly blocked a transaction. They can contact their bank directly to ask why the transaction was declined, and they can also try to use another method of payment.
How do online casino credits get blocked by Canadian banks, and why is this happening more often lately?
The process is actually quite simple. When a Canadian bank receives a request for a wire transfer to an online casino, they flag the transaction and then block it. The reasoning behind this is that the banks are required by law to take measures to prevent money laundering, and they view online gambling as a high risk activity for money laundering.
There are a few different ways that Canadian players can get around this issue. One is to use an e-wallet service like PayPal or Skrill, which allows players to fund their online gambling accounts without having to go through their bank. Another option is to use a prepaid Visa or Mastercard, which can be purchased at most convenience stores in Canada.
Is there anything that online casino players can do to avoid their credits from getting blocked by Canadian banks?
The simple answer is: not really. If you’re an online casino player in Canada, the best thing you can do is to be aware of the potential risks and take precautions accordingly.
There have been reports of Canadian banks blocking credit card transactions for online gambling purposes. While it’s difficult to say how widespread this problem is, it’s certainly something that players should be aware of.
If you’re using a credit card to fund your online gambling, it’s important to keep in mind that there’s always a risk that your bank could block the transaction. In most cases, this will only happen if the bank suspects that the transaction is being used for money laundering or other illegal activities.
Are there any other options for Canadians who want to play online casinos, such as using international bank accounts or cryptocurrencies like Bitcoin or Ethereum ?
Yes, there are other options available for Canadians who want to play online casinos. For example, they could use international bank accounts or cryptocurrencies like Bitcoin or Ethereum.
However, it is important to note that these options may not be as safe or secure as using a Canadian bank. Additionally, they may not be accepted by all online casinos. Therefore, it is always best to check with the casino before using any of these alternative methods.
Thank you for reading! We hope this information was helpful. Please feel free to contact us if you have any further questions. Have a great day! Canadian Bank Blocks for Online Casino Credits – Reportedly to Combat Money Laundering.