Very Useful Online Banking Tips For Safe Banking Operations

Online Banking 10 The burning question is – is it safe? Thieves can access your online account details in mainly two ways. The phishing scam and password theft. Phishing is sending an email with a link to a fake website that looks like your banks website and password theft is undertaken by getting you to install key logging software that records every stroke of you keyboard and sends the details remotely.

My bank account was subject to fraud not so long ago and it turned out I had been scammed via a fake website. It was my bank that discovered it and offered some excellent advice on how to protect my online banking activity.

How to Bank Safely Online

There are several steps you can take to ensure the safety of your online bank account.

1. Protect your computer with good security software. Most banks now offer this for free.

2. Never give your login details to anyone especially not by phone or email.

3. Never click on a link in an email that is supposedly from your bank.

4. Avoid using public computers to access your online bank account.

5. Check that the padlock symbol is present in your browser before entering any account details.

Here Are The General Advantages And Disadvantages Of Online Banking

With the increasing popularity of the internet, more and more industries are seeking ways to utilize this popular medium in an effort to keep up with the changing technological preferences of their customers. These days you can do just about anything online from grocery shopping to making a free phone call to a friend in Tokyo through your PC. The possibilities of the internet are seemingly endless and the banking industry has decided that it will not be left behind. While most people have at least heard of online banking, the majority of them have probably not tried it yet. Maybe it’s because we find more comfort in working with real people and real paper when it comes to money matters rather than performing transactions in the seemingly impersonal universe of the World Wide Web. Whatever the case may be, there are both advantages and disadvantages to online banking. This article will outline these advantages and disadvantages so you can either feel justified in your fears or see online banking as a safe way to quickly and efficiently manage your finances.

Let’s begin with the advantages of online banking.

First, online banking is convenient. It allows you to perform transactions, pay bills and check balances 24 hours a day, 7 days a week. The bank virtually never closes because it is as accessible as your PC or laptop computer. No matter where you are in the country or in the world, you can visit your online bank and handle money matters. You can even schedule to pay several payees ahead of time rather than keeping up with paper bills or trying to remember when to visit a payee’s web site to make an online payment. Your bank will automatically send the payments on your behalf in the amounts and on the dates you specify.

Second, online banking is fast, efficient and effective. Through the internet, transactions are typically performed and executed at a faster rate than ATM’s. In addition, online banks give you the ability to handle several bank accounts (checking, savings, CDs, IRAs, etc.) from one site. The majority of banking sites are also compatible with programs like Quicken and Microsoft Money, so as to allow for more effective management of assets.

Just as with anything else, there are disadvantages to online banking.

Online Banking 3The main issue for most people is that of trust. They may wonder if their transaction went through successfully or if they clicked on the correct button. The best way to overcome this uneasiness is to make a habit of printing the transaction receipt. Keep this receipt until your bank statement or online account view confirms that you have successfully executed the transaction.

Online banking sites can also take a while to start up and can be difficult to learn at first. Some banks require customers to provide some form of photo identification in addition to signing a form at one of their branches. Spouses may also have to sign a power of attorney if you both plan to access and handle your accounts together online. In addition to all of this, it may take a while to learn how to use your banking site. Most if not all banks will offer an online banking tutorial. Some even offer live customer support for online banking via chat, email, or phone and you can find additional information here toppfinans.com.

Clearly, online banking has both advantages and disadvantages. It simplifies life for some people and for them it is frankly a better way to bank. For others it may be a little more complex and downright intimidating. In light of these two perceptions, more and more banks are offering online banking as a viable option for their customers.

Offshore Online Banking – The Pros And The Cons

Underground economy, tax evasion, and money laundering, among others used to be the first things that come to mind at the mention of offshore banking especially some decades ago when this subject was barely tackled. Although the intention of the pioneers of offshore banking was to offer full financial privacy and lower taxation, this attracted many illegal entities that were able to work their way around the trade.

The reputation may still be there but offshore banking has come a long way. People from various sectors actually consider this a smart move in terms of managing their finances. If you still do not get the hang of it, read on.

Offshore Online Banking Explained

Offshore banking is simply opening an account in another country. Many people take this option to protect their savings and take advantage of the low to zero tax imposed on interests by local banks, as originally promised when this system was organized.

Over time, financial institutions offering this service expanded their reach and made offshore banking more convenient for clients around the world. Using the power of the web, anyone can now open an account overseas in just a few clicks in the comforts of their own home.

Offshore Banking Pros And Cons

Online Banking 5Opening an offshore account should not be decided upon in a haste. Not because you can means you should at once. First, look at the benefits and downsides that come with this attempt. It is necessary that you understand the full details surrounding offshore banking before taking the plunge.

Pros

• Stability. If your offshore bank is situated in an economically stable country, trust that your finances are safe from risks especially if your country is experiencing economic turmoil.

• Possible higher interest rates

• Developing countries can also benefit economically especially if the source of the account is based in a country with stable economy.

• Tax-free interest payment

Cons

Remember that everything has its pros and cons. While opening an account in another country has a handful of advantages, there are also some downsides such as:

• Indeed, offshore bank accounts can also pose some risks in terms of banking stability. Remember in 2008, during the recession period, people who have offshore accounts were heavily impacted by the banking crisis?

• Not everyone who owns an offshore account is involved in illegal transactions but the stigma is can be hardly ignored. It does not largely impact an offshore account owner’s reputation actually especially now that more and more people already recognize the benefits.

• The geographical differences may become a huge factor in the future when some important matters need to be settled personally.

How To Open An Offshore Account

Opening an offshore bank account is almost just the same as opening a domestic account but more documents may be required to establish your identity as a depositor. Aside from the usual requirements such as birth certificates, proofs of identification, and social security number, which should be notarized or bear apostilles by the way, you also have to present passport and certificates relating to your current finances. These are obliged from a potential depositor to prevent tax fraud and various illegal transactions, which are often linked to offshore banking.

Anyone can open an offshore bank account as long as you deposit the required amount. Some banks set a minimum of $5,000 while others need lower balance limits. Most people consider Singapore, Hong Kong, Austria, Switzerland, and other ‘tax havens’ as the best places to open an offshore account.

Almost the same process goes with offshore online banking. The difference is that you will have to send the requirements in digital format. It depends on the bank how long the processing will take. You can get such information during your research on the best offshore banking service to target. Especially if you are someone who only knows little about banking and finance, you should not only scout for information online but also refer to an expert. Offshore online banking in general is legal but before you fix on it, you must be aware of implications. Talk to someone who knows everything about the subject first in order to protect not only your money but also your own.