Traditional banking or online banking: what to choose?
In recent years, online banks have been gaining more and more success, to the detriment of the "classic" banks we have known so far. If they are resolutely modern, should you take the step and leave the bank in which you have an account? Editus.lu makes the point for you!
An online bank, is it serious?
A priori, yes, because online banks are generally dependent on large international banking groups.
Are the offers of an online bank the same as in a traditional bank?
Not necessarily. So be wary before signing a contract at the bottom of a bank online.
For example, the supply of credit is not always very complete . If you wish to make any loan (real estate, consumption, etc.), check beforehand that this is possible.
It is also impossible, in banks only present on the internet, to deposit cash, except through a cash mandate.
Flexible schedules
One of the main advantages of an online bank is that it rarely closes before 10 pm, even during the weekend . Thus, from the morning until this hour, you can always join an advisor, something unthinkable in a traditional bank, whose schedules are difficult to work with.
At any time of day and night , you can also check your account via the net and make transfers.
Fewer banking fees
Since no physical agency exists, fixed costs are lower (office rents, security costs, etc.) and, therefore, this affects the amount of the rates and services offered.
For example, the bank card will be free when opening an account in an online bank, while it is usually paid in a traditional bank.
Ditto for the expenses related to a bank account , they can be up to five times lower than in a traditional bank. What to achieve some savings.
No appointed advisor
If landing in a call center does not bother you, and you make fun of the fact that your caller is different with each of your calls, online banking is for you.
On the other hand, take into consideration the following element: every time you make a phone call to your bank, you will be forced to re-expose your project (credit application, for example) since you will fall (except huge stroke of luck) on a different person. It does not seem problematic said like that, but it can quickly weary after 5 phone calls.
If you feel that you prefer to be in touch with the same banker during each of your calls, skip your turn and stay well in a traditional bank.
More stringent access conditions
To qualify to open an account, many online banks will require you to pay your salary, or income of a certain amount each month .
If you accept this clause, find out about the terms and conditions as you may be fined if the monthly minimum amount is not paid into your account.
Regarding the opening of an account, the traditional banks are generally less looking since you can open one with only 100 euros in your pockets.
In conclusion
Before deciding on a possible change of bank , list the elements "for" and the elements "against" . You will be able to determine whether transferring your money to an online bank is ideal for you.