The next generation of banking

People wander around banks to change their denominations and currencies when they travel from one country to other. Now there are simple ways to save time and money to help you in transaction. Internet banking companies have now expanded its roots so that you can transact your money literally from anywhere and anytime.

The world is shrinking and we are not restricted to our own country itself. When we take a look, just a decade or two before, we were only able to imagine to board a flight and to go aboard. But now thousands of flight seem to touch the sky. And yes, we know that literally every country on this earth has different denominations. So when you are on a world tour or something it is going to be hard for you to transfer and change your money into native denominations each time.

You can either wire your money through your own bank. But in this process, you ought to provide large amount of information including the name and address of the account holder, information about the financial institution the money is being sent to and the SWIFT or IBAN of the recipient bank.

Other option is local banks. Each bank has the option to convert your money in their native denominations, so that you no need to worry about carrying all kind of currencies.

Is there a way to bypass all these cumbersome process? Is there any easy way out? Let's look at few of them which may help to ease our movement around the world.

Online transactions are in swing now. Digital wallets have been introduced now by Paypal, Paytm and other such dedicated internet payment companies. These companies help your transaction become an ease. You just need to create an account and sign up. You need to link your existing bank account in any country to the internet banking company. That's it. You are done. Where ever you are, you just need to use the gateway of these internet based companies. There are many advantages when we use this service.

• Since it does not involve anyone handling your account information, it is safe and secure. These sites usually have elevated security features embedded in their save to prevent any hacking.

• It is a 24 hour system. You can bank any time. There is no such restriction as working hours. So even when you end up landing in a country at odd hours, you can easily move around knowing the shops offering internet banking services.

• There is no boundary restrictions. Since banking is over internet you can virtually transact many anywhere.

• One of the major advantage is that you save a considerable amount of time. You can access your account anywhere on the earth. No need to go to an establishment to seek your money. So it saves time, fuel and labor.

But everything is a two faced coins. If there are pros, there are also cons along with it.

• Anything can be made secure only till one extent. If hackers find a way to hack it, then you may not even know whether your account has been hacked or not. If it is hacked you will know only after a few days or months. Till then your money would have been swindled.

• There is always a surcharge associated with every transaction you make. Even if you there in your own country you need to pay the extra charge while transacting online.

• One must be aware of phishing sites, or else it may lead to unnecessary revelation of all your account details.

• Some banks operate completely on online platform which gives a disadvantage to us. We cannot directly speak to the authorities concerned. Even though we have consumer care services available, every problem cannot be explained through phone.

So you are now completely aware of the next gen banking system. Even though it has some disadvantages, its advantages leap over them to make it simple, efficient, secure and powerful tool to access your money anywhere and anytime.

Read How to deposit money in PPF account Online

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Author: Timmappa Kamat24 Jan 2015 Member Level: Gold   Points : 1

Truly these new gen money services have been on the rise nowadays. But you cannot rely on them like you do with other financial organisations guaranteed by the government. You cannot keep large amount in these so called hi-tech online wallets.

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