The online banking is the one that operates exclusively by Internet. In recent years, this system has registered unstoppable growth in Spain. According to data, in 2013 it was 33%, although it is still far from the European average (42%) and well below the figures for countries such as Denmark (82%), Estonia (73%) or Luxembourg (63%).
If something is characterized by online banking is because it has a structure much simpler than traditional banking, and therefore the costs are much lower. But not only that, in their eagerness to gain adherents to this system, the products and services they offer are much more competitive than those of traditional banking.
But what are the pros and cons of online banking compared to traditional banking? Are the products offered by banks that operate on the internet more advantageous than those of banking in the whole vidal?
The most important thing before weighing up whether the digital operative is comfortable or we prefer the one of the whole life, is to analyze the commissions that are going to charge us for something as basic as the maintenance, the administration or the transfers.
Here are some of the advantages of online banking over traditional banking:
Better commission policy: Online banking does not charge maintenance and administration fees and offers unlimited free transfers. In some cases it not only allows free transfers in dollars, but also does not charge if the transaction is carried out in another currency, such as British pounds or Danish kroner.
Means of payment without cost: As for the means of payment, all current accounts of online entities offer their customers a debit card without cost. However, traditional banking charges an annual fee, ranging from 19 dollarss in Bankia to 28 dollarss per year of Santander.
Zero commissions: When it comes to exempting customers from commissions, some online entities require the customer some conditions in exchange, such as direct debit or payroll or that a minimum balance is maintained in the account. However, there are currently three entities in Spain, which do not ask their clients anything in return: Openbank, Unoe and Bancopopular-e. In traditional banking, most require requirements such as maintaining a balance in the account not less than 2000 dollars, domicile monthly income for a minimum value of 600 dollars, keep a card active or have at least 3 receipts domiciled.
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There are still some details to improve so that online banking can gain the full confidence of users, but less and less disadvantages and more advantages associated with this system, not only by saving time, which is one of the most Scarce and therefore more valued nowadays but by the notable reduction of costs in the online banking compared to the traditional banking.