This blog was written by Youth Information and Referral Specialist Alexandra Stancato.
For newcomers to Canada, picking the right bank is an important first step to establishing your life in a new country. Ever-increasing in popularity, online banking is a great way to stay on top of your finances, while saving time and money. Most banks in Canada offer online banking services that allow you to pay bills, transfer money and check account transactions from your computer or smartphone. If you still aren’t convinced, here 4 major benefits of using online banking:
No More Standing in Lines
One of my biggest pet peeves when it comes to visiting my local Canadian bank is having to wait in long lineups. However, online banking makes it easy for you to transfer money between accounts, check your account balance and view account statements without visiting a branch in person. In addition, my favourite feature is the ability to deposit cheques into your account by simply taking a photo of them.
Pay Your Bills Online
Many online banking systems come equipped with a feature that allows you to pay your bills online. This includes both credit card bills and other household bills such as payments to your telephone or internet provider. If you’re forgetful like me, you’ll love that online banking allows you to set up recurring bill payments so that you never miss a due date.
Access Your Account at all Times
In Canada, bank locations are typically open from 9:00 am to 5:00 pm daily. Although there are some exceptions, this can make it difficult to find the time during the week to visit your nearest bank. With online banking, you have access to your account 24/7. This makes it easy for even the busiest of us to keep up-to-date with our banking needs and habits.
Set a Budget and Stick to It
Many online banking tools can help with setting up a budget and sticking to it. This includes creating savings goals and keeping track of your progress. In addition, certain banks even allow you to set up budget alerts that notify your cellphone when you go over your budget or have a low balance. This tool is amazing if you are saving up for something special, or just want to learn how to better manage your money!
Overall, online banking can be a very helpful tool for newcomers. Immigrating to Canada can be a very busy time, and online banking allows you to keep track of your purchases, bills and balance from both your smartphone and computer. Of course, there will always be the occasional technical glitch, but if you want to make managing your finances easier, online banking is the way to go. As you research which banking institution to use upon arrival in Canada, make sure to ask about their online banking platform.