Should you trust online banking?
By The Forex Review - 06 / February / 23 783
Dominick Bell
The right investment means, above all, choosing the right intermediaries. You've probably noticed them popping up, with new banks popping up online in recent years. These online banks are usually owned by large, well-known banks.
More practical and cost-effective than traditional banks, online banks offer many benefits for managing your money more efficiently.
Significant time savings and access to advanced services
No more driving to bank branches to manage your finances. Everything is managed online: monitoring your current account and savings, transfers, ordering your checkbook, etc.
Significant advantage over traditional banks: customer service is available in a very wide time frame. Sometimes until 10 p.m. in the evening. You no longer have to interrupt your professional activities during the day to contact your bank.
Another important point: you can also apply directly online for a mortgage or consumer loan. On this, the rates are often very favorable.
Online banks offer current account and bank card processing for life. There are no restrictions, as you only need proof of salary (payroll) or a small amount of capital to open an account. This means you don't even have to pay income tax in your home country.
If you know that a traditional bank charges several tens of euros a year for these services, opening an account online means savings of several hundred euros over several years.
With online banks, the savings will be between 80 and 200 € per year.
Most of their customers online banks offer high quality bank cards such as Visa Premier or Mastercard Gold for free. This still represents a considerable savings compared to a traditional bank.
In addition, external transfers are free, as are all basic services. Generally, only incidents (fees are often lower than at traditional banks) are charged: loss of a bank card code, for example.
Also, you can even get a referral bonus when you open: you get paid for being a customer of an efficient and free bank. The referral bonus on opening can be up to 100 €.
A bank is not only a current account and a bank card, even if they are free. A bank is also and above all a point of access to savings to build up assets or finance large projects.
Access to quality savings products should also be one of your main criteria. In this respect, online banks differ in quality with life insurance with no payment fees, more efficient euro funds, and a wider choice of units of settlement. But also PEAs do not require storage fees or inactivity fees.
For your safety, we have compiled a blacklist of brokers.
