Want to transfer money? don’t have that much trust in the online system. no worry!! we will tell you whether you should trust online banking or not. Technology is spreading day by day. Banking ways have developed well. most of the world started moving to online banking. Do you ever think about why it is growing? don’t worry! you are in right place. here we will cover points like what is online banking, why it is growing day by day, what are pros and cons, etc. at the end you will find your answer. so tight your seatbelts, we are going on an amazing ride!!
are you in hurry? you can go through the table of content which we have given below the table.
What is online banking?
Earlier, before the technology world, people used to go to banks, do paper works, and after waiting for 1-2 days, their transaction was completed. but after technology, online banking was introduced. banking through online sources can be called online banking or internet banking or home banking. it is a bank-to-bank transaction process. online banking reduces customers’ extra work and time. hence it is easier to manage our finance in a minute. internet banking offers amazing features like viewing your account balance, transaction history, mini statement, sending money, and receiving money.
Internet banking was first introduced in the united kingdom. then France, Japan, China, Australia, India, Slovenia, Brazil, Canada, and other countries started providing this service to respective banks’ customers.
How does it work?
You can transfer money through net banking. you just need is a smartphone, or laptop with a decent internet connection. you transfer your money, the bank accepts your request and transfers your account money to the receiver’s bank account. it is a safe and secure process. you have to enter your pin before transferring money. and once your money is transferred you will be sent a message from your bank account that xxx money has been debited from your account. it is easy to understand. but you have to be careful while choosing a platform to transfer your money. it should be assured, authorized, and secured by your respective banks.
Is online banking safe?
It is a completely safe process if you use trustworthy platforms or sources. online banking reduces your work and saves your time. but nowadays we have seen cases like hackers hacking user’s bank accounts and debiting all their money. hence people are questioning these Online Banking systems.
first, we tell you that no one can hack your bank account without your bank details, OTP, or pin. when another person tries to enter your e-wallet, you get OTP. you have to be aware that this otp can not be shared with anyone as well pin which you have set to transfer your money. it allows you to enter your bank account and debit your money. so you have to be aware of these hackers and you should not share any bank details. if you follow this, online banking is safe and secure.
What is the disadvantage of online banking?
Security and Identity Theft Concerns are the disadvantages of online banking.
What is the safest way to do online banking?
the safest way to do online banking is through your bank’s official mobile app or website.
Is it OK to have 3 bank accounts?
yes, you can have 3 or more bank accounts. there is no limit.
we hope we have cleared your doubts, you can understand how online banking works and what are its pros and cons. what you should be aware of. it might be helpful to you.
If you have any questions or suggestions, you can ask us in the comment section. we will try to answer them.