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What is e-banking service?
Broadly speaking electronic banking includes any financial transaction made online (through a website or app); at an ATM; with a smart card; credit or debit card. However usually when people talk about e-banking and electronic banking they are referring to banking transactions made online on e-banking websites or on your smartphone using an e-banking application. With e-banking you can carry out all forms of traditional banking virtually without checks or cash actually changing hands. All you need in order to conduct e-banking is an internet connection and device (computer, tablet, laptop, smartphone etc.).

What are the general features of e-banking methods?
Electronic banking is generally convenient and simple. Not only that but e-banking is usually low-cost with many types of transactions being free or cheap. You can save time when using an e-banking system as you don’t have to wait for bank open hours – e-banking is 24/7. You can manage your day-to-day banking and control your funds independently. Online banking websites are created to be user-friendly with an easy-to-use customer interface. General features of electronic banking include a dedicated customer support system. Most e-banking systems include a smartphone app so that you can do your banking even if you do not have access to a computer, directly from your phone. One of the most important features of e-banking methods is security.

What is the procedure to open an electronic bank account?
If you already have a bank account at a traditional brick and mortar bank then the procedure to open an e-banking account requires your account number, security verification and creation of a username and password. If you are opening a new electronic banking account then you will have to select a bank; choose what type of bank account you need (savings, business etc.); provide basic information like name, social security number, date of birth and address. For online business accounts further documents may be required like your company registration number. The final step is to make your first deposit. There should be real-time assistance on-hand through a live chat or phone call to talk you through the process if you encounter any problems.

What is an electronic bank transfer?
An e-banking money transfer is like a regular transfer except no paper changes hands, the process is electronic – quicker and cheaper. Electronic bank transfers can be done online or through a system called EFT when funds are deposited directly into someone’s bank account. For example an employer can deposit the employees’ salary directly into their accounts without issuing cheques. The entire process is computer based. Funds can be transferred through your e-banking account from a computer or smartphone. You just select “fund transfer” and fill in the name of the beneficiary and his bank details.

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