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Online Banking: Why Internet Banking Is The Easiest Way To Bank

Posted on the 05 November 2013 by Adeyemiadisa @adeyemiadisa

Online Banking: Why Internet Banking Is The Easiest Way To BankInternet banking has revolutionised the ways people manage their bank accounts nowadays by offering a quick access to their bank accounts from anywhere in the world.

Just as almost all the available businesses and services have migrated to the internet for easy accessibility and global reach, high street banks are also doing their best not to be left out. Today, the availability of the internet banking has made services offered by banks much more easily accessible to the customers.

With internet banking, you have access to your bank account and you can manage your money any time and anywhere. For instance, you don’t have to visit your bank’s local branch before paying your bills or transferring money to your other bank accounts or someone’s else account. You can do all these and more with a click on your computer or even your mobile phone.

Internet Banking Tools

The benefits of using internet banking include the availability of really useful banking tools (note that these tools varied from banks to banks) that will give you a total control of your money. Though varied from banks to banks, these great banking tools are designed to offer you the opportunity of making quick and precise decisions concerning the management of your personal finance.

For instance, internet banking tools such as money manager gives you the opportunity to know how much money you are spending and what your are spending your money on.

This useful money management tool helps you understand as well as manage where your money is going. With money manager, your incoming and outgoing payments can be seen at the same time, making managing your money simpler and less time-consuming.

The money manager uses easy-to-read graphs and charts that will show you where your money has gone every month, helping you to manage, organize and plan your spending.

Another useful internet banking tool is the Bill Manager which offers you the opportunity to view, pay and manage your bills online. With this tool, you will be able to view and manager how much money you spend on your utility bills monthly and which of the bills cost you more.

This is great because by having an idea of which of your bills is taking much of your money, you can be able to look into ways to cut or reduce the usage of that particular service that is eating your money. For instance, you can plan to reduce your gas or mobile phone usage if you thought or discovered any of them is taking much of your money.

Why Internet Banking?

Just as mentioned above, internet banking offers you the opportunity to do all kinds of useful things when and where you want, securely and easily. Other benefits of using internet banking are:

1. View Bank Statements

Online Banking: Why Internet Banking Is The Easiest Way To Bank
With internet banking, you can view your current account statements up to previous five years and months of your Credit Card statements to help keep track of your money. This means that you can completely switch off your paper statements and view them online instead and you’ll benefit from less clutter, fewer letters to open and the increased security of getting your statements online. This is the kind of services that you can not get at a finger tip from your local bank branch as it usually takes some times to get them put together.

2. Transfer Money

Transferring from one account to another has been made easy by internet banking because it can be done in just a few clicks. This is most useful when you are too busy to get to your local bank and you wanted to put some money in your other accounts. No need to wait until you are done with what you is keeping you busy, you can now transfer money between your accounts, thanks to internet banking.

3. Make payments

Apart from transferring money from one account to another, you can also use internet banking to pay bills and make payments to friends and family in the UK and overseas. Even though internet banking is a free service offered by your bank, your bank may apply fees to international payments. Please do check with your bank beforehand.

4. Order Your Travel Money

This is really helpful when going abroad whether on holiday or business trip. Internet banking makes it easy for you to order your travel money online and have the currency delivered to your home or your local branch.

5. Manage Your Regular Payments

Internet banking also affords you the opportunity to view or cancel your Direct Debits. You can also create, amend or cancel standing orders.

6. Manage Your Credit Card

Start your credit card application, request a change to your existing limit or make a balance transfer through internet banking.

Internet Banking Security Problems

How safe is internet banking? Well, internet banking is generally safe and secure to use. Though I think identity fraud still remains one of the biggest problems or threats confronting internet banking today. There is a need for banks to invest more on security. Though the good news is that banks are upgrading their systems to help combat this threat. Banks now use the latest online security measures to protect your money, your personal information and your privacy.

One the other note, it’s important for internet banking users to make sure that their online banking activities are carried out on a secured private computer in order to reduce the possibility their details being stolen. Banks nowadays offers advices and guidelines on how to use internet banking. Please make sure you check with your bank!

Also, if you experienced a fraud with your Internet Banking, which is usually unlikely considering the massive investments on online security measures, you should immediately contact your bank because they may be able to refund your money.

If you have not started using internet banking yet, you should give it a trial as you might be missing a trick.


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