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The Most Popular Online Banking Platforms in Canada

Online banking is one of the best financial innovations of the 20th century. Despite the huge possibilities it brings, many customers in...

avatar Written by Ajaypal Sharma · 3 min read >
The Most Popular Online Banking Platforms in Canada

Online banking is one of the best financial innovations of the 20th century. Despite the huge possibilities it brings, many customers in the past were still skeptical about subscribing to this service due to their lack of knowledge of the internet and susceptibility to cybercrimes. However, this is no longer the case. Virtual financial transactions through virtual banking have become widespread in Canada and other parts of the world. In fact, it is practically impossible to conduct financial transactions without them.

Most digital financial platforms have fortified themselves with heightened security measures, great website navigation, and impressive service delivery. Today, online banking is acceptable and the standard of financial transactions in many industries, including the online gambling sector. Apart from bank transfers and credit cards like Mastercard, VISA, and others, most gaming platforms now use other payment methods related to virtual banking. Some of them include e-wallets like Skrill, PayPal, and Neteller. There are also digital payment options like Interac and prepaid cards like Paysafecard. These options have made global transactions safer, faster, and more convenient.

According to iGaming expert, Michelle H. Thomas, the advantages of online banking are massive and noticeable in the Canadian online gaming sector. Currently, there are many Interac online casino Canada sites, as well as other platforms, that are fully powered by virtual banking institutions. These platforms make gambling a lot easier and transactions very accessible and seamless.

Besides their easy accessibility, these platforms are convenient and cheaper, whether you’re gambling or conducting business, which has helped boost their popularity in the past decade. This article will discuss the most popular digital finance bodies in Canada.

1. Tangerine

Tangerine has garnered over 2 million users since its establishment in 1997. It’s a strictly-online bank that offers every web-related transaction option. Tangerine stands out from the usual digital platforms through its no-fee policy for your daily transactions, and it also offers mortgages, credit cards, investment options, and savings accounts, even for retirement plans.

Tangerine has earned its place as one of the popular online banking in Canada with top-notch services. Their credit card offers come through Mastercard’s Money-Back credit card and World Elite Card, and none of these cards procure an annual fee, with a fair interest rate of 19.95%. 

It also offers some of the best customer services in Canada, with available teams ready to answer your questions and resolve your problems. Mobile compatibility is a common issue with online financial platforms, and Tangerine offers its users an easily-navigated website. It also has 3,500 ATMs in the country and about 44,000 globally. 

2. Simplii Financial

Simplii is a digital financial platform under the Canadian Imperial Bank of Commerce (CIBC), a corporation that allows online banking at online casinos, local and international. In 2017, CIBC ended PC Financial, a joint venture it managed with Loblaw, a Canadian grocery chain. The termination of PC Financial birthed Simplii Financial, and although the platform had a rocky start, with call center delays, customer complaints, and even a data hack, it has served its customers well since then.

Simplii Financial has a top-notch service structure, from a no-fee chequing account, unlimited transactions, and provision of numerous accounts such as mutual funds, guaranteed investment certificates (GICs), TFSAs, and RRSPs. 

Other advantages of using Simplii Financial include unlimited free Interac e-Transfers, and the availability of more ATMs compared to most online platforms in Canada. Simplii users can access over 3,400 CIBC-branded ATMs in the country. However, despite these benefits, Simplii isn’t available in Quebec.

3. EQ Bank

While EQ runs a strict digital operation, they don’t offer debit cards or ABM access. However, you can use the platform to open a savings account that lets you transfer money and pay your bills while getting a generous interest rate of 1.25% to 2%. You don’t have to pay monthly fees, restrict your balances and limits, and it gives you unlimited transactions.

The Most Popular Online Banking Platforms in Canada

Like most online platforms, EQ has a well-designed, navigable website that makes transactions easier. You can take advantage of EQ’s high-interest rate to save up money for the long and short term. You can link your account to any Big Five of Canada, including the Bank of Montreal, Bank of Nova Scotia, Royal Bank of Canada, CIBC, and Toronto-Dominion Bank. It also offers free Interac e-Transfers and local bank transfers.

4. Neo Financial

Besides providing the essential features every online financial platform should have, Neo Financial offers some unique financial products, including Neo Invest and Neo Money. Neo Invest helps you invest based on your preference, objectives, and risk management, while Neo Money is a multi-purpose platform that serves as a standard chequing and savings account.

Another beneficial product of Neo is its Neo Mastercard. The financial Mastercard offers a 0.5% cash back on all purchases and 15% on your first purchase. On the other hand, The Neo Secured Mastercard has the same benefits but is designed for people with bad credit. Like most popular online financial platforms, Neo offers free Interac e-Transfers, bill payments, and a no-fee policy on your debit transfer.

Conclusion

Canada has one of the best online banking systems in the world, with generous interest rates, little or no-fee policy, and a secure and highly dependable system. While there are many impressive financial platforms, names like Tangerine, Simplii Financial, EQ Bank, and Neo Financial offer customers some of the best virtual banking services in the country.

Written by Ajaypal Sharma
I love to share about technology and new things I learn.
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