The internet is ever growing and expanding. Elevating us to new heights and reaching into all the facets of our lives. About five years ago it snuck into the heart of banking to birth internet banking. It’s completely revolutionised the way we bank. Gone are the days of hiking to the bank to check on your account. Or using a phone internet service to transfer funds and pay bills. All you need now is a smartphone and an app and you’re ready to conquer the world of personal finance!
How does internet banking work?
All the major banks in Australia offer internet banking services. The lines at the bank are dwindling as we sit at home and pay rent, our bills and transfer money to a friend whilst we’re snuggled up in bed. Banking has shifted from the streets to the sheets. It’s accessible to everyone from anywhere. All you need is the app and internet connection and you can access your funds 24/7. Internet banking puts all your bank accounts at the touch of the fingertips.
Internet banking works the same as physical banking, however, it’s all stored online. Instead of asking a bank clerk to transfer your money over to a different account, you have the power to do it. Your finance is quite literally in your hands!
What services do internet banking offer?
In case you haven’t kept up with the release of internet banking, here’s an update on all the services internet banking has to offer:
Remember heading out to the bank just to open a new account for your expenses? Maybe you want to open a new dedicated savings fund (a great way to budget for a new toy)? Internet banking apps give us the power to open new accounts at the touch of the button. There’s no need to mess around and waste your time with trips to the bank to organise your accounts.
Cheques have been rendered useless with the invention of internet banking. There is also no need to call pay visa to pay your bill. You can do it online! Same goes for practically any bill. By adding someone’s BSB and account number to your payee list, you can transfer money owed to their accounts. However, nothing is slow when it comes to the internet. Their companies are already bypassing the need for a BSB and account number, but we’ll get to that later! Paying bills into other bank accounts may take a day or two to complete, depending on the speed of your bank.
Internally transferring funds has never been easier! Moving funds from one account to another happens is instant. In addition, to save time and hassle you can schedule recurring payments to certain accounts if it’s a payment you make periodically. The philosophy behind technology like internet banking is to save you time and simplify your life. Life is busy enough without worrying about the state of your finances. Internet banking minimises the time you need to spend on the organisation. That’s time you can spend enjoying your hobbies, passions or simply just rejuvenating after a busy day!
Keep up to date
Internet banking is like the perfect personal finance assistant. It keeps you up to date with your current finances without wasting your time with useless information. Anywhere you are, you can log in your bank account and keep track of your finances. You can lose track of spending your income. With internet banking, major banks provide informative graphs, illustrating where you are spending your money. This is great for those who want to see just where their hard earned money is going.
You can also manually view the history of your account and keep track of what you are spending every day. For those who love a meticulous budget, online banking is like The Facebook to your social life.
The types of internet banking
Internet banking through the banks
Traditionally, all transactions would transfer through the nominated banks. So, when you needed to send money straight from your bank account, the banks have full autonomy over the transaction. For example, when you transfer money between banks, it can take days (depending on when you send it). Some banks take longer to transfer funds than others.
Introducing the middleman in internet banking. The middleman is a third party that handles the transfer of your money. Typically, you’ll register your bank card and grant access to a third party to pass on the money to whoever you choose. The middleman service cuts down the clunky process of gathering BSB and accounts numbers and generally accelerate the process of money transferring.
It’s a game changer.
How many times have you gone to dinner with your squad and you either pressure one person to pay or you try and split the bill 8 ways? Don’t worry, it’s happened to all us. As a result, we’ve all felt the scorn of the waitress when asking for the bill to be split evenly 8 ways. We dread the hassle of chasing up our friends for a few dollars and subsequently waiting days for all the payments to transfer. The middle-man is the newest trick of internet banking that’ll save you time.
The new tricks of internet banking that’ll save you time
Banking on your mobile
Internet banking has now gone mobile. You no longer need a computer to utilise the functionality of internet banking. You can carry your bank account with you, wherever you go! No need to have access to a laptop, simply download your bank’s internet banking app and start managing your moolah on the go.
Pay ID is a middle-man that works directly with your internet banking app. The app gives humankind the gift of never having to search for someone’s BSB and account number. To begin using Pay ID simply create your ID through your bank. Once the setup is complete you can begin your Pay ID experience. If someone needs to send you money, tell them to send it straight to your ID. Pay ID cuts a lot of corners, however, a single fact remains, you still have to remember your Pay ID number.
Beem it is the newest trick to enter the internet banking scene. It’s an app that verifies your credit card and identity and gives you the power to request money from other Beem It users. So, picture this: You’re gone out to dinner with three friends and you need to split a $160 dinner bill. Luckily you all have Beem It and you can simply select the split option and it will send an even amount to the people who owe you.
And that’s it! The amount is transferred instantly into your account. No lag, no hassle! Beem It is flagged as one of the most innovative internet banking inventions to hit the app market. So, get downloading today from the App Store or Google Play.
Paypal has slowly emerged as an essential partner in the digital space. The app is integrated with so many internet wonders that have hit the scene. Uber is probably the easiest example of Paypal integration. All your Uber rides can be automatically debit to your Paypal account. Your Paypal account can be connected to a bank account or credit card. As a result, we experience flawless payments that save us time and hassle.
Paypal is also the key to your online shopping spree. Instead of enduring the exhausting ordeal of providing your credit card details, you just simply need to log into your Paypal account.
Internet banking has paved the way for easy and innovative services to minimise the hassle of exchanging your hard-earned moolah.
How internet banking is making buying easier
For those who cannot bear the stress of guessing your size on online sites, internet banking has seeped its way into your physical shopping experience too.
Buy with your phone
Internet banking not only makes online shopping a breeze but converts your phone into a one-stop shop for all your shopping needs. Furthermore, buying with your phone simplifies your shopping experience. Cutting down physical credit cards is the next step is simply your personal finance. It all starts with your internet banking app. The availability of these services differ depending on who you bank with and what smartphone you have.
For Apple users, most major banks in Australia (except The Commonwealth Bank) support apple pay. Apple Pay is simply a digital wallet that holds a virtual version of your credit card. For Android users, there is Google Pay, which offers the same functions as Apple Pay. If you opt for Google Pay, you’ll find it’s more compatible with Australian banks. With Westpac only offering buy with your phone options for Google Pay.
If you’re a Samsung owner, you have your very own Samsung Pay. Paying with your phone works like PayWave and is only suitable for payments under $100. Furthermore, if you have a bank account you can probably set up your virtual credit card for free. Unless you bank with The Commonwealth Bank, unfortunately, they have no buy with your phone options yet.
Using Technology Right
With all this talk of cutting out trips to the bank, it’s time to talk Nifty Loans. We just love technology, especially financial technology. As a result, we love to focus on processes that function at maximum capacity to give our customers quality service. That’s why we use the latest in safe banking technology to access a read-only copy of your online bank statements and expenses to assess your short-term loans application. So, if you’re looking for fast personal loans, then you’ve found the right place. Learn more today!
Let’s be friends
Love learning about nifty personal finance tips? Then, discover all you need to know about positive credit reporting and how’ll it will affect you.