Online Banking Options in Canada

The Canadian dollar is the primary currency in Canada and it is the fifth most held reserve currency in the world, behind the American dollar,the euro, the yen and the pound sterling. It is popular with central banks because of od Canada’s relative economic soundness and the stability of the country’s legal and politic systems. In the early 1660s, currency was first introduced by the French colonists, which brought coins to the area. In 1821 the first banknotes were issued in Canadian territory by the Montreal Bank and soon became the primary payment method. Being a British colony, the Province of Canada began to issue a currency called the Canadian pound in 1841 and after it was replaced with the Canadian dollar. The Bank of Canada was established in 1934 with the first issue of banknotes a year later. The first Loonie coin was presented in 1987 and the two-dollar coin (frequently called the Toonie) which came out in 1996. In 2011, the Central Bank of Canada issued a new series of banknotes printed on a polymer material.

Types of Online Banking Services

Online banking services can also be referred as web banking is way of accessing an electronic payment system that allows customers of a bank or other financial institution to conduct a range of transactions through the financial institution’s website. Some banks operate as a so called direct bank (or virtual bank), where they solely rely on online services that the bank offers.

Account management is an online banking service that allows you to log in through their website and view your account information. There can be several passwords or log-ins codes you will have to put to gain access to your account. You can check your current balance and balance history. E-statement is an online banking services that allows you electronic statements, which are like your regular bank statement available online. E-statements are being guarded by electronic safeguards and the chances of identity thievery are smaller than paper statement sent through the mail – it’s recommended. Deposits and Payments is a type of online banking services that allows you to provide a routing number and money will be deposited to your account automatically, such as automatically depositing paychecks. This is done online and you can also set up automatic bills payments.

Mobile Banking Applications

Online mobile banking services are provided by a bank or different financial institution that allows their customers to conduct transactions using a mobile device or tablet. Most banks have mobile applications that allow their users to take advantage of online banking on their phones. Mobile banking makes online banking even easier and more convenient to check your account, mostly when you’re shopping. Its popularity over the past few years has grown and it’s the most reliable payment method in well-established legal online casinos as well – playing mobile casino games and getting casino bonuses. New players can use these mobile banking applications using the welcome casino bonus and win some real money. These mobile bank applications provide you to play in all kinds of legal online casinos and mobile casino games and you can get all kinds of casino bonuses. The best part of the online casinos is that you can earn some real money with no trouble.

Comparison Between Mobile and Online Banking

The main difference between online internet banking and mobile banking is that mobile banking can be accessed through an application on your phone, while internet banking is accessed through a browser, mostly on a computer or a laptop. Although online banking services has been around for quite a few years in comparison to mobile banking, many people think they refer to the same thing –both of them are quite similar, but there are some distinct differences between them.

  • Internet banking is a banking transaction carried out over the internet via a respective bank or financial institution’s web site, under a personal profile with a personal computer. On the other hand, mobile banking is a service that enables the customer to perform banking transactions using a cell phone.
  • Mobile banking can be performed with the help of mobile telecommunication devices¬¬ – smartphones or tablets, while for conducting internet banking transactions you need to use devices like a computer or laptop.
  • The number of functions performed by the mobile banking system is limited, but internet banking provides many more services to its customers.

Best Online Banks in Canada

There are many differences between the online banks and traditional banks, but the advantages are: you get security boxes for safety deposit, in person advice available 24/7, as also counter service.

Here are the top online banks in Canada:

  1. Tangerine – one of the top Canadian online banks offering the finest services with zero fees. They’ve earned a reputation for excellent customer service, winning awards year after year. Their 1.10% interest rate for savings accounts is respectable.
  2. Scotia Online – one of the best customer digital bank in Canada and online banking services. The average service fee cost of between $3.95 and $30.95 – accounts with a minimum balance. Student accounts are free and seniors get a discount.
  3. BMO Online – In this bank you will get standard set and you can earn up to 1.6% interest. They have plenty discounts for students, seniors and armed force.