online banking system in Malaysia
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Online Banking Systems and Malaysia

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When it comes to deciding where to put one’s money, the options seem limitless. Over the past couple of years multiple banks have popped up all across Malaysia with a branch of some national bank occupying every other street corner. Due to this, many people are now facing a dilemma when it comes to choosing their banks because accessibility is no longer a driving force. 

In recent years, online banking has been gaining popularity. This can be attributed to the ease of transaction it provides as well as the increased security. The online banking system in Malaysia has managed to put its patrons at ease due to the many pros and a handful of cons that it offers. Hence, a lot of people have started choosing their banks based on the amenities offered by the said banks’ online services. 

Why One Should Use Online Banking.

  1. Online Convenience. 

The beauty of using an online banking website is the convenience of it all. The website is available 24/7 365 days. It only ever becomes unavailable when it goes through routine maintenance and even then, the maintenance takes less than a handful of hours and the smartphone app is still up and running. Websites allow the users to access their banking information at any given moment of day and night. One does not have to wonder or wait until the morning to figure out if a check has been cleared or if they’ve received the money that was sent to them via a third party. They do not have to go to a physical ATM to send money either. They can do so using the banking website. 

  1. Low Fees. 

Online banking websites do not have multiple, small transaction fees that add up over the course of a transaction. The websites provide fee free checking accounts and saving accounts. A lot of banking websites do not ask for ATM fees, transfer fees, or any other kind of fees. 

  1. Better Rates. 

In addition to offering a fee- free experience, online banking websites provide better interest rates on saving accounts. Given how online banks do not have additional charges such as building maintenance and ATM maintenance, they can offer their patrons better rates. Online banking websites can offer 10 times higher interest rates than their traditional banking counterparts. 

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Who Should Use Online Banks. 

  1. Those Well-Versed with Tech. 

People who turn to website based banking need to be well-versed in the art of smartphone app usage and website usage. Those who use banking websites use it for everything from payment of bills to transfer of funds. Hence, in order for them to enjoy all the amenities offered and take  advantage of the services, they must understand the basics of how online banking websites work.

  1. Gig Economy Profiters. 

In today’s economic conditions it is very common for people to engage in side hustles and freelancing. For such people, online banking websites are a godsend because they make the process of transferring payment hassle free. It is easy to keep track of what has been added recently and hence, the users are never confused as to which payment belongs to whom. It is easy to split one’s finances and keep track of everything. 

Online website banking is gaining popularity in Malaysia. Many of the nationally recognized banks, including Hong Leong have started to offer their banking services in the form of online website banking. Hong Leong’s online banking system in Malaysia is one of the best in the industry and is extremely intuitive, making it super easy to use. 

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