Tag: ATM

Suppose your personal important document is stored in an online database and has been connected to the web page with programming thus enabling you to see your personal important document. Think if the database software holding your important document to be full of securities. Only secure web database can save your document and it can be accessible to any part of the Globe. Besides your personal important document another significant application of online database is banking system that became integral part of every individual in modern banking system, whatever may be internet banking, mobile banking or another term used is core banking. Recent advancement of banking system like ATM, core banking using Information Technology people is very safe while they are traveling far way from home. It is still unsafe traveling with good amount of money, some time pulls your life in danger.

The main advantage of using an ATM is the fact that you can have access banking database up to certain level and as your requirement of cash in your bank account from any part of world, whenever you need it.

For instance, you are at a store that does not take checks or credit cards but it has an ATM, you can withdraw the money for your purchase. This also means you can travel anywhere without cash. If the location has an ATM and you have your ATM card, you can access your money instantly. Now days ATMs are not just technology you can use to access cash using online database software. Some ATMs you can transfer funds between accounts, buy stocks, check account balances and even buy stamps. All of these features can be accessed with one debit card or credit card and a PIN number. If you take measures to protect your PIN and account information, having access to an ATM is very convenient and makes life’s little emergencies far less challenging.

Cautions While Using ATM: You do need some carefulness when using an ATM. Identity thief in recent times using useless ATM receipts to get the bank account numbers of innocent customers. Consumers who have an ATM card are assigned a PIN to use when accessing their funds. Shoplifter sometimes stands close behind an ATM user to get this PIN, and then pinch his purse with the ATM card in it to cheat money from the account.

The global economic crisis in 2008 had a great impact on the U.A.E. Several banks reported that there were high non-performing loans from 2009 to 2011. Thankfully, the economy recovered well and quickly after the financial meltdown. The reason that the U.A.E. could recover so quickly, was because they immediately set up an additional liquidity facility of around 14 billion dollars, which was available to the banks should they need it, but was luckily not really used. This crucial move stabilized the banks, and prevented further repercussions from the financial crisis. With the proactive steps taken by the government, as well as the blessing of natural crude oil, the economy of the U.A.E was able to bounce back quite effortlessly from what seemed like complete bankruptcy to most people.

There are around 23 local banks in the U.A.E., as well as 28 foreign banks operating there. These banks also have special Islamic banking, which has become increasingly famous in recent years. There are different kinds of accounts available, and foreigners have the option of opening their bank accounts either in the local currency, or in a foreign currency. Almost all the banks in the U.A.E. allow their customers to avail of personal Internet banking. The country in general is technologically savvy, and almost everything can be done over the web. Apart form this, all banks have ATM facilities, and customers of one bank can use the ATM of another bank. There is also a number of business banking facilities available to the large number of businessmen in the country. Current account holders can make cheque payments for all of their day-to-day expenses. Based on the credit of the account holder, overdraft facilities are also available to current account holders.

Whether you having personal or corporate banking needs, the banks in the U.A.E. are more than capable of helping you reach your goals. Even though they did meet with a slight set back due to the financial crisis, they have showed great power in being able to recover so fast, when most of the world is still reeling from the aftermath of the economic meltdown. The Central Bank of the U.A.E. has laid down several guidelines in 2011 to regulate loans and other banking services offered to individuals in an attempt to control all the banking to ensure stability. The export of oil from the entire gulf region has doubled since the year 2009. They exports have now reached 1 trillion Dollars. It is expected that by 2020, the figure will reach 2 trillion Dollars. With such promising figures, it is evident that the banking sector in the U.A.E. is really very strong.

There are a lot of factors that made onshore banking as well as offshore banking different. Although they all have their own features and advantages, one is always better than the other. It is really hard to choose sometimes because of lack of knowledge regarding which is good and which works for you. Here are some questions that surely have crossed your mind as well as answers to help you decide on what to pick.

Which one would reduce your tax?

Onshore banking is subject to the tax and foreign exchange rules of the country in which the account is held, and depending on the size of your savings, and the tax regime of your onshore jurisdiction, the price you pay is likely to be fairly high if your savings are ‘considerable’. Therefore, if you are interested in reducing your tax exposure, and in relatively higher confidentiality levels, it would make sense to examine the possibilities available to you offshore.

Would you use an offshore bank account if you are with an onshore savings already?

Onshore banking is subject to the tax and foreign exchange rules of the country in which the account is held, and depending on the size of your savings, and the tax regime of your onshore jurisdiction, the price you pay is likely high if your savings are ‘considerable’. Therefore, if you are interested in reducing your tax exposure, and in relatively higher confidentiality levels, it would make sense to examine the possibilities available to you offshore.
Sure it is always advisable to stick to the one you are used to but if changes will alleviate everything then why would you settle for less?

How long does it take to open an offshore/onshore account?

Most of the time it is easier to get an offshore accounts rather that an onshore account because there would be lots of requirements needed for processing on onshore banking. Signature Card With an onshore account you must provide notarized specimen signatures, notarized copy of passport or drivers, license, bank reference, utility bill/s showing residential address and many others. This is a very exhausting list isnt? But you need not to worry because many offshore institutions do not require all of the mentioned documents, or require them in different combinations, but this is normally well documented in their brochures.

How secure is my money? Isn’t it more risky to invest/bank offshore?

It is definitely not risky. It is always better to regard offers and institutions which seem too good to be true’ with suspicion, as they generally are! You should begin your research with well established institutions to give you a frame of reference regarding industry standards, and regard with skepticism interest rates or benefits which seem exceptional’. Also, check that the reputation of the bank that you are planning to deal with is good
Finally, bear in mind that even as taking advantage of existing legislation to legitimately minimize your tax burden with a reputable service provider presents very little risk, unreported offshore activity for the purposes of tax evasion is risky. Some offshore jurisdictions have deposit protection system.

With an offshore bank account, you can be rest assured that there is no information that will be provided for those who would like to investigate or learn your banking status. With an offshore account, it is clear that confidentialities are like norms that should be strictly followed.

Will I able to deposit and get access to my money fast?

Depending on your needs, there are many ways of obtaining access to your money. This can be done by post, courier, fax, telephone, over the internet or bank wire transfer. By having an offshore debit card you can then also easily access your bank account on all ATM machines.

How does an offshore debit card works?

Debit Card works in the same way as a Credit Card for purchase transactions at Merchant Outlets, with the only difference being that the cardholder will be able to spent only up to the balance available in the account thus making it batter than a credit card for it will not lead the owner onto serious debts. Because the owner of the card will just use his own money he will not be subjected for any high rates that a credit will give.

2GetCash offshore debit card is one of the most convenient and reliable offshore debit cards. Through this, you can easily have an access to your bank account at the same time calling your love ones abroad at very low rates.

With the other industries the banking industry is also growing at a significant good rate today. The main reason behind this is the use of the latest technology tools. In the olden days banking was done on paper but now it is done electronically with the help of computers. Many IT Support Company are giving their IT services to the banking sector.

It has been observed during the last few decades that IT infrastructure services have been taken by the banks and other financial institutions. In the early 80s the banks started to make their branches computerized and were purchasing the software packages. In the early 90s replacement of the computer systems with the inexpensive and latest technology powered PCs began. Information technology opened up the way for the banks to make their products sophisticated, diversified and adopting new techniques and make better market infrastructure. The internet has become the remote channel of communication between banks and its customers.

The E-Banking came to the United States of America and the United Kingdom in between 1020 to 1030 and now India is also following it. Most of the banks have made their services based on these technologies and equipments which are offered by many IT support companies. Now the customers can view their account summary, status, receipts, transaction records, can make online funds transfer and many more online options like these. Undoubtedly today banking has become more fast and easy and the customers expectations are also increased. Now the customer needs not to have its account summary on registers because everything is now online with the advent of the internet technology which is providing many benefits to the customers as well as the banks.

A customer can take his cash fast and easy with the use of an ATM machine. He can use his debit or credit card for purchasing purposes. He can use e-cheques, mobile banking, telephone banking and internet banking for remote transactions. He can also make payment transfers when the bank is closed. Easy to keep an eye or monitor the account status. It is cost effective for the bank because thousands of customers can be handled at a time and no need to use so many clerks.

We can say that technology has always played an important role in the growth of financial organizations and banks. It has shortened the paths of long transactions to smaller ones. It is giving proper service quality and satisfaction to the customers.

One of the most interesting things about technology is that when developers introduce different applications to the public, they mistakenly believe that the more features and the more complex the features, the more impressed customers will be. Unfortunately, many uninformed consumers are sucked into buying products because they are loaded with what appear to be incredible and robust features. However, these people soon discover that all the fluff is just that, meaning the features are usually over-rated and rather than making the experience smoother, they actually make things more complicated and time-consuming.

When Standard Chartered Bank developed Breeze, the online and mobile banking solution that runs on iPhone and iPhone, they wanted bank customers to have a genuine, user-friendly application with features that added true value to the overall experience. The final product rolled out to beta testers in Singapore and Malaysia achieved the banks goal.

However, for the primary features seen on other mobile banking applications, the bank developed Breeze so these were enhanced. In addition, Breeze provides bank customers with new features, one in particular called eCheques, which is the worlds only electronic check processing system. Along with these features, Breeze has something unexpected in the form of functional but also fun features.

Some of the standard features that have been made more robust on Breeze include things like viewing account balances and transferring funds. Along with the new eCheques feature, Standard Chartered Bank also incorporated an ATM finder, which makes it possible for people to find the closest ATM anywhere needed in a matter of minutes. Instead of making unnecessary phone calls or driving around aimlessly, the information can be pulled up using Breeze with no effort at all. Standard Chartered Bank will also be introducing new features as time goes by to meet growing customer demand.

The entire online and mobile banking application enhances the customers banking and financial experience but the designers and developers added a few fun features just because they were just that fun. When people look at the enhanced conventional features, the revolutionary features, the future features, and the fun features, it is clear that Breeze is unlike any other mobile banking application ever created.

One of the fun features is the background of the iPhone when Breeze is downloaded. During the day, the background is bright, sunny skies that represent daytime but then at night, the background changes to a dark sky filled with shiny stars. Although the application is not necessarily something that adds value, it is fun.

Another fun feature of the Breeze application is the ability for users to personalize their accounts by using different icons, colors, and even avatars. Some people appreciate the ability to add a little personality into the way their account appears while others are not as concerned but either way, this feature is fun. Then one of the most interesting features is moving money by shaking the iPhone. Standard Chartered Bank wanted customers to enjoy the experience with Breeze while also having a mobile banking solution that would save time and effort when managing accounts.