How To Open a Free Online Bank Account

Online banking is defined as a digital payment system that enables bank customers or other financial institutions, such as credit institutions, to carry out financial transactions. Online banking allows you to easily manage your accounts from your smartphone or computer. Online banking is also known as internet or web banking.

Getting started is easy: all you need is an active Internet connection. Online banks pay just as much attention to the security of your money as traditional banks do: With strict procedures, advanced technology and extensive communication. The 3 different types of internet banking are: informational, communicative and commercial.

Online banking compared to visiting a bank

In addition to the fact that you no longer have to spend extra time going to the bank and carrying out transactions on site, online banking has other decisive advantages. Online accounts are easy to open and manage. In addition, using an online account is much more convenient as you can pay your bills or transfer funds between bank accounts wherever you are, rather than just in a physical location.

Another advantage of online banking is that it eliminates the need to stand in line for the terminal at a physical bank. You also don’t need to keep receipts as you can view them online. You can carry out transactions at any time, even at night, at weekends or on public holidays. Online banking is fast and efficient, and you can check your transactions and account balance at any time. This allows you to identify and prevent fraudulent transactions before any damage can be done.

Some of the top online banking companies in the UAE include:

1. Emirates NBD Online Banking:

Emirates NBD is one of the largest banking groups in the region and offers a comprehensive online banking platform with various services and features.

2. Abu Dhabi Commercial Bank (ADCB) Online Banking:

ADCB provides online banking services that are user-friendly and secure, catering to both individual and business customers.

3. Mashreq Online Banking:

Mashreq Bank offers a robust online banking platform with features such as fund transfers, bill payments, and account management.

4. Dubai Islamic Bank (DIB) Online Banking:

DIB offers online banking services adhering to Islamic banking principles, providing convenience and accessibility to its customers.

5. Commercial Bank of Dubai (CBD) Online Banking:

CBD offers online banking services tailored to meet the needs of individual and corporate clients, providing ease of access to various banking functions.

These are just a few examples, and the best choice for you may depend on your specific banking needs and preferences. It’s advisable to compare the features, security measures, and customer reviews of different online banking platforms before making a decision.

Conclusion

“Online banking is revolutionizing the private customer business. Of course, everyone is different, so there can’t be a single bank that meets everyone’s needs. This makes it difficult to say explicitly which bank in UAE is the best. However, if you want to open an online bank account in UAE, this article will give you insights into what you need to know about online banking and what options you have to choose from. It’s up to you to decide what’s best for you, depending on your needs. Do thorough research by finding out about banks online. If necessary, you can seek advice from financial advisors before you take the plunge.”

References:

[i] Ashford, K. (2020, September 03). Best Online Banks Of 2020–And How To Choose One. Retrieved September 03, 2020, from https://www.forbes.com/advisor/banking/best-online-banks/

[ii] Rosenberg, E. (2020, February 14). How to decide if an online-only bank is right for you. Retrieved September 03, 2020, from https://www.businessinsider.com/personal-finance/what-is-difference-between-online-banks-traditional-banks?IR=T

[iii] 5 Benefits of Teen Savings and Checking Accounts. (n.d.). Retrieved September 03, 2020, from https://www.rivermarkcu.org/youth/resources/benefits-of-teen-savings-checking

[iv] Pritchard, J. (n.d.). Best Online Banks. Retrieved September 03, 2020, from https://www.thebalance.com/best-online-banks-4165693