The internet has revolutionized the ways we do things and this includes internet banking. It has changed the ways people manage their bank accounts!
Nowadays, almost all businesses have migrated to the internet for easy accessibility and global reach. Also, high street banks are doing their best not to be left out.
Today, the availability of internet banking has made bank services much more easily accessible to 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 a bank to pay your bills or transfer money to someone’s else account. You can do all these things and more with a click on your computer or even your mobile phone.
Internet banking tools
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The benefits of using internet banking include the availability of really useful banking tools (note that these tools varied from bank to bank) that will give you total control of your money.
Though varied from bank to bank, 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 you 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.
Bill manager
Another useful internet banking tool is the Bill Manager which offers you the opportunity to your bills online. Also, you will be able to view and manage 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.
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 your bank statements
With internet banking, you can view your current account statements up to the 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 service that you can not get at a fingertip from your local bank branch as it usually takes some time to get them to 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 into your other accounts.
No need to wait until you are done with what you are 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 on a 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. Although, I think cybersecurity and identity fraud still remain one of the biggest threats confronting internet banking today.
There is a need for banks to invest more in the security of their customers’ data to prevent identity. The good news is that banks are now upgrading their systems to help combat these threats.
Banks now use the latest online security measures to protect your money, your personal information, and your privacy. However, customers also have to ensure that their online banking activities are carried out on a secured private computer.
This is one of the best ways to reduce the possibility of their details being stolen. Nowadays, banks offer advice and guidelines on how to use internet banking. Please make sure you check with your bank!
Also, if you experienced fraud with your internet banking, you should immediately contact your bank. If you have not started using internet banking yet, you should try it out.
