No doubt, online banking has made the lives of people really easier. It has made the impossible, possible. You can now send money globally with just a few clicks from your mobile or laptop. But, as everything has some pros and cons, There are certain drawbacks to this system too. Some of them are listed below
INCOMPETENT WEBSITES: The websites or mobile apps that are used for doing IMT’s are not so appreciable and quick mostly. Many websites are very efficient in their working but they require a strong and fastest internet connection. If your internet is slow or if the signals are weak, then it’ll really create a problem for you. Sometimes, due to a load of individuals and transactions, it can start responding really slow. This makes the customer fussy and they can panic as no one likes to wait for a longer time when it comes to cash and bucks.
- EXPIRED TRANSACTIONS: Sometimes, due to slow internet connection or website’s incompetence, the customers can face expired transactions. In such transactions, the payment gets deducted from your account but it’s not received by the recipient either. It creates a gap in payment. In this case, all you can do is to wait for some hours to some days(usually 7 business days) so that the payments can be added to your account again. Otherwise, you can visit the nearest bank or cash payout location. Let’s discuss it with an example, if you have to send money to Nepal, you will open the website or app for online transfer, after filling all requisites you will click on “confirm Transaction” but you will see a notification of “Transaction Failed” on your mobile screens. After that when you’ll check your account balance, the amount may be deducted already. Then, in order to send money to Nepal online, you will have to wait for some days so that the payment can be added back or you can visit the nearest retailer bank to get your issue resolved.
- INTERNET AVAILABILITY: Internet Availability is a must for sending money online. You can not access your account if you do not have internet. And there are many times of the day, when an individual may not have easy access to the internet. So, if in any case of emergency, when you do not have internet, you will have to visit the bank or payout location for sending money by using their platforms.
- PASSWORDS: In an online money transfer system, you must give importance to remembering the passwords. In any case, if you forget the password and try to login with a wrong one, It may temporarily cease your online banking or even your whole bank account. Hence, we will not advise online banking to anyone who has a weak memory.
So, what can you do to avoid all these drawbacks? Simply, use an efficient bank or money transferring company such as Ace Money Transfers so that you can avoid all unnecessary fuss and easily transfer money here and there.