Differences Between Mobile and Online Banking

Mobile banking and online banking have much in common. They are both ways of doing banking through your phone or tablet. However, there are some differences between mobile and online banking.

Online banking. The two differ in how they do banking. While both are internet based, online banking works differently. The other functions are the same.

Website. Some banks only offer a website for mobile banking. Others offer both types of banking websites. While some have links to their online websites, others only have links to their website. This means you have to go to a separate site for each type of banking.

Statements. Since both use the internet to do banking, the information on your statement is sent to the bank via the internet. Some of these accounts may be linked to online banking, so all you have to do is visit your bank’s website to get your statements.

Customer Support. These two forms of banking require that you take the phone and talk to someone about your account. This means you will have to ask questions, call, and wait for an answer.

Transactions. With online banking, you can do many of your transactions online. This is different from mobile banking, which only allows you to make transfers and deposits online.

Cash Advances. This is different in that when using a bank online, you are paying the fees for every transaction, while with mobile you only pay the interest rates. When you choose mobile, it is a good idea to check what fees are associated with making a transaction using your phone.

Accounts. Mobile is much like online in the way it has accounts. While mobile doesn’t have an option for a checking account, mobile does have accounts. This could make it easier to keep track of your money.

Credit Card. This is similar in that both allow you to take out a credit card, but mobile has a greater selection. If you use your credit card online, then you can look at the different cards and compare what they offer.

Interest Rates. Mobile has a choice between fixed and variable interest rates. With online banking, there is no comparison.

Transactions, withdrawals, and transfers. Both online and mobile require that you complete your banking process with your phone or tablet. The money you transfer is transferred via the internet.

There are some differences between mobile and online banking. This doesn’t mean that one is better than the other. These differences simply mean that you will have to think about which banking service is right for you.