Tag Archives: e-banking
Transferring money has never been as easy as it is now. But till about a few decades ago, international online money transfer was considered to be a necessity, the technology for which had yet to be developed.
Today, however, the whole scenario has changed. While banks were the first to come up with this technology, today they charge a mark-up of about 5 to 6% on the currency conversion rates. They are, thus, fast losing out to the fintech companies who are currently offering much better rates, greater savings, enhanced security and hassle-free money transfer.
Peer to peer pressure is another major contributor to fintech companies gaining popularity. But it is necessary to conduct a money transfer comparison in real time to know which fintech company is best suited for the transfer. Some of the important metrics which need to be met by these companies are:
Banking abroad is more than just using your card at an ATM or using Point of Sale. So, when you travel abroad and you want to perform any transaction, you must know how to avoid paying bank fees, eliminate foreign transaction charges, and get a good exchange rate. If you do not, you will discover that your bank will have a field day deducting fees for banking transactions. In line with this, Jumia Travel, the leading online travel agency shares ways you can reduce bank charges when you travel abroad.
Eliminate ATM fees
ATM fees can really add up because while travelling, you will probably withdraw money from an ATM. Of course, you already know that ATM fees vary around the world. With this at the back of your mind, you should get a bank in the Global ATM Network. This is a network of large banks that have removed fees and allow for free ATM withdrawals.
Some bank customers in the South-East have urged the Central Bank of Nigeria (CBN) to compel commercial banks to urgently address challenges facing transactions with ATMs at weekends and national public holidays
The customers made the appeal in separate interviews with the News Agency of Nigeria (NAN) on Monday while expressing frustration, anger and anxiety due to the poor performance of the ATMs in banks during the long Eid-el-kabir holidays.
In Abakaliki, there were long queues at many ATM points during the holidays due to network failures and cash shortages.
NAN reports that customers were seen shuttling from one bank to another in efforts to make withdrawals.
But bank officials attached to the ATMs declined to make comments.