Finance Banking

A Brief Guide On Advantages And Disadvantages Of Internet Banking

Published at 07/17/2011 22:43:38

Internet banking is becoming very popular worldwide; people have realized that internet banking can actually make your life easier. In order to use internet banking you only need to know how to use a computer and must also have an internet connection. Internet banking can be done from anywhere; you can even do it whilst you are out of the country. Whilst there are plenty of advantages associated with using internet banking there are also some disadvantages that you also need to know.


- Internet banking is convenient; in fact this is the first advantage anyone can tell you. You do your banking from your office or home and even when you are away on holiday. Because the transactions are done online, there won’t be any reason for you to go and stand in a bank queue.

- Another reason why so many people are now using this service is because it is fast and saves you time. If you need to do a transaction, you quickly log in to your account at any time and perform any transition.

- Pay your bills online; many would agree that writing a check or rather checks at the end of each and every month is a boring job that requires a lot of concentration and time. but with internet banking, bills are paid electronically within a matter of minutes.

- With internet banking you can save a lot of money in banking fees and administration charges. Internet banking fees are naturally lower because there are less administration costs that are involved from both the client’s and the bank’s perspective. You can save up to 50% in bank charges and fees if you use internet banking.

- You have access to your transaction history and even bank statements at any point in time. you can also print it if you want, this again does not require you to go to the bank.


Whilst the list of advantages of internet banking is endless, there are some disadvantages that you must also take into account before you can sign up for internet banking.

- The main query and fear that has always been raised by experts and the general public has been the issue of security. Whilst you have got a personal and secret password to your online account there are some chances that your account can get attacked by hackers. Once they get your information, then you are in trouble. You may find your bank account empty the next moment.

- It is very important to make sure that your internet connection is secure as you would not want your account to be attacked. Never use an internet café for your banking because their internet connection is not very strong.

- You can not do internet banking if your computer goes down or when there is power failure.

Tips and comments:

Internet banking is only safe if you do it with a secure internet connection. Passwords are never shared and never kept or saved in a phone; you could risk losing your hard earned money. Your computer must also have the newest or latest operating system and some anti virus software. These are some of the things that you may need to consider before you start to use internet banking.


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