OFFSHORE Banks versus internet banking

With easy access to in internet, people can conveniently do a number of financial transactions over the internet be it at home or office. This advanced technological innovation makes life simpler for several people including businessmen, students, housewives and professionals. However, even with the advent of internet banking, brick-and-mortar banks still exist. Banks still continue to exist because there are a number of customers who opt for real banks for their transactions as they feel more comfortable and secure.

Traditional banks that have started internet banking have their set of advantages as well as disadvantages. It is a consumer’s personal choice to opt the service he/she prefers. However, it is necessary to know the personal financial needs and keep all options open so that the latest banking industry trends can be known and opted for. One may prefer using standard banks, but for urgent transactions, internet banking is the best option.

Standard Banking – Conventional banks still use pen and paper to deal with the various financial transactions. However, most of these conventional banks have begun online operations and also introduced internet-only products in order to compete with banks that are purely online. Traditional banks are known to provide services to old customers but it is necessary from then to also provide services to internet-savvy, young consumers which will aid in attracting more clients.

Traditional banks are preferred by people whose major considerations are personal touch and security.

Online Banking – Online banking or internet banking is similar to doing transactions in conventional banks. The difference lies in the fact that a computer is used in the place of phone or paper for accessing account information, for reconciling statements and making payments. The need for visiting a branch office is eliminated as various financial tasks can be accomplished with the convenience of being at office or home.

The major advantage of using internet banking is that it is cost effective. Certain banks indict lesser rates when their online services are used. Moreover, since one does not have to travel to a branch office, gas and money is also saved. In addition to this, banks offer more services and products since the overhead expenses such as paying tellers are eliminated.

For businessmen, professionals and frequent travellers, internet banking is an ideal option. As finances and urgent matters need to be tracked frequently, internet banking is helpful as accounts can easily be accessed. The popularity of internet banking is said to grow in the years to come.

In addition to the convenience in banking, the other major aspect that is drawing people towards internet banking is the enhanced level of security. All online banks have security measures in place which keep fraudsters and phishers at bay. The usage of encryption of information and digital signatures has only increased the level of security proved by banks to their consumers.

Therefore, consumers can now choose between banking and online banking based on their needs. Moreover, consumers can also use both banking and internet banking and avail services offered by both.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.