Over the years, the way we handle our finances has evolved in many different ways. However, the most notable development through the years is the steady decline in cash usage. People and businesses are increasingly using virtual accounts rather than holding cash.
Traditionally, physical banks were responsible for managing personal and business payment requirements. Unfortunately, these banks had their limitations. Hence, there was a need to provide improved alternatives. Thankfully, technological innovations have introduced such improved alternatives. One such innovation is virtual accounts, which have gained popularity in recent times.
In this post, we’ll guide you through answering the question, “Are virtual accounts better alternatives to physical accounts?” Keep reading.
What is a Virtual Account?
As the name states, virtual bank accounts are non-physical accounts that you can fully operate through a mobile or desktop interface and that offer access to various financial services.
You can also refer to them as digital bank accounts. They allow you access to services like creating an account, checking account information, making deposits and withdrawals, making bill payments, and so on—all without visiting a bank location.
Essentially, a virtual bank account offers you everything that a traditional bank does. Only that, you don’t need to waste time in a banking hall. With a smartphone and internet connection, you can carry out financial transactions without taking a step out of your house.
As expected, the numerous advantages that come with virtual banks allow them to be preferred over traditional banks. Some of these advantages include low fees, good customer support, ease of use, and a seamless internet-based experience. If you’re looking to streamline your banking portfolio, you should look into creating a virtual account. A virtual account will help you save money and time.
How do Virtual Accounts Work?
Virtual accounts operate through the use of virtual account numbers. Virtual account numbers or VANs are system-generated, unique numbers associated with a single virtual account. This number is used when you use the virtual account service provider to make a payment or receive payment. Keep in mind that the payment app generates a new virtual account number each time you add a card.
Who can Provide Virtual Bank Accounts?
Any credible fintech company can provide virtual accounts for its users. Changera, a leading fintech platform, is a digital cross-border social payment system that allows users to access funds globally. On the Changera mobile app, users can create virtual accounts for free.
Keep in mind that this kind of account allows you to perform all bank processes. These processes include making deposits, taking out loans, receiving money, and making transfers.
Virtual Accounts Vs Physical Accounts
Now that we know how virtual accounts work, let’s see how they compare to traditional physical bank accounts.
Although virtual accounts work like physical accounts, there are so many advantages that they can offer compared to physical accounts. Going forward, we’ll take a quick look at some of the most notable benefits when you choose a virtual account provider like Changera.
Lower Fees
Virtual accounts present a cost-effective alternative to physical accounts, as they usually come with lower associated costs. Traditional banks can come with a lot of ridiculous bank charges and additional fees. Fortunately, you can completely avoid this with a virtual account. All you need to do is pay a small transaction convenience fee, and the bank takes care of the rest. The best part is that you don’t need a minimum balance to create a Changera account; it is completely free!
Enhanced Security
Virtual banking ensures that your security is covered at all times. Changera uses high-end encryption of users’ details to ensure that there is less risk of compromising customers’ data. Further, there are multi-factor authentication and biometric login features in mobile apps and websites for added protection against online scams.
Ease of Accessibility
Using a virtual account saves you the stress of long queues and unappealing customer support. Additionally, you can access banking services anywhere around the world without any hassle. All you need is your smartphone and internet access.
Innovative Financial Tools and Services
Budget planning and better account management are way easier with virtual banks. This is because of the customizable nature of virtual banking, which provides features like round-up savings and saving targets. Plus, virtual banks are usually incorporated with artificial intelligence, which can give customers spending insights and help them set financial goals.
Round-the-Clock Customer Service Support
Most virtual banks offer online and 24/7 customer service, which saves customers time and effort. This is unlike traditional banks, where they may have to queue for long hours. Additionally, virtual banks employ advanced technology, which simplifies many of your banking operations, thereby reducing the need to reach out to customer support.
Changera to Support Your Business
It is no news that virtual banks are steadily becoming more accepted. As a result, the trend toward traditional banks is slowly reducing. Perhaps in a few years, virtual banks will completely replace traditional banks. One major factor contributing to the rise in virtual bank accounts is the convenience that they offer. Truthfully, virtual banks are making the most of modern technology to provide the most innovative services to their customers.
Changera is a reliable and credible virtual account service that guarantees to provide you with a seamless online banking experience. When you think about secure payments, fast processing times, and low costs, Changera has got you!
What else are you waiting for? Integrate now and start enjoying the benefits. Download the Changera mobile app from the Google Play Store or App Store today.
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