digital innovations to impact the future of banking
You may have heard the term electronic banks before, so what are electronic banks And what are its advantages What are the most popular e-banks suitable? All this we will get acquainted with today in detail so that we put in your hands a reliable guide about electronic banks.
The world has recently witnessed an increase in cash and financial flows, both in the field of trade and global investment, in parallel with the development of information and communication technology, which some call a technological shock.
As well as the widespread spread of e-commerce, which is the process of buying and selling online, e-commerce owners themselves were forced to look for easier and faster ways to perform banking operations such as withdrawals, transfers, and deposits due to the nature of their work.
Hence, the need for a new type of non-traditional bank has increased, which does not adhere to a specific place or a specific time, which led to the emergence of electronic banks to meet the needs of modern times.
Now let's get to know her…
What are electronic banks?
Electronic banks are electronic payment systems that enable customers to conduct a range of financial transactions through the bank's own website, by creating a customer account via the internet.
Electronic banks are either virtual banks that create websites for them on the internet to provide the same services as a traditional bank and do not provide their services in the form of traditional bank branches. Or it is affiliated with a traditional bank that makes a website that provides financial services electronically, that is, it is a traditional bank that also makes an electronic bank for it.
Of course, the e-bank is not only a website but also a comprehensive financial, administrative, and consulting system, as licensed and authorized by the responsible bodies of each country. Of course, the way to open an electronic bank account online varies from bank to bank, but all of them are very easy and simple. Many electronic banks also grant you a special visa with which you can easily conduct your financial transactions through ATMs.
The emergence of electronic banks began after the wave of mergers and acquisitions of the financial industries in the late nineties, which led to an expansion in the customer bases of traditional banks until banks began to think about providing Internet banking services as a strategic necessity.
It was also attractive in terms of low transaction costs, ease of services, and other advantages that enhanced profit margins and reduced overhead costs.
The publication of the first known bank for banking services via the home computer of customers began in 1980 in America, it allowed customers to securely access their account information, and the bank provided some financial transactions via the Internet, so the idea of electronic banks developed over time, and different countries began to apply the idea.
What is the difference between a traditional bank and an electronic bank
A traditional bank has physically existing banking agencies and has its own branches through which you can conduct your normal physical transactions after opening a bank account, and the main advantage of a traditional bank lies in direct contact between the customer and his banking adviser.
The electronic bank provides the same services as the traditional bank i.e. checking accounts, loans, savings products, insurance, etc.
But you have the freedom to choose to conduct your transactions online from your computer without moving to the premises of the bank itself.
Advantages of electronic banks
- Most of the time, electronic banks offer many services that give you extreme ease and advantages, which traditional banks often do not offer.
- The confidentiality and security of transactions until the person is assured during the transaction because they rely on an electronic protection system known as the secure communication layer, which is a system developed in order to protect and secure data from hacking and fraud. But many businessmen advise not to leave gigantic sums in electronic banks to ensure non-hacking and keep yourself from loss, perhaps because your account is more vulnerable.
- The possibility of performing banking transactions at any time of the week and around the clock, which saves you a lot of time and effort without having to go to the bank and wait for a long time, as it performs banking operations for you without the need to move from your place.
- Faster electronic banking operations than land-based banks, where you can do all your transactions in simple minutes.
In the section below we will talk about the best and most famous electronic banks that you can deal with, which allow all customers, owners of electronic stores, and others to conduct financial transactions online, such as sending, transferring, and receiving money in all countries.
The most famous electronic banks
You can check the availability of the services of the Bank of your choice in your country via the bank's website.
Paypal
The electronic bank PayPal is one of the most famous and most important leading electronic banks in online payment in the countries of the world in general, and many also nominate it as the best electronic bank ever.
There are about 254 million people who use this site for their financial transactions online, as it allows all customers, whether individuals or individuals, to deal easily and safely through their personal accounts or websites.
Also, the popularity of this bank is due to its widespread use in more than 200 different countries, you can check the bank's work in your country through the bank's website itself.
One of the most important features of PayPal:
- You can register an account with PayPal by email and an authorized bank account only.
- You can withdraw funds to your bank account, credit card, or Visa prepaid cards depending on the options available in your country.
- You can use currencies other than dollars, there are about 25 currencies available on PayPal.
- PayPal remains the most widely used in a lot of freelancing platforms.
PayPal features are not available to all countries of the world in one form, as the countries of the world are divided into more than one segment of PayPal features:
- Countries that are not supported by PayPal in the first place and those that cannot open an electronic account on it.
- In other countries, subscribers can only send money or make purchases and pay online, but they cannot receive or withdraw money.
- Other countries can only receive money, they cannot send money.
But many countries have all the services available, such as receiving, sending, and withdrawing money to a visa, bank account, or check, and all the previous options may be available.
Pioneer Payoneer
Pioneer Bank is one of the largest and Best Electronic banks in the world countries. It offers its services to customers in the countries of the world easily, as it is supported by most traditional banks operating in countries, based in New York City.
One of the most important features of Pioneer Bank:
- Pioneer enables you to get a pioneer MasterCard card and a virtual US bank account like any ordinary US citizen.
- Providing a free Mastercard card after making an electronic account.
- The possibility of transferring funds from one account to another account on the same bank for All Pioneer customers.
- You should review the required fees for banking transactions from each bank.
For example, there is an annual bank account maintenance fee with Pioneer, which you pay if you have not made at least one bank transaction during the twelve months, and is about 29.95 dollars. There is a monthly fee of 3 dollars. To find out all the details of the financial transaction fees before doing your service, it is preferable to view the fees on the Pioneer website on the Internet.
Neteller
Neteller Bank was established in Britain, the bank is distinguished by the ease of financial transactions without problems or obstacles mentioned by customers and is also on the list of the largest electronic banks. And of course, it is a licensed bank that is even licensed by an authorized Mastercard company to issue electronic cards.
Its services are available to all countries, previously its services did not support Arab countries, but now all the bank's high-quality services are available to Arabs.
One of the most famous things that are known about Netler Bank is the prudence, security, and trust for all financial operations, where it closes any account for which a suspicious movement or work is found until the bank support is contacted to confirm the strange movement in the bank account, and then reopen the account again.
One of the most important features of Neteller bank
- Superior protection of customers ' bank accounts through encryption and other systems.
- Free account registration.
- Protect accounts from hacking or fraud by continuously monitoring and updating the data.
- The transfer of funds between the bank's affiliate accounts is free of charge.
- You can use his Mastercard for a small fee, and you can also see the very simple service fees on the Neteller Bank website.
Nettler's official website link
Skrill
Skrill Bank (formerly Moneybookers) is also one of the best electronic banks, as it is handled by millions around the world, and you can easily open an account with it and complete all your financial operations electronically securely, such as withdrawals, transfers, and receiving funds.
Skrill Bank is affiliated with the Paysafe Group, which also includes the aforementioned Neteller electronic bank.
One of the most important features of Skrill bank:
- Speed of bank transfers and physical transactions.
- Low interest for money transfer fees between balances and financial accounts.
- The bank allows transferring to your own bank account in any country that allows dealing with Skrill Bank.
- Skrill visa is special for the bank for ease of financial operations.
Always try to check the bank's website itself and find out about the availability of your country, as well as the steps of work and fees between financial services, in the support section and the most frequently asked questions.
Skrill's official website link
We will now mention the most important international electronic banks, which may not make their services available to Arab countries significantly, so continue with us.
The most famous electronic banks around the world
Western Union Westernunion
Western Union is one of the most famous and Best Electronic Banking Companies in the world, and it also provides its services to some Arab countries as well.
The company is headquartered in North America, United States, where it was formerly one of the leading Telegraph switching companies in the United States.
One of the advantages of Western Union Company:
The frequent presence of its branches in the countries that support it helps you with support services, as well as the ease of all financial transactions.
- Remittances can be received at the rates of your country's currency according to Western Union rates for the corresponding US dollar.
- The speed of receiving money reaches in most countries only one day from sending it easily and easily without obstacles.
- Many online companies use it to pay employees ' salaries remotely because it provides special services for companies and individuals as well.
- In many countries supported by Western Union, you do not need a traditional bank account to perform transfer and receipt services, whether you are the sender of money or the receiver.
Link to the official Western Union website
BitPay
BitPay is also one of the most famous electronic banking companies globally, and it simplifies the methods of payment and subscription operations easily.
One of its most important features is that it allows all customers, whether companies, stores, or individuals, to use the electronic currency “bitcoin“, where it is possible with BitPay to convert bitcoin into a cash currency and use it whether for withdrawal, Receipt, Transfer, or even for purchase and payment via the internet.
There are different subscription price plans inside Bayt:
- Free service for beginners
- A business plan that suits companies for one percent of the value of the operation.
- Plan enterprises.
Worldpay
Worldpay is also one of the leading companies in the field of electronic banking, which allows all types of transactions and electronic financial services.
Worldpay is also considered one of the most famous companies among business owners and large electronic stores, as business companies around the world rely on the services provided by Worldpay, such as electronic payment services and others.
For example, you find it dealing with airlines, travel, gaming, and other big business companies.
Worldpay official website link
Adyen
Adyen, one of the leaders in the field of electronic payment services, is working on the growth and improvement of companies by developing and facilitating payment processes for business owners and stores.
For example, the Adin platform enables accepting payments in a single system, enabling calculation and revenue growth for entrepreneurs and also facilitates this through applications for mobile devices.
the advantages of Adin company:
- Communicate with customers by phone and not just e-mail allowing faster access to them.
- I got the European license.
- It contains risk management tools.
- It is directly linked to the Mastercard company for paid card services.
Link to the official Adyen website
Due
It is one of the famous companies for its electronic payment services and its ease.
Dio is characterized by the following:
- Availability of many types of credit cards for use in payment.
- Low and sometimes non-existent transaction fees.
- Providing many advantages of payment and financial operations.
Finally, because you work online, whether in freelance work or electronic stores, this needs you to choose an electronic bank that helps you succeed and continue, as the ease of paying customers and receiving is a keystone in the reasons for success.
In this article, we have tried to collect the most famous electronic banks that can help you gain the trust of your customers, as well as facilitate financial operations and services effortlessly.