What Is Electronic Banking?

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Electronic banking is the process of doing your banking online with the help of the Internet. Learn how you can make financial transactions via electronic banking to make your life simpler.

Electronic banking is simply a way for companies and customers to carry out their transactions other than in-branch. This is most commonly via the Internet but may also be over the phone. Many people already carry out their transactions via Internet banking, but any transaction that occurs without the relevant parties entering a branch can be considered electronic banking. Without electronic banking, people would have to be walking down the high street from one bank to another with large amounts of cash. Even cheques would not work because they still require that funds are shifted between banks electronically.

Direct deposit:

This is where you can use electronic banking to have your earnings from employment or any government payments automatically deposited into your bank account, which saves time, effort and money. Once payments are set up, they will occur at predetermined times every month, according to the amount that needs to be credited.

Automatic payments:

These are debts that you can set up so that your bills and regular payments are made on time every month without you having to think about them. This will include such things as utility bills and loan payments, whereby businesses automatically withdraw payments from your account when they become due.

Automated teller machines:

We use these on a regular basis and know them as ATMs. These are a form of electronic banking as they allow someone remote from their personal branch to withdraw funds. This can even be done in a foreign country when you are travelling. You can also top up your mobile phone at some ATMs and perform other payments.

Point-of-sale transactions:

Whenever you use your credit card or debit card at a merchant location you are performing an electronic banking transaction.
Store-value cards:

Prepaid cards for such things as mobiles phone services, transit fares, freeway tolls, and library fees can all be paid for or topped up electronically.

Electronic cash:

Companies are developing electronic replicas of all existing payment systems, including cash, cheque, credit cards and even coins.
Internet banking:

This is the electronic banking that has proven such a boon to the average bank and credit card customer in recent years. This allows you to check balances, pay bills, transfer funds, compare options, and apply for loans.

Phone banking:

This is a similar type of electronic banking to Internet banking, and offers some of the same options, allowing customers to conduct their banking transactions from any touch-tone telephone around the world, even with a mobile phone. Customers can check their account balance, pay their credit card bills, make payments, demand drafts or telegraphic transfers, put stops on cheques, and set up new accounts.

• 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