1.  
Banking Alternatives

2.  Nobody likes banks, not any more. Since the
recent crises that have exposed their weaknesses
and insecurities, not to mention the moral
deterioration of the people who run them, people
have started to wake up to the fact that there are
significant drawbacks to banks.
 This wasn’t always the case, there was once a
time where a bank was a very trusted institution –
one that would look after your money and would
understand your needs. Well, maybe this wasn’t
actually the case – perhaps it was more of a
perception, but the fact remains that people are
realising the realities of using banks… And they
are looking for alternatives whenever possible.
 But what are these alternatives? What sort of
services can be provided to me with a bank
alternative? And, why don’t banks offer these
sorts of services?

3.  Well, it’s probably a good idea to have a look at some of the ways that
banks are limited.
 First of all, banks are bound by very stringent rules and regulations. For one
thing, there are too many fraudsters out there – and so they will need to
protect themselves and their customers by keeping very strict rules in place.
But it does impact on service.
 So, these rules are grounded in common sense – but they do limit the sorts
of things you can do. Nobody’s going to argue that bank accounts are
valuable, and they’re almost essential for major day-to-day finance
operations or security. However, there are numerous features that
alternative services can provide to you.

4.  Many banking alternatives are based online. This allows for a high level of
flexibility, something that is difficult for a bank to achieve. Such services are
usually known as online payment gateways.
 There are innumerable services; many are used to facilitate online transactions
between websites and customers. The chief draw of these services is flexibility;
however it is also a matter of security. By making a transfer from your bank
account to such a service, usually in the form of an electronic wallet, then you
can avoid any kind of connection to your bank account when shopping online.
 It’s always difficult to maintain safe online shopping
practices, and your bank account may be vulnerable to
fraud when using sites you might not be familiar with. In
any case, taking your bank account out of the equation is
a beneficial for security and a chief motivator in the use
of such online payment gateways.
 But what services can they offer you that are superior to
banks, aside from online shopping?

5.  It’s true that you can make a transfer online
using your bank. But there are always
limitations. For example, lengthy transfer
times are often required by banks. This can
be very inconvenient, and it can actually
make a big impact in cases where money
needs to be transferred urgently. Making an
online money transfer with an online payment
gateway is usually instant.
 In addition to this, the fees charged by a bank
for making a money transfer online can be
relatively high. This is particularly the case
when sending money internationally.
However, with an online payment gateway
charges are often much lower when making
an international money transfer – which
makes them a fantastic alternative to banks
for this type of service.

6.  A lot of people enjoy online gambling
sites, sports betting and casino games for
example. However, on the occasions when
players win, there is usually a very lengthy wait
required to transfer moneys from the gaming
site to your bank – to make use of your
winnings.
 With an online payment gateway, you can cash
out gaming winnings instantly. This is beneficial
because you have access to your cash in a
much shorter time frame, and you can enjoy the
moment a little bit more if you know you’ve got
what you’ve won available to be used.

7.  The best online payment gateways offer a prepaid debit card to their
customers. This is essentially like any normal card used for financial
transactions, however the difference is that the amount available to spend
on the card is only up to the value of your online payment account balance.
 This provides a high level of convenience, but
it’s also very secure. Making transactions by
card is quite secure as it is, but by limiting
your exposure to fraud – when shopping
online for example – you can enjoy an extra
level of security and peace of mind, with all
the convenience of a normal card.
 One of the best benefits of a prepaid debit card from an online payment
gateway is the ability to use them at normal ATM machines to withdraw
cash. It’s all from the balance contained on your electronic wallet, so it’s still
very secure.

8.  Banking alternatives are increasingly
common, mostly in the form of online
payment accounts, and they offer a
heightened level of security – along with the
added convenience. Banks are
necessary, but they are unable to offer the
kind of flexibility and competitiveness in their
services as online payment gateways do.