Online Banking Versus Paper Banking

It is only until relatively recently that there has been another way to carry out our personal banking other than using paper. Online banking rivals paper banking and for good reason.

Long distance banking arrived around the 1980s and slowly grew into the online banking systems we use today, becoming a major way in which many of us keep track of our finances.

But what are the disadvantages and advantages of each method of banking? Online banking is instant. Money transfers can be made between accounts, and be fully updated within a few days. Online banking is used by most businesses for standard transactions, its popularity makes it advantageous to use and be savvy with.

Paper banking is offline. This is an advantage in the sense that cyber criminals have no way of stealing money this way. You also aren’t entirely dependent on electricity and an internet connection, which can be a varying risk depending on where you are.