In this day and age of ours that is heading towards a modern era, we often ponder about how to improve our lifestyle. Whether it’s how we purchase things to how we go about our education to how we can improve our working conditions. All of which include the development of technology. In particular, one aspect that has been on the constant move of improving is our money. In terms of how we use it, how we store it, and even what form it comes in. 

For those who are in the dark, currently, we are shifting most if not all aspects of dealing with money online. Hence, many have participated in internet bank account creation in Malaysia with the idea of dealing with our money online. But before we dive into what said bank account, let’s first discuss certain things you should know about internet banking.

internet bank account creation malaysia

What is Internet Banking?

So, just what is internet banking? Internet banking, also known as online banking, is a banking system that allows account holders to go through with financial transactions and other functions through the online website or application that is provided by the bank. Functions such as checking one’s balance, fund transfer, and tracking of transactions are just some of the few actions that can be done through internet banking. So how does this system work?

How does Internet Banking work?

First and foremost, you’ll have to decide on which bank you are going to open your account at. You can choose between 3 types of accounts, but the most common is the savings account. Currently, most if not all banks in Malaysia automatically sign you up for an internet banking account when you open an account with them, so there’s no need to request again. Unless you are a senior account holder that still uses the passbook, you should already have an internet banking account. 

Once you sign up for your account, you’ll be able to begin your internet banking journey. Here are some functions you’ll be able to do with your online account.

Fund Transfer

Similar to how you can transfer your money from your account to other accounts by using the ATM at the bank, you can conduct transactions such as these by using your internet banking account. You will simply have to log in to the online website or app of your chosen bank and key in the necessary information needed to complete your transfer. 

Paying Bills

If you’re someone who has ever paid bills, you’ll understand that it can be a pain in the neck. This is because although banks offer services to help you pay your bills, not all banks are able to do so, especially if the bank you are going to is a minor branch and not the main one. By having an internet banking account, you’ll be able to save up your time, energy, and petrol on having to rush to several places just to pay your bills, since every transfer can be done online.

Tracking Transactions

If you’re someone who is always meticulous about the cash you have left in your account, having an internet banking account is extremely beneficial to you. This is because it can aid in keeping track of all your transactions as long as it was done through your account. An added bonus is that you’ll be able to keep an eye on your account, lest people get away with stealing your money.