Bank Alternatives - Finding Different Options For Financial Services
Nobody likes banks, not any more. Since the recent crises that have exposed their weaknesses and insecurities, not to mention the moral deterioration of the people who run them, people have started to wake up to the fact that there are significant drawbacks to banks. This wasn’t always the case, there was once a time where a bank was a very trusted institution – one that would look after your money and would understand your needs. Well, maybe this wasn’t actually the case – perhaps it was more of a perception, but the fact remains that people are realising the realities of using banks… And they are looking for alternatives whenever possible. But what are these alternatives? What sort of services can be provided to me with a bank alternative? And, why don’t banks offer these sorts of services?
Well, it’s probably a good idea to have a look at some of the ways that banks are limited. First of all, banks are bound by very stringent rules and regulations. For one thing, there are too many fraudsters out there – and so they will need to protect themselves and their customers by keeping very strict rules in place. But it does impact on service. So, these rules are grounded in common sense – but they do limit the sorts of things you can do. Nobody’s going to argue that bank accounts are valuable, and they’re almost essential for major day-to-day finance operations or security. However, there are numerous features that alternative services can provide to you.
Many banking alternatives are based online. This allows for a high level of flexibility, something that is difficult for a bank to achieve. Such services are usually known as online payment gateways. There are innumerable services; many are used to facilitate online transactions between websites and customers. The chief draw of these services is flexibility; however it is also a matter of security. By making a transfer from your bank account to such a service, usually in the form of an electronic wallet, then you can avoid any kind of connection to your bank account when shopping online. It’s always difficult to maintain safe online shopping practices, and your bank account may be vulnerable to fraud when using sites you might not be familiar with. In any case, taking your bank account out of the equation is a beneficial for security and a chief motivator in the use of such online payment gateways. But what services can they offer you that are superior to banks, aside from online shopping?
It’s true that you can make a transfer online using your bank. But there are always limitations. For example, lengthy transfer times are often required by banks. This can be very inconvenient, and it can actually make a big impact in cases where money needs to be transferred urgently. Making an online money transfer with an online payment gateway is usually instant. In addition to this, the fees charged by a bank for making a money transfer online can be relatively high. This is particularly the case when sending money internationally. However, with an online payment gateway charges are often much lower when making an international money transfer – which makes them a fantastic alternative to banks for this type of service.
A lot of people enjoy online gambling sites, sports betting and casino games for example. However, on the occasions when players win, there is usually a very lengthy wait required to transfer moneys from the gaming site to your bank – to make use of your winnings. With an online payment gateway, you can cash out gaming winnings instantly. This is beneficial because you have access to your cash in a much shorter time frame, and you can enjoy the moment a little bit more if you know you’ve got what you’ve won available to be used.
The best online payment gateways offer a prepaid debit card to their customers. This is essentially like any normal card used for financial transactions, however the difference is that the amount available to spend on the card is only up to the value of your online payment account balance. This provides a high level of convenience, but it’s also very secure. Making transactions by card is quite secure as it is, but by limiting your exposure to fraud – when shopping online for example – you can enjoy an extra level of security and peace of mind, with all the convenience of a normal card. One of the best benefits of a prepaid debit card from an online payment gateway is the ability to use them at normal ATM machines to withdraw cash. It’s all from the balance contained on your electronic wallet, so it’s still very secure.
Banking alternatives are increasingly common, mostly in the form of online payment accounts, and they offer a heightened level of security – along with the added convenience. Banks are necessary, but they are unable to offer the kind of flexibility and competitiveness in their services as online payment gateways do.