An Overview Of Online Banking In Canada

An Overview of Online Banking in Canada

Online banking in Canada is on the rise, just like everywhere else in the world where the Internet is readily available. According to statistics, 57% of households in Canada that have Internet access did some form of online banking on the Internet in 2003. This shows that online banking in Canada has overtaken telephone banking. More and more Canadians are flocking to the Internet to keep tabs on their accounts, instead of using the phone.

This might because of how easy it is to bank over the computer compared to banking over the phone or walking down to the local bank. In addition to this, the only cost you incur banking online is the cost of your Internet connection; in contrast, if you phone in transactions to your bank, they might charge you for their service.

Another advantage of using online banking instead of going down to the local branch is that new companies that enter the banking industry can do so without investing millions of dollars in building branches and hiring staff. Of course, if a company were to do this, then they would have to highlight the fact that they don't have any branches in the country. But this could quite simply mean much lower rates and smaller fees in general for you.

Overall the statistics show that Canadians have taken very well to online banking. Fifty-seven percent is not a small marketshare at all; it shows that online banking is popular among households that have Internet access. But the households without any Internet access are missing out; but the bank branches aren't going to be knocked down anytime soon. So the people who don't have any Internet access can still be safe in the knowledge that they can still pop down to their local branch and make all the transactions that they need.