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Should You Still Have A Bank Account In 2022 Onwards?

Should You Still Have A Bank Account In 2022 Onwards?

18 Oct 2022


While there are multiple techniques for a global money transfer, each has its own benefits and drawbacks. With the progress of technology, practically any task can now be completed online. However, some people still prefer the old-fashioned approach to getting things done.

Although having a bank account makes personal finances easier, you may have reasons for not having one. It can be a one-time occurrence while you sort out any identity theft difficulties or bank issues you've had in the past. 

Perhaps you've decided to live without banks. Most day-to-day transactions and some debts can be handled in various ways. Let's see if you still need a bank account in 2022.

The Need For International Remittance Transfers

People make overseas remittance transfers for multiple reasons, not just for businesses. While living in an increasingly global society, people travel across countries and continents for work, education, or simply because they believe they would prefer to live somewhere other than their home.

The most recent statistics show that global remittances will surpass $630 billion by 2022. More than 169 million people live and work outside their countries of origin, where most overseas workers come from low-to-middle-income countries. The primary purpose of moving abroad for these people remains more or less the same; supporting their families’ household and financial needs, paying for their children’s better education, ensuring an excellent sustainable future for their loved ones, managing utility bills, healthcare, etc., and much more.

Every diaspora working in a foreign land always needs a reliable money transfer channel through which they can ensure timely fund transfers back home. People have been relying on bank transfers for years for numerous reasons, but digital service providers have taken the lead. Now, every customer gets a bundle of advantages while using an internet-based international money transfer, which they can barely think of while using a bank transfer. Despite the enormous benefits of digital money transfers, nearly 76% of the global population still holds bank accounts.

Before jumping over to whether a bank account is essential or not for you to send money abroad, let’s glance over the primary reasons, people use these accounts.

Why do People Use Bank Accounts?

People use bank accounts for various reasons, including

Bank Accounts Make Things Easier.

For example, if you have a checking account, you can quickly pay by check or online bill pay. It's also less expensive than purchasing a money order (and you'll have proof of payment through bank statements). 

If you get an ATM or debit card for the account, you can conveniently withdraw money or make payments at stores. Debit cards are typically accepted wherever credit cards are accepted.

Your Bank Accounts Are Secure.

Your funds will be safe from theft or other risks. Furthermore, your funds will be federally insured, so you will be reimbursed if your bank or credit union fails.

A Simple Way To Save Money

Most banks offer an interest rate when you deposit money in a savings account. The interest will assist your money in growth over time. Make sure to shop around and understand the fees involved; you don't want to pay more in costs than you gain in interest. 

Is There Any Alternative To The Banking System?

Traditional banks are not appropriate for everyone. Some alternative banking providers might be able to provide more convenient financial services with lower fees and better features like international money transfer mobile apps.

Customers increasingly abandon traditional banks and favour non-traditional banks and financial technology firms. Let's know what’s the best available alternative to banks. This modern banking alternatives guide is for you.

Credit Unions.

Credit unions differ from banks as they operate for the benefit of customers rather than shareholders. Credit unions can usually offer lower fees to their account holders, but they may not have as many products and services as a traditional bank. Credit unions serve customers who have a bond of association with one another.

ACE Money Transfer.

ACE Money Transfer is the most economical way to transfer money internationally. Its multi-currency account may be correct if you want to send and receive payments internationally and spend without incurring foreign transaction fees.

ACE isn't a bank, but thanks to its modern approach to cross-border transfers and currency exchange, ACE international payments can be up to 6x cheaper than your typical bank. You'll always get the mid-market exchange rate with no markup and hidden fees. Millions of overseas workers use ACE Money Transfer to send money online to their families and loved ones back home.

Neobanks And Online Banks.

Online banks and neobanks have grown in popularity in recent years, with more and more expanding their services globally.

An online bank typically does not have branches; all services are provided online, through an app, or by phone. However, like a traditional bank, an online bank is likely to have its banking license. Neobanks are typically financial technology firms collaborating with licensed banks to keep customer funds safe.

What Makes Online Money Transfer The Best Option?

Online money transfers are quick and easy ways to send and receive funds. They are commonly used without incident, but they might be a target for cybercriminals as anything involving money. There are numerous advantages to using online money transfers.

Efficiency and speed

There are no wait times while sending money online. You can log into your account and use all of your provider's services as long as you have a reliable internet connection.

You can also use these services from anywhere, eliminating commuting. In contrast to bank accounts, which might take up to a week to receive and process, an online money transfer is initiated immediately.

Security

Sending a check can be dangerous. Numerous things can go wrong between your mailbox and the recipient's mailbox. It is always possible to be stolen or lost in the mail.

If a check is stolen, you may become vulnerable to various fraudulent acts, including identity theft. When a transaction is completed, you will receive a notification via email or text, which will ease your mind. If you do not receive a notification, you can take action to resolve the problem.

24/7 Availability 

Online money transfer services are available 24 hours, seven days a week. You are not required to endure the discomfort of waiting for formal banking hours. For urgent situations, this simplicity of transaction is a significant benefit that brick and physical establishments lack.

Some suppliers additionally offer round-the-clock phone customer care. This resource is especially useful if you have limited internet access or other transactions that require human assistance.

Which Is The Best Service Provider For Sending Money To Romania?

The best way to transfer money to Romania is through ACE Money Transfer. You can send money from Romania to over 190 countries worldwide using ACE Money Transfer. ACE provides its customers with the most dependable and secure methods for safely transferring money to Romania.

Gone were the times when people were used to making international money transfers via bank accounts. Now you have all the facilities to avail of online money transfer services. ACE is on top of the best online money transfer provider list. Choose ACE Money transfer to make any of your money transfers securely and instantly. 

Final Thoughts 

Instead of bank accounts, you should use online money transfers. Because of the ease and convenience, online methods are increasingly preferred to transfer money internationally. There are just a few ways to transfer money from one bank account to another using offline methods. If you want the best exchange rate, the lowest transfer fees, and fascinating opportunities to win prizes, choose ACE’s services for your next money transfer back home from overseas.


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