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Should I Use Online Banking?

Before, in the event that you still remember, I've talked about online saving accounts. Today, I will discuss about a very similar thing that's online banking. In fact, it is quite a common trend nowadays to perform banking activities on the web but for some countries like Malaysia (my home state), online banking isn't yet been used widely. Maybe, the banking system there isn't strongly developed however. However, I anticipate online banking to be broadly utilized in Malaysia in perhaps 5 years time.

Okay, enough with some history of online banking in Malaysia. Let us talk about why we should or should not use online banking.

Advantages

From online banking, nearly every trade can be performed from home. This is great as it saves a whole lot of the time. Now, we don't have to go down to your bank to perform a transaction like transferring cash from current to saving account. Before, this transaction only can be performed at the bank because ATM machine can't deal with this.

By having online banking, we could track our accounts balance easily. This gives us more control over our budgeting plan (see this article about controlling main expenses). As an instance, I can now how many should I spend for the rest of the month by taking a look at the online statement. So, I do not have to wait for monthly bank statement which occasionally won't be submitted at all (I am now using National Bank as my primary bank and have not got my bank statements for the last 2 months).

Disadvantages

Many banks charge online banks under service cost. For my National Bank online banking, they charge me around $1.00 a month although they stated that I will not be billed as I'm an international student (Damn! I hate National Bank).

And the biggest problem about online banking is security of your account. Since you are doing your transactions online, you info could possibly be tracked by other unwanted people. And with your info for example your internet bank account and password, then your money can be transferred away from the account in only a couple of seconds!

So, what exactly am I trying to say here?

Basically, online banking is actually useful in several ways but at precisely the exact same time, the risk is sometimes quite significant. Thus, do some research on your bank. You have to know the degree of safety they offer for online banking. Ask friends and family about their experience with the particular bank. And consider looking for other's review online. For the New Zealand online banking program, I'd say that Raboplus (runs under the Rabobank) and ASB are still the best. Therefore, after all, the choice is yours. Make it wisely.

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Online Banking

Together with the widespread availability of high speed Internet in our everyday life, many if not all financial institutions began offering online banking to their clients, while many clients took them on that offer. There has to be some explanations for people making the switch to internet banking, but what exactly are they?

The first and foremost reason to adopt it's the simple fact that having an internet bank saves you time. You do not have to visit a bank branch to look at your account balance. Most easy transactions, such as cash transfers, may also be performed through your bank's internet port. Accessibility to easy online invoices payments ensures you'll no more be behind on invoices and will have the ability to pay them faster and in a more organized way. And, naturally, online banking lets you get your bank account anytime you want it, and that means you may no longer must rely in your bank division's business hours.

Another excellent reason to begin is that the money you could save. Even though most of us know that time is money, online banks makes it possible to save cash along with your own time, since many banking institutions offer you low-cost or fee-less online-only bank account. As an instance, clients of several banks might find an entirely no-fee account, though some may get access to endless online transactions of all sorts to get a low monthly charge, while in yet other instances they may be given a higher-than-usual rate of interest on their savings account. The details differ from one lender to the other, but as a general rule banks can manage to provide all those goodies since they spend less about keeping the internet banking infrastructure rather than their normal office branches which need to be manned using tellers, safety systems, etc....

And there are other, less obvious motives to begin with an internet bank too: from electronic tax payments, to paperless and consistently reachable account invoices, to having the ability to download your entire trades history and open it from your favorite money management suite, to programs that enable for banking in your phone, to online digital cheque scans that lots of financial institutions provide.

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Types of Bank account