Digital banking vs online banking: What’s the difference?

“Digital Banking” is also known by many names such as “e-Banking”, “Virtual Banking”, and especially “Online Banking”. Digital Banking is a way to own money digitally and transfer or receive money through online mediums such as online money transfer apps and services.

Such online applications and services to transfer funds from one destination to another, from anywhere in the world have made banking easier. Which is why there are many modes of transferring finances, they are the following:

  • NEFT (National Electronic Funds Transfer)
  • ECS (Electronic Clearing System)
  • RTGS (Real-Time Gross Settlement)
  • IMPS (Immediate Payment Service)

Governments have imposed taxes on transferring money from one destination to another, whenever one is making transactions without digital mediums.

Which has made transferring money a hassle for people who simply want to send money to Africa and provide for their families or expand their businesses in other cities or countries.

What Makes Digital Banking Better?

Henceforth, making transactions through online or digital mediums has become a preference for such people, instead of making transactions through bank franchises or by sending money via agents.

Since the transference of money is achieved through online mediums, it automatically makes sure that the money sent is safe, secure, and fast. In just a matter of seconds, one can receive money anywhere in the world.

Why Is There a Need to Transfer Money Abroad?

Exchanging money abroad is done because of commerce, but it is not the sole reason why because this world is huge and many people have different interests which lead them to different occupations and careers in different countries than their own.

So, for such reason, for people who work as foreign teachers in Africa, Asian, etc. or for people who want to expand business or want to earn better money.

They move abroad, and moving abroad requires one to transfer money safely and securely. There are many reasons why people send money to the Gambia through online mediums, they are the following:

  • Wanting to buy real estate property abroad
  • Mortgage payment for their house that is abroad
  • Buying items from other countries
  • Personal investments
  • Sending tuition fee to their children

And many more such reasons.

Best Money Transferring Service

Now that you know why there is a need to transfer money abroad, you may also want to know the best way to transfer money as well.

If you are someone who wants to send money to the Gambia online or any other country in the continent of Africa, you can always decide to go for digital money transfer services.

One of the best ways to send money online is through ACE Money Transfer. This service lets you transfer money safely and abruptly; the two most common reasons people even use such a service in the first place.

This mode is better because it won’t ask for an excessive fee, unlike banking franchises or agents, especially for people who live in developing continents like Africa. So, if you want to send money to the Gambia, this is the best way.

Therefore, money transfer to the Gambia is made possible because of such state-of-the-art money transferring services like ACE Money Transfer.