What is mobile banking?

Mobile banking is a system that lets the customer of a financial institution process transactions through an app on a smartphone or tablet. You can use a mobile banking app to pay bills, send money to other people, check your balance and even deposit cheques. Mobile banking is not to be confused with contactless payments, which use Near Field Communications (NFC) technology to allow you to use your phone to pay for things by tapping it near another device.

Is there a difference between mobile and online banking?

The difference between mobile and online banking is that mobile banking is carried out using an app on a smartphone or tablet. Online banking does not involve the use of an app, but it allows you to perform banking transactions from any device that has an internet connection (including desktop computers, laptops and mobile devices). Rather than using an app, with online banking, you access your account through a web browser such as Google Chrome or Microsoft Edge.

What are challenger banks?

The term "challenger bank" indicates a new bank that entered the Canadian banking space in the last few decades in an effort to challenge traditional banks. The goal of a challenger bank is to provide the customer with better access, or better products at better prices. For more on new banks read our digital banking guide.

Where can I download mobile banking apps in Canada?

Mobile apps are available from the iTunes App Store for iPhones or Google Play for Android devices. Some mobile banking apps aren't available for phones that use Windows or Blackberry operating systems, so check with your bank to find out which devices are compatible with its mobile app.

I'm having trouble setting up mobile banking. Where do I go for help?

Please contact your bank directly via live chat, over the phone or by going to a branch. Sometimes the FAQ section on a bank's website can also have the information you need to finish setting up mobile banking.