Online banking basically refers to being able to carry out banking needs over the Internet. This is usually facilitated by a bank or financial institution where the portal is made secure for the customers. The way it works is that a customer having one or several accounts with a banking institution is given a customer number to access his accounts over the internet. After entering the customer number and password on the website, the customer can do several things. The account balances can be viewed, along with recent transactions, cheque books can be ordered, money transfers between accounts can be made, payments can be made with other parties, investments can be bought or sold, bill payments can be made among more.
The advantages are obvious. Online banking is one of the most convenient ways to get banking work done. Right in your home or office, sitting down in your space. Theres no hassle to wait in line, and you never have to deal with rude tellers. Time is never an issue, since online banking can be accessed and availed of 24 hours in the day and seven days a week. Access is super easy, just through your desktop or laptop, which means you can even do it at the beach, assuming you have access to WiFi. Yup, you can bank anywhere you are. All financial transactions are instantaneous. You can send money online at the click of a button, which also means you are saved the hassle of fussing with pen and paper, and theres less clutter at your desk and life! One of the main financial benefits of online banking is that the interest rates with certain institutions may be better for your investments in your accounts. Nowadays online banking is so convenient; it can even be done on your smartphone thanks to the advent of technology.