How Is Online Banking Helpful?

Most of the major banks will offer an online banking service to help you keep on top of your finances. This allows you to control the balance you have in your accounts through a web-enabled device.

You would download an app on your phone and use the app on the go, which means you do not have to go into the bank to pay bills or transfer money. As well as this you do not have to visit a cash machine to check your balance, you can do it via the app which makes it a lot more convenient.

Banking via your phone

Banking via your phone allows you to check up on all of your accounts and balances when it is most convenient to you. This might be when you’re out shopping or even when you are surprised with an unexpected bill. The app is designed to help you in any situation. Surprisingly you can probably do more than you think on the app.

Transferring Money

Only takes a few taps on the screen of your phone and your money transferal will be complete. Whether you are transferring between accounts, family or friends it all works the same way. This saves a lot of time as you do not need to go into a branch of your bank to sort anything like this out.

Typically, if you are transferring money to an account with the same bank as you it could go through during the same day or within 24 hours depending on the time. Whereas if you are transferring to a different bank it could take up to 3 days.

24/7 Access

With it being an app on your device and not a branch, you can access everything at any time of the day or night. Therefore if you are busy working in the day, you are able to complete what needs doing anytime before or afterwards.

Cost

Online banking apps specifically created for your bank will most likely be free of charge. This means that you do not have to pay a penny to do any of your transactions. Going to your local branch will cost you money on transport and time. Whereas using the app, on your device is free of charge.

View Your Transactions

The main thing which people use online banking apps is to keep track of their spending and their balance. This way they do not overspend without knowing. Also, they are able to see what is going in and out of their bank account whenever they please. This is helpful for everybody, especially if you think you have been overcharged or charged twice for something else you can check straight away.

But is online banking actually a good thing?

The app allows us to access our balance and see how much we have, but this could lead to a spiral of negatives. Thinking you have enough money in your bank may lead to you impulsive buying which you might not need.

Buying things in the moment without a thorough thought could definitely set you back financially. Although it gives you the freedom to see your balance and spend wherever and whenever you like, is it really the best option for you?

Our Help

In the current climate, more and more people are losing jobs or being placed on the furlough scheme and so may be short of money. If your family, friends or even your savings cannot help you in this situation, your last option would be to apply for a loan from BingoLoans.