How does an online bank work?
If online banks are so attractive, it’s because they offer unbeatable rates. While traditional banks increase their prices and add account maintenance fees, online banks do the exact opposite. Not having a physical agency to fund allows them.
Who are they for?
More and more young people are using technology, What is an online bank? and in particular banking applications, to carry out their transfers and other operations. There are also only a small number of them who regularly visit branches for anything other than credit.
Reduced or non-existent charges
The real advantages of online banking: bank charges. No.1 asset for virtual banks, bank fees are lower than those of traditional banks. The absence of mark-ups for day-to-day online transactions, as well as the absence of a physical office and reduced administrative burden allow online banks to reduce their expenses to the benefit of customers.
More profitable savings products
An online bank is not limited to the proposal of current account and its means of payment. No ! Savings products are also available such as passbooks, life insurance and stock market orders which are also some of the big advantages of online banking.