8 Reasons Why Virtual Banking is better than Traditional Banking
This way of doing things is decades old now in this era of the internet as we have virtual banks with no pile of humans to stand behind. The main idea behind putting our money in the hand of a bank is to keep the money safe, trust the bank to safeguard our fortune.
We’ve all been through hassle while dealing with that long serial of people while trying to do some transactions using the traditional banking system at some point in our lives.
With the help of recent technological advancement, we now have an online banking system along with other things we couldn’t think of as possible decades back. As virtual banks are evolving, we are still struggling to find a way to trust them because of the consecutive news of fraud and scams online.
I will talk about the facts that will make you a bit more knowledgeable about the virtual banking system and attract you to get started with online banking.
1. International businesses are now happening
If we were to do businesses back in the days when Virtual Banking wasn’t here to serve, we had to go through quite a hassle to make transactions overseas. This is why international businesses were like a dream, untouchable just because of payment limitations.
However, now when we are doing online banking and making the payment is not a big deal anymore, businesses are way more manageable. If you live in the US and want to make payments to an Asian company or person, you can do it in seconds using an online banking system.
2. Remote works are easy with Virtual Banking
For example, you are a freelancer from the UK, want to sell your service to a company based in Canada; you can do the transactions with far less time yet paying way less charge to do the transactions.
The reason behind the fees is less is the maintenance costs of a virtual bank is far less than a physical or traditional one; it doesn’t need hundreds of shades overhead for their customers. In some cases, some virtual banks don’t even charge for each transaction at all!
3. Financial transactions without any hassle
All the Virtual Banks are established with one idea in mind, to serve modern international businesses and payments worldwide. That’sThat’s why all Virtual Banks emphasize the ease of global transactions for small businesses to operate overseas.
Virtual Banks issue payment cards for individuals and businesses around the world, and the users can use their currency for transactions. They usually come with flat ATM fees, and if you use a service, you can withdraw in your currency after getting paid with a foreign currency.
4. Flexible Banking
We have been using the traditional banks for a long time now; there are so many things going wrong with them. You cannot go to the bank with a problem and get a solution, but if you use a virtual bank, they are ready to help you 24/7. Having a physical branch makes the bank out of service for more than half a day and two days a week.
Online banks don’t have this kind of problem as they operate worldwide without having any physical branches at all. They are designed to be able to use with your mobile device over the internet; this means no more serial of people in front of the bank. This allows the banks to be more efficient in their work, and all the customers can control all their finances themselves.
5. Instant international payments
Making international wires is long gone with the online banking system. Virtual banks allow users to accept payments directly from their clients and send payments as well. When you are getting all the banking systems on your hand without having to go anywhere to exchange your currency, it’s easier to make international payments.
Users can pay online, collect money, or hold on to their money using only one account with a user-friendly interface. You can use any currency to make transactions, and they will convert the money for you to the currency you are sending to.
6. Letting the small businesses make transactions with their own terms
Small startups often struggle with their international payment system because they cannot have their own terms of finance. The local banks cannot provide them the financial services that they require from a modern concept.
Virtual banks are established with the intention of helping small businesses grow. This is where they get help from virtual banks; they can make international transactions in any amount with far fewer charges to pay for each transaction.
7. Simplified B2B payables
When it comes to transactions from business to business, there are tons of procedures if you are using a traditional banking system. When you are trying to make transactions with virtual banks even internationally, it’s way easier to do so.
You don’t have to wait for office hours to make your payments or collect them. You can maintain all your business accounts with a single interface because of the easy access to all of them associated with a single account.
8. Less paperwork and more automation
When you have to go to a traditional bank to make transactions with the government or other businesses, you need to go through tons of paperwork. The paperwork slows down your workflow and though you into a maze where understanding things is impossible.
But, when a virtual bank is working for you, it does a lot of automation in the flow, which turns your hassles into blessings. There is no paperwork to make you feel like in a maze; you are relieved from the tension and concentrate on work.
The traditional banking system is indeed a great financial solution to us and our businesses. However, along with all the other technological advancements, we now have a great gift and blessing for international and versatile payment systems worldwide.
The virtual banking system allows us to make transactions worldwide in seconds. It comes with less to no transaction fees and works without any official time limitations, 24/7.