What is online banking/internet banking?
Internet banking, also known as e-banking, is a method where actions such as fund transactions are made virtually via the internet. Instead of writing cheques, there is no need to physically be at the bank to make a transaction or to check your bank account balance via the ATM machine. Such convenience can have its downside as well as there is a major drawback to internet banking, the withdrawal of banknotes can only be done via the ATM machine at a bank, and the same can be said for depositing banknotes.
Making bank account
1. Age requirement
The minimum age for a bank account in Malaysia is 18 years of age, this applies to all banks in Malaysia. If an individual is below the legal age, a savings account can be opened first as a joint account under the parent or guardian of that individual.
2. Personal information
If the individual is 18 and above, the Malaysian IC (Identification Card) and RM 20 are included, if the individual is below the age of 18, he/she must be accompanied by his/her parents/guardians along with the birth certificate. As a foreigner, it might vary between different banks. In general, evidence of a work permit or student visa should be attached MM2H permit and residence.
Apps for Online banking
Many banks now offer applications of their banks, and this provides a number of benefits. Furthermore, registering for an online banking account is easier than opening a new bank account.
1. Checking bank account balance
For example, you have made a savings account. Normally, one would travel to their local bank to check their balance at the ATM machine. The Online banking app eliminates this inconvenience and allows its users to have access to their balance whenever they want.
2. Checking transaction history
Transaction history can be checked directly on the app without having to call the bank to have excess to your a pdf containing your recent transactions. Calling the bank takes time and processing the history into a pdf document takes even more time as they have to email it to you. Your recent purchases are only up to date with the day you called. In stark contrast to this traditional method, transaction histories can easily be accessed in the app and every transaction is immediately recorded in the application.
3. Transactions via the online platform
The platform allows for transactions without having to write a check and have the recipient deposit it. As depositing checks take time, the money from your bank account balance will not be deducted until the other party deposits the check.
Internet banking Malaysia has become a necessity for young Malaysians and old-timers alike. Whether it is for purchasing things online or simple actions such as checking your bank account balance.