Australian Internet Banking Guide: Online Banking In Australia

More and more Australians are turning to Internet banking as a safe alternative to branch banking, which is inconvenient and frustrating at times. Learn more about online banking in Australian with this article.

Internet banking has become the banking choice for many Australians as time becomes more limited due to fast-paced lifestyles. If you are a banking customer that has not yet switched to Internet banking in Australia, you are missing out on the convenience of handling most of your banking services on your own computer, without the hassle of leaving your home.

Best Internet Banking Credit Card

The ANZ Low Rate MasterCard is the ideal credit card for cutting down your interest repayments. Take advantage of 0% p.a. on balances transferred for 6 months which then reverts to a low 12.49% p.a. on purchases.

• $58 annual fee
• 13.24% p.a. on purchases
• 0% p.a. for 6 months on balance transfers
• Cash Advance Rate of 21.49%
• Online shopping guarantee

Click here to read the ANZ Low Rate MasterCard terms and conditions

Internet banking

What is Internet banking?

When customers perform their banking online they are able to carry out financial transactions with their bank or financial institution on a secure website.

What can I do online?

Although every bank and financial institution has its own list of transactions that can be carried out online, most have these in common:

• Bills can be paid.
• Investments can be made.
• Loan applications can be filled out, and quite often approved or disapproved online.
• Bank statements can be accessed.
• Funds can be transferred between savings and checking accounts.
• Transactions can be approved.
• Banking activities can be viewed.

Most banks also allow customers to monitor all of their bank accounts, whether they are with their bank or another financial institution. They also have a system set up that lets customers import their personal data into their own accounting software.

Security

There are two different methods of security for Internet banking, which makes the secure banking sites safer than shopping sites.

1. Online banking that is signature-based has all transactions encrypted and signed digitally. The keys for the encryption and signature generation can be stored on any memory medium such as a smartcard.

2. A PIN/TAN exists where the PIN is used to represent a login password, and a TAN used to represent passwords that are used one time per transaction authentication. The TANs can either be sent out by the post to the customer from the banking institution, or can be generated by using a security token. Usually, Internet banking that is performed with PIN/TAN is done using an SSL secure connection via a web browser. When it is done in this way, no extra encryption is necessary.

Internet banking in Australian has become safer and more convenient than ever as technology has advanced. If you haven’t made the conversion to online banking, what are you waiting for? The time is now to start taking advantage of all the benefits associated with this type of banking.

• Comparison of Top 10 Credit Card Offers

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
Suncorp Clear Options Standard Visa Card	A great 12 month balance transfer offer, combined with a low annual fee and a good interest rate on purchases.	12.24%	17.99%	1.9% for 12 months	$39	0