Online Banking Guide – Critical Information You Must Know

Online banking is the new age technological trend that everyone is catching up on. It is not necessary that only the newbies in the banking system or the millennials are signing up for an online bank account but even the conventional users are finding it easier to complete their banking operations with the help of online banking.

Businesses find it easier to make their vendor payments remotely, pay salaries of their employees online and even a common user finds it easy to pay for different items by a few clicks. So, in case you have not started using online banking services, don’t worry. It’s never too late. We have compiled a perfect online banking guide for you that will provide step-by-step guidance to create and operate an online banking account.

What is required for Online Banking?

It is too obvious for an answer to say that you require a physical bank account to perform online banking. You need to open a bank account if you don’t have one or ask your bank branch to activate online banking service on a pre-existing bank account. You will be required to pay a fee and frequency of that fee payment is usually set on a yearly basis.

The compliance requirements for activating online banking varies from country to country but most of the times, they require the following:

  • An identity document
  • Mode of earning
  • Proof of earning
  • Unique PIN code

Which Account is best for online banking?

Well, this is not a hard choice to make. Almost all the major and conventional banks are offering online banking accounts to their customers. But the requirements of minimum balance, transaction limitations and many other nuances of a conventional banking system make it harder and futile to conduct online banking business with such gigantic banking organization.

On the other hand, the banking organization that follows a strictly online business model, most of the time fintech companies with mobile wallet options, are better suited for online banking accounts. You can opt to utilize the best of both the world by using dual accounts, one from a conventional bank handling your major banking payments or for receiving the monthly salary and open a new online banking account with an added option of the mobile wallet.

Online Account Opening Process

Most of the online banking services these days allow users to open an online bank account without the need of even visiting a brick-and-mortar bank branch. Although, the process of opening an online account might be more detailed as compared to signing up for Tinder or Facebook. You will need to provide your proper identification information and many of the fintech companies offering online banking accounts are even requiring individuals to perform online identity verification through a third party KYC provider. One important detail for an online banking account from these new fintech companies is that they mostly don’t require any minimum account balance or can even be opened by a small upfront amount if even an upfront amount is required at all.

Everyone is jumping on the online banking bandwagon and if you have not joined the swath of people benefiting from online banking services, it is high time that you join them as well.

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