With the advancements in the internet you don’t have to leave your home for much these days, you can do everything from shopping and socializing to meeting and even banking. Online banking has made a huge difference largely because of its convenience. It is because of this that manual transfers using bank bags have decreased. However, each has a place in the world and it is up to you which one you prefer.
Speed
One of the most striking advantages of online transfers when compared to using deposit bags is the speed. With manual deposits you have to get the money from somewhere, count it up, get a secure bag to put it in, drive to the bank and then wait in line to make a deposit. When doing so online all you have to do is pick who you want to pay and confirm your request. This can save a good few hours in some cases.
Safety and security
Online banking has often been surrounded by controversy when it comes to money security. In theory it is a safe way of transferring money from one party to another since you will not be walking around with bank bags filled with cash. Online transfers are much easier to trace than you drawing money and walking around with it. The banking sites have special security features to reduce the risk of phishing and other scams.
Scope of transfer
With cash deposits it can be a sticky task to transfer money overseas as it can affect the amount of time it takes as well as the associated costs. With online banking you can transfer cash to anywhere in the world and in almost all cases it will arrive within five business days. You can transfer money to multiple people in the space of a few minutes and not have to wait in special lines at the bank for each of them. All of this means that if you do a lot of international business doing your banking online would be better.
Added costs
There are always bank charges for something or other when you want to deposit or draw money. Different banks have different regulations for this, but if you were to bank manually you would encounter many more added costs. While online banking is not free, the costs that do accompany it are relatively affordable for the convenience that you are getting out of it.