There are currently two payment methods provided by Vogogo, Inc. (a Canadian Money Services Business) to Coinbase customers:
- Interac: Instant secure payments directly from your bank account.
- EFT: Direct withdrawals from your bank available in four business days.
Buying or selling bitcoin costs 1% of your purchase, plus $1 to withdraw or deposit to your bank.
EFT – Buy bitcoin using your bank account
You can use EFT (electronic fund transfer) to add funds to your CAD wallet, or to purchase bitcoin via direct withdrawal. You only need to add your bank account once for payments using EFT.
Select ‘Settings’ under your name in the top right corner, then choose ‘Payment Methods’ on the next screen.
From the payment methods page select ‘Add a Bank Account’:
Then enter banking information:
This will initiate a small deposit to your bank account (which may be labelled as Vogogo Inc, MSP in the description). Once the deposit has reached your account (allow 1-2 business days), you can verify the amount by selecting the ‘Verify’ button for your bank account on the Payment Methods page. Enter the deposit amount into the verification window:
Your bank account is now verified and you are ready start buying and selling bitcoin.
Interac Online – Instantly deposit CAD into your Coinbase wallet
To buy bitcoin instantly you can use Interac to deposit CAD to your Coinbase wallet. Your bank account must support this payment method. If you are unsure, please contact your bank to confirm Interac Online support.
From your Coinbase account, select your CAD wallet and choose ‘Deposit’. Select ‘Interac’ as your funding method. You will be prompted to securely confirm your bank account details and to authorize the deposit amount.
When you have completed the Interac confirmation step, the funds will be available instantly in your Coinbase wallet. Now you can view the ‘Buy / Sell’ menu and buy bitcoin using your Coinbase CAD wallet.
Note: Withdrawing from your CAD wallet to your bank account requires EFT, and cannot be done via Interac.
Coinbase has partnered with Canadian payments processor Vogogo to provide secure and fast payments to your account.
Financial Institutions Supporting Interac Online
- Bank of Montreal
- Envision Financial
- Libro Credit Union
- Royal Bank
- Scotia Bank
- Windsor Family Credit Union
Note: Even if you have an Interac debit card from one of these financial institutions, it may not support Interac Online payments. If your debit card has a VISA Debit logo on it, it likely will not work with Interac Online.
