Nowadays, thanks to technological advances, you don’t have to leave home to manage the money accumulated in your account. Online banking is becoming an increasingly common form of operating people’s finances, as it is primarily convenient and saves the customer time. What exactly does such banking offer? What are its advantages?
What is an online bank account?
More and more customers choose to set up internet banking as part of their existing or yet to be opened savings and checking account. It is not complicated and user-friendly – the creation and activation takes only a couple of minutes, and allows all future operations on the account to be done anywhere and anytime.
While some people use internet banking as an easy tool for money transfers, purchases and paying abroad, a lot of parents start using it for teaching their children the basics of financial management. A simple and efficient budgeting app can help children learn how to count, save up and distribute their pocket money. The functionality of such app is unlimited:
- Easy card payments in stores, online and abroad
- Possibility of having multiple cards
- Fuss-free transfers between the cards
- No need for ATMs
- Full insight into cash flow
- Clear analytics and much more
What are the advantages of internet banking?
From an objective point of view, online banking and prepaid cards in Malaysia have many undoubted advantages.
Convenience is the most appreciated feature of such a form of managing the account. Branches of the institution usually provide services at certain hours. However, it happens that a customer needs to make a transfer at night, early in the morning or on a holiday when the branches are closed. In such situations, online banking not only saves time, but also saves money, as it is completely free.
In addition, you can manage your account from anywhere in the world. All that is required is access to the web – on a computer, smartphone or tablet. This is a great convenience for people who are ill, disabled or simply not fond of visits to shopping malls or don’t have time for them, and at the same time value convenience.
|Internet baking||Traditional baking|
|Available 24/7||Available only on the weekdays during business hours|
|Works worldwide||Requires personal visit at the branch|
|Immediate transfers||Makes you stand in long lines|
|Provides clear graphical financial analysis for better control of your money||Creates an exhausting paperwork, difficult to track money|
If money is disappearing quickly from your account and you are looking for ways to manage your finances wisely, use the best expense tracker app singapore to never face this issue again.