Online banks, called eWallets, are becoming more and more popular as a way to make financial transactions rather than using the typical banking sector. There are several reasons why this is the case from the ease of use to lower fees and safety issues and faster transactions.
The digital world is here, as is digital banking, which is why more people are using online banking methods. Ewallet options such as Revolut and n22, just to name a couple, are pushing out old school banks and that trend is likely to continue. This is especially the case when it comes to the iGaming industry with all the advantages of using eWallets at online gaming sites.
There are no lack of options when it comes to choosing an eWallet – with some of the more popular ones being Neteller, Skrill, Revolut, n22, and EcoPayz to just name a few. These eWallet-like banking solutions are frequently reviewed and covered by EwalletVIP.
Convenience
Many people are using eWallets these days with the convenience it affords them. When you have an eWallet you are not carryout around physical cards, and you can make payments at retailers both in-person and online. It is much easier to take care of any financial transaction using an eWallet simply tap your mobile phone to a payment receptacle, or have your mobile device scanned and the transaction is complete. Not only are eWallets an easy way to take care of a financial transaction but it is also easy to set up an account, transfer money, and top-up your account.
Having an eWallet is also much more convenient if you are traveling. There is no need to carry cash around or physical cards and this is not only more convenient for you but also safer. The world of iGaming has also taken to eWallets as a go-to method for making deposits and withdrawals at online gaming sites. The ease of use, instant processing times, security, and lower fees make using eWallet at gaming sites very popular these days and this is especially the case since most online gaming sites accept eWallets as a banking method.
EWallets are safe and secure
Using eWallets to take care of financial transactions is very secure and safe. When you have an eWallet account the data that is stored is encrypted, which means that when you make a transaction the card account numbers are not transmitted. Random payment codes are used in a transaction and never used again and to go further your card account number is not fully shown when using an eWallet, which means nobody can take the number to use for a fraudulent transaction.
When you carry cash, credit cards, or debit cards there is more of a risk of theft as well as loss. right away a person could use these things to purchase things at retail stores On top of that you will have to cancel the cards and re-order them to have them sent to you and that can be a hassle, as it takes time. If you have an eWallet it takes those situations out of the equation because of the multi-factor authentication process With eWallets there will be such things as security questions, your security PIN, or getting a onetime-password sent to you via SMS to get into your account, so prying eyes will not be able to access your account or your information.
Also, in terms of security virtually all eWallets will have a freeze option where you can freeze your account and it cannot be used. Only you can unfreeze it using the security measures just mentioned and this is a very good option when you are traveling, or your phone is not with you.
Lower fees
It seems like banks always love to tack on fees from everything from ATM withdrawals and transfer fees to FX fees and yearly fees. One of the main advantages of using an eWallet is that there are few or no fees when it comes to transactions. For example, for virtually all eWallets there is no fee for transferring money to another user of that eWallet no matter where they live in the world.
Often if you are buying something online or are traveling and it is in a different currency than you have for your bank you will be charged an FX fee. However, for eWallets, there may be that but many of them can be used in many currencies, so there is no FX fee involved and if there is one it is very small.
Where banks can get you are fees for ATM withdrawals that are not at their branches. The fees can be very high for making ATM withdrawals and you cannot always find one of your branches and this is especially the case if you are traveling. Most eWallets will allow you to have a physical card and while there are typically fees for ATM withdrawals they are lower than bank fees.
Fees are also a big issue when it comes to using credit cards and debit cards at online gaming sites. More often than not the fees are much lower, if there are any at all, for making deposits and withdrawals at online casinos, poker rooms, and sportsbooks. On top of the fees issue when using eWallets to top-off or make a withdraw from your online gaming account the processing times are much faster for deposits and withdrawals when using an eWallet. When it comes to deposits using eWallets almost all have instant processing times.
Being loyal
One thing that most eWallets offer customers is a loyalty or VIP programme and that is something banks do not offer. Typically, in these programmes, there are levels, and the more transactions you make using the eWallet the higher level you will be in and therefore the more benefits you will receive. Just a few of the common benefits you can receive in an eWallet loyalty programme include:
• Lower FX fees
• Lower ATM withdrawal fees
• Higher ATM withdrawal limits
• Enhanced customer service
You can see there are several advantages to using an eWallet over a bank. With all of those advantages offered it is no surprise eWallets are setting the new standard in the global banking sector.
Disclaimer: The information and views provided in this article are solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice.