Traditional vs Virtual Bank: Which One To Opt for

Written by: smm

on: 28/11/2022

What do we picture when we hear the word “bank”? A large building where you can go to open a credit card or tackle a payment. Interestingly, some of the modern-day banks don’t even have buildings or branches anymore. That’s because they are virtual.

The benefits of an online bank are these:

— Save time. You don’t have to waste your time going to the bank as all payments and control over them are handled using your device of choice.

— No waiting in lines. You don’t have to wait for a bank employee as you are standing in line indefinitely. In a virtual bank, you can order and get your card with just a couple of clicks. You can create a SharPay card like that as well.

— The bank is with you at all times. You can take advantage of the banking services regardless of your location. You can do so even if you are based in a small town that doesn’t have any bank branches available or overseas.

And here are some of the offline bank’s advantages:

— You can contact and interact with a consultant.

— You can get your hands on paper checks and other payment instruments right at your local bank branch.

— Cash withdrawals.

Some people mistakenly believe that physical banks are somehow safer than virtual ones. Thing is, with state-of-the-art technologies used to ensure data protection, virtual banks are in no way inferior to traditional ones. What’s more, they can even be better. For instance, the KYC/KYB procedure is what protects user data and funds. And SharPay is also using them.