For newcomers, settlement is a multi-step process that involves navigating transportation options, getting a cell phone, finding a home, and countless other projects that vary in length and complexity. Access to secure online banking can help simplify the settlement process, allowing for easier and quicker expense management.
According to the Canadian Bankers Association, the use of banking apps has surged dramatically, increasing from 9 percent in 2014 to 30 percent in 2023. That’s because online banking is safer and easier to use than ever before.
This guide will outline online banking for newcomers to Canada, and will be broken down into the following sections:
- What is Online Banking?
- How to Use Online Banking
- Why Online Banking is Safe and Easy to Use
What is Online Banking?
Online banking is a service that allows you to access your bank accounts through a desktop, laptop, or mobile phone. This means you can manage your finances from the comfort of your home or while on the go, eliminating the need to visit a physical branch for many banking tasks.
Benefits of Digital Banking for Newcomers
There are many benefits of digital banking for newcomers, but here are few of the main ones.
- Convenience: Access banking services anytime and anywhere through mobile apps and online platforms. No need to visit physical bank branches for everyday banking tasks.
- Confidence in Financial Management: Digital banking tools empower newcomers by providing easy access to features like budgeting and spending trackers. This support helps you feel more in control of your finances as you navigate your new environment.
- Real-Time Management: Digital banking provides instant access to your account balances and transaction history. This immediacy allows you to track your spending and manage your finances effectively, helping you stay organized and focused on your financial goals.
Whether you’re planning to move or recently moved to Canada, Scotiabank can help navigate the process with banking packages that help newcomers succeed financially. With StartRightTM get one free year of the Preferred Package chequing account, unlimited free international money transfers and access to credit cards designed for newcomers.1
1 Terms and conditions apply; credit is subject to approval.
Overview of Digital Banking Options in Canada
In Canada, there are several digital banking services available to make managing your finances easier:
- Mobile Banking Apps: These apps allow you to access your accounts, transfer money, and pay bills directly from your smartphone.
- Online Account Management: You can view your account balances, transaction history, and statements from any device with internet access.
- E-Transfers: This service enables you to send and receive money quickly and securely to and from friends and family.
- Mobile Check Deposits: You can deposit checks using your smartphone camera, avoiding the need to visit a bank.
- Online Bill Payments: Set up and manage your bill payments through your bank’s online platform, ensuring you never miss a due date.
How to Get Started With Digital Banking
Getting started with online banking is straightforward. Here’s how you can begin:
Mobile Banking Application
- Download Your Financial Institution’s Mobile Banking App: Go to your bank’s official website or your phone’s app store to find and download the app. Make sure you are downloading the correct application.
- Sign In: Type your username or account number and password to log in. If you’re a first-time user, follow the prompts to create an account.
Mobile Banking Sites
Alternatively, you can use your internet browser on your phone, tablet, or computer to access your bank’s mobile banking website. Simply enter your bank’s web address and sign in with your credentials.
Why Online Banking is Safe and Easy to Use
As with any financial service, safety is a significant concern when it comes to online banking. However, the convenience and flexibility of managing your finances from anywhere make online banking an appealing option. With advancements in technology, online banking is now more secure than ever.
Common Concerns About Online Banking
Many people worry about the potential risks associated with online banking. Common concerns include:
- Identity Theft: The fear of unauthorized access to personal and financial information.
- Fraudulent Transactions: Anxiety over the possibility of losing money due to scams.
- Technical Issues: Concerns about software glitches or outages that might impede access to accounts.
While these concerns are valid, the risk can be mitigated by taking precautions.
Safety Steps You Can Take for Online Banking
To enjoy the advantages of online banking while minimizing risks, consider implementing the following safety practices, as recommended by Canada.ca:
- Never share your personal identification numbers (PIN), passwords, or answers to personal security questions with anyone, including family members. Your banking information is sensitive and should be kept confidential.
- Familiarize yourself with the terms and conditions of your account or online banking agreement. This includes keeping your usernames and passwords secure and updating them regularly.
- Regularly check your accounts for unauthorized transactions. Quick detection can help mitigate potential issues and protect your finances.
- If you notice any unauthorized or suspicious transactions, contact your financial institution immediately. Prompt reporting can prevent further unauthorized access.
- Always sign out and close your internet browser after completing your online banking session to prevent unauthorized access to your accounts.
- Never leave your mobile devices unattended in public spaces, and ensure they are password-protected to enhance security.
- Do not allow your computer or mobile device to remember your password or banking information.
- Be cautious of fraudulent emails or text messages requesting your banking information. Always verify the source before taking any action.
- Avoid using public Wi-Fi or public computers for online banking. If you must, consider using a virtual private network (VPN) for an added layer of security.
- If you must use a public computer, be sure to clear its history and cache when you finish your online banking session to protect your personal information.
In Summary
Online banking offers a valuable resource for newcomers navigating the complexities of settling into a new environment. By understanding what online banking is, how to effectively use it, and the safety measures to adopt, you can manage your finances with confidence and ease. Embracing digital banking tools will not only simplify your financial tasks but also empower you to focus on other essential aspects of your new life.
This article is provided for information purposes only. Any information, data, opinions, views, advice, recommendations or other content included in this article are solely those of the author and not of Scotiabank or its affiliates. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article is subject to change without notice. All third party sources are believed to be accurate and reliable as of the date of publication.