The Complete Guide to Online Banking in UAE
People in our digital age have begun to use online portals for nearly every activity. Most banks in the UAE have created internet banking portals for their customers to use in order to take advantage of online banking services. These portals offer all banking products and services to its consumers on a single platform.
Let us now examine the concept of online banking and see how it can benefit us in a variety of ways.
What is Internet Banking?
Internet Banking, often known as I-Banking or Net Banking, is a service given by banks that allows their customers to access their banking information via the internet. Customers do not need to visit the bank’s location to use this service.
To begin using internet banking, users must first complete a one-time registration process to generate their User ID and Password. Continue reading to discover the features and perks that an internet banking user can enjoy after registering.
Features of Internet Banking
Here is a list of major features that banking customers can enjoy by simply logging into their internet banking account.
1. Unique Credentials
Banks enable each account holder to generate unique credentials for safe and secure internet banking access. The banking customers need to create their User ID and Password at the time of net banking registration. In some cases, they also need to provide some security answers that they can use to retrieve their banking credentials if they get misplaced.
2. Online Account Statements
Internet banking portals enable banking customers to check their account statements online anytime, from any location. All they need to do is log in to their net banking account and go to the request section to get an account statement. These account statements help account holders keep close track of their finances and avoid unnecessary spending if any.
3. Fund Transfers
By logging into a bank’s online banking portal, the bank account holders can make easy fund transfers in just a few clicks. All they need to do is add the beneficiaries’ account details to their online banking account and make quick fund transfers in no time. Banks in the UAE offer different methods for fund transfers. The account holders can choose a suitable payment method based on their preferences.
4. Convenient Account Opening Processes
The banking customers registered on the internet banking portal of their bank can enjoy perks like applying for a credit card, opening a bank account, etc. The net banking portals enable account holders to open a bank account online in just a few clicks. The applicants do not need to visit the bank’s branch to provide the essential documents. They can simply upload them on the portal itself.
5. Merchant Payments
Various merchants and retail stores in the UAE enable their customers to make online payments. The account holders can shop on these stores’ websites and use their internet banking account to make safe and secure payments online.
6. Chequebook Issuance
Banking customers can also use their internet banking accounts to place a request for new chequebooks. All they need to do is log in to their internet banking account and go to the request section to apply for a chequebook issuance.
7. Linked Investments
Banks in the UAE offer numerous banking products such as credit cards, bank accounts, loans, fixed deposits, mortgages and more to their customers. These customers can access all their banking product details on one portal, i.e. the internet banking portal. All they need to do is log in to their net banking account and access the relevant section to check their details.
Benefits of Using Internet Banking
Here is a list of benefits an internet banking portal offers for banking customers.
1. Smart Navigation
Using online banking services on an internet banking portal is simple and easy. Every banking product on an internet banking portal is one or two clicks away. Almost every bank in the UAE offers this benefit to their customers. This helps them understand the portal and navigate it with great ease. Various banking customers find it a lot easier to transact online than visiting a bank’s branch.
2. Full-time Access
An internet banking portal provides full-time access to the users. They can access all their banking details anytime, from any location. All they need is a working desktop, laptop or smartphone with an active internet connection.
3. Hassle-Free Payments
The account holders can make quick and hassle-free payments through online banking portals. Whether they need to pay their credit card bills, utility bills or a loan EMI, every payment can be made on this single portal. All they need to do is add the recipient to the beneficiary list and make the payment in just a few clicks. Some banks also offer a single-click payment option on their net banking portal.
4. Free Registration
Another good thing about an internet banking portal is that the banking customers can register for the same for free. All they need to provide for the registration is their name, account number/credit card number, mobile number and email address. The registration process may vary for different banks. Some banks may ask for some additional details for advanced safety concerns.
5. Secure and Reliable
All internet banking users have their unique ID and password. Such security matrixes make the portal safe and secure for the users and enable them to manage their finances online.
6. Activity Tracking
Online banking portals help banking customers keep close track of all their finances. For example, you make a transaction at the bank’s branch and get a receipt for the same. There are chances that you may lose that receipt, but if you make an online transaction, all you need to do is log in to your online banking account to get full details of the transaction. On the portal, you can get details like the amount paid, the account number, the payee’s name, date and time of payment, and remarks related to the transaction.
Steps to Register for Internet Banking
Here is the standard procedure to help you register on the internet banking portal of your chosen bank.
1. Visit the Bank’s Website
Visit your chosen bank’s website and click on Sign Up to access the internet banking registration form.
2. Provide Your Details
Once you get the form up on your screen, provide your name, registered email address, registered mobile number and other details to proceed with the registration process.
3. Select the Banking Product
On the next screen, you may have to choose a suitable banking product such as bank account, credit card, fixed deposit or whatever you have from the concerned bank.
4. Create Your Credentials
After providing all the required details, you can create your User ID and Password, which you can use later on to login to your net banking account.
5. Submit the Request
Now that you have generated your credentials and provided all your details, you can submit the request. The confirmation for the creation of an online banking account will be sent to your registered email address. You can then start using the portal to access your banking details.