5 Insanely Easy Ways To Bank In Canada
Do you know the different ways to do banking in Canada? If not, this blog is just for you. Read on to find out more.
You got a job and started making some money. But now, you need to keep your money safe. Stick it to the bottom of your sock drawer, under the mattress, or the potted plant. Do not go for these options. Because you might think these places are safe, but burglars know all these tricks.
It is always best to safeguard them in a trustworthy place, such as a bank. If you do not have a bank account, make sure you understand all banking options, which may benefit you in the best way.
Many banks across the country offer a few banking options. Each way of banking has its benefits and drawbacks. Thankfully, you will figure out which suits you the best.
Here are some of the banking methods for you to choose from:
1. In-person banking
Do you own a business where you must deal with cash regularly? Then this is the best option for you. This traditional form of banking provides customer support than online. You can use this banking method to create a new account or have some personal discussions.
Consider, you own a food truck, and most of your income generated is in cash. Then, it is easy for you to deposit the money in your account by visiting the bank. This way, you can also create a good relationship with the staff.
What are the benefits of in-person banking?
- Trustworthy relationship with the bank staff.
- It is easy to contact the bank personnel to clear doubts and confusion.
- Safe and secured surroundings
2. Telephone banking
2Telephone banking allows you to bank with convenience and flexibility. With telephone banking, you can get personal advice and answers to your questions.
For example, if you have some query you need to ask, and the bank is closed, then you can use the telephone banking facility. This way, you will do banking from the comfort of your own house.
What are the benefits of telephone banking?
- Personal advice and answers to questions.
- Availability after business hours.
- Checking recent activity on the account.
- Paying bills without visiting the bank
3. Internet or net banking
Internet banking has grown in the last few years tremendously. You can easily do money transfers, check balances, look for new saving schemes, etc. It is a banking technique that helps individuals with a disability plus elderly citizens to access their money without visiting the bank.
A friend of yours direly needs some money, and it is after bank hours. You can easily use net banking to transfer the amount.
What are the benefits of internet banking?
- Bill payment from anywhere with a secured network.
- Get queries answered faster with the use of a computer or mobile phone.
- No requirement for paperwork.
4. Automated teller machine banking
ATMs are specialized computer machines allowing you to access your money. With the help of these machines, you can check the balance in your account, withdraw or deposit money, and even make a money transfer.
With an ATM, you can get cash from any location. If you need a certain amount to make a purchase, you can use the ATM to withdraw money easily.
If you need a certain amount of cash to make a purchase, you can use the ATM to withdraw money easily.
What are the benefits of using the ATM?
- Can avoid branch line-ups.
- Easy to operate.
- Access to cash from any location.
- Can use outside the bank hours.
5. Debit card reader (point-of-sale terminal or POS):
The POS is a hardware system used for processing card payments. You can use a debit card at any retail location having a POS.
When you do not have enough cash to pay, you can opt for a debit card payment.
What is a debit card reader (point-of-sale terminal or POS)?
- No need to carry cash.
- Allows you to keep a tab on the money you are spending, which is not currently in your account.
- Keep control of purchases made using a debit card.
So, now you can choose any of the ways mentioned to do the banking you feel comfortable with. The banking process has improved because of the diverse options available. And managing bank accounts has become much easier for people of all ages.
Have you decided which banking method is best for you? Along with the type of banking, you can also choose from a range of bank accounts that suit your needs. Continue reading ‘How many types of bank accounts are there?’ to find which one is right for you.
