How Canadians Get Online for Banking

  • 4 min read

With a secure website and a few minutes of your time, the best Canadian banks provide you with the opportunity to take care of all your banking needs online. Their online banking platforms can help you pay bills, manage your accounts, apply for additional credit features, and check your statement histories. Here’s a look at the five best online banking platforms available in Canada today:

Royal Bank of Canada

RBC online banking lets you easily view your account balances, transfer money, and even regularly pay your utility bills online through one easy-to-use platform. Various financial tools and planning calculators can help you take control of your budget, invest wisely, and save for a trip to a warmer place on a cold, rainy day.

A cool feature is that you can send money fast to anyone with an e-mail address and a Canadian bank account and even access your account online with your smartphone with the RBC mobile app.

RBC offers all the basic facilities as the other banks do, as noted above, but there’s much more.  For example “myFinanceTracker” is RBC’s online money management tool that claims to be a powerful yet simple-to-use tool that automatically tracks spending, organizes financial data and calculates key information.

In addition, through “RBC Secure CloudTM” customers can send money to their Facebook friends and they will receive notification through Facebook Messenger.  Online banking is available on PC or through a tablet or their Smartphone App.

CIBC online banking gives you the power of an in-person visit to the teller from the chair you’re sitting in right now. In addition to the traditional functions of online banking, you can also manage your account by changing your primary address, reorder cheques if needed, view images of cheques that have cleared through your account, and even make a stop payment request. You can even set up recurring transfers!

CIBC Online Banking offers the usual capabilities – bill payments, viewing e-bills, making INTERAC transfers, account management and transaction review. The bank also offers “CIBC CreditSmart”, a personal budgeting solution that gives customers the tools and information to make smart credit decisions.

The CIBC Mobile Banking App features the groundbreaking CIBC eDepositTM facility which allows customers to deposit cheques remotely using the camera of a mobile device.

In addition, through “RBC Secure CloudTM” customers can send money to their Facebook friends and they will receive notification through Facebook Messenger.  Online banking is available on PC or through a tablet or their Smartphone App.

TD

Did you know that online statements that are presented in an online banking platform are just as legally binding as a paper document?

TD helps you be more environmentally conscious by providing all of your statements online and they are available for instant review if you need to balance your accounts. Receive e-bills through the TD online banking platform, schedule next day payments until 9:59pm ET, and get e-mails with sound financial advice to help you better manage your budget.

Branded as “EasyWeb”, TD’s offering is described as “the comfortable way to bank, making everyday banking faster and easier”. Typical services are offered, including viewing and/or downloading transactions, paying bills, transferring money or changing current account information.

It’s also possible to make online donations.  The TD App is freely available from the Apple Store, GooglePlay or Blackberry World.

Scotiabank

Scotiabank ups the ante with their online banking platform, compensating account holders who have their information compromised and suffer a financial loss because of it.

With helpful information about identity theft scams, phishing through e-mail, and other online fraud that criminals attempt to create every day, Scotiabank is a leader in making sure you can access all of your account information when you need it in a safe and secure manner.

As well as the facility to conduct basic activities such as viewing transactions, transferring money across accounts and making bill or INTERAC payments, “Scotia Online” also emphasises the option to open investment accounts rather than the usual basic GIC.

Bank of Montreal

The most unique feature of BMO’s online banking offering is BMO MoneyLogicTM which claims to help customers track their spending habits, understand their spending patterns, set budgets and savings goals and track progress against them.  A BMO Mobile App is also available.

You’ll have full access to your statements, manage your accounts, and pay your bills so that your money can always be effectively managed.

In addition, BMO offers account holders a free download of Trusteer Rapport software to help protect computers against online fraud activities.

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Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.