virtual definition: 1. almost a particular thing or quality: 2. But, we define online banking a bit more narrowly than digital banking: online banking primarily focuses on remote deposits, money transfers, bill pay and basic online management of accounts. Accounts for Saving, Planning and Protection A virtual bank offers normal banking services, including access to one's checking and savings accounts and personal and business loans.

Our expert industry analysis and practical solutions help you make better buying decisions and get more from technology. 9.20 As virtual banking is a new business model in Hong Kong, the MA will require a virtual bank applicant to provide an exit plan in case its business model turns out to be unsuccessful.

Select from three different Spend accounts, designed to meet your specific needs. Other virtual banks sometimes reimburse a set number of foreign ATM transactions each month.

The account-opening process may be time-consuming, often involving account paperwork being mailed or faxed between the bank and the new customer. Each Spend account comes with digital tools to help plan and track your spending. Traditional banks may also own a virtual bank subsidiary. Services like online bill pay help cut down on time spent paying bills, as well as the cost of stamps, checks, and envelopes. With a virtual bank account, most transactions take place over the Internet. Online banking is also known as "internet banking" or "web banking." What Are the Different Types of Non-Interest-Bearing Accounts? https://financial-dictionary.thefreedictionary.com/Virtual+bank, He said: 'Unless systems are completely foolproof there is always a chance criminals could pull off a, According to Yahoo.com, Jessica Tan Sin-yin, co-chief executive of Ping An Insurance, said, 'Initially, our, Mobile phones are being used in South Africa as, The eight fintech companies that obtained the, Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, the webmaster's page for free fun content, Progressive banks queuing up to go on-line, Ping An to leverage virtual banking technology for global operations, Radius Bank unveils its Radius Rewards program, Mobile phone virtual accounts prove popular in South Africa, Virtual At Sea Training - Deployable Prototype, Virtual Balkan Power Centre for Renewable Energy Sources.

The customer can access his account any time round the clock and indulge in the banking activities as per his convenience. PCMag Digital Group. Something that is virtual can be done or seen using a…. PCMag, PCMag.com and PC Magazine are among the federally registered trademarks of Ziff Davis, LLC and may not be used by third parties without explicit permission. A virtual bank account is a type of bank account that exists online only. Basic level service: They are provided by bank website which gives information on different products and services. Fortunately I didn't lose any money, but the experience has made me think twice about doing financial transactions over the Internet. While many traditional banks allow customers to conduct some business online as a service, their overall approach remains tied to a physical location, like a branch office. Security and Technology issues like maintenance of sophisticated technology standards, fear of virus and spyware, encryption/decryption, verification of digital signatures etc. Virtual bank transactions can be checked in real time, as they happen, rather than at the end of the banking day or the end of the month -- though those services may also be available through the online branches of traditional banks.

You never know who's out there trying to steal your information or identity. In addition, many people are wary of doing their banking via the Internet; PC viruses and spyware may put virtual bank account customers in danger of identity theft. See more.
There are no branches and there is no paperwork to sign. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. Most banks offer some type of online banking service, but true virtual banks usually do not have physical branches or ATMs. Virtual Banking Bettr is a virtual bank — the entire bank exists online. Our expert industry analysis and practical solutions help you make better buying decisions and get more from technology. Treasurers and finance managers can set up as many of these accounts as they need and some banks even provide online account maintenance functions.

Virtual accounts are linked to a single physical account. Millions of credit card transactions at Target stores were hacked into between Thanksgiving and Christmas last year. Customers don't have to restrict their transactions to banking hours; they can usually complete nearly any transaction they like any time of night or day. The display of third-party trademarks and trade names on this site does not necessarily indicate any affiliation or the endorsement of PCMag. They typically charge lower fees and pay higher interest because of low overhead. Definition: The Virtual Banking is the provision of accessing the banking and related services online without actually going to the bank branch/office in person. Thus, users mostly use virtual banks for many services like- checking the account balance, transfer funds, bill payments, etc.

All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. However, there may be a limit to the number of transactions a virtual bank will cover each month. PCMag.com is a leading authority on technology, delivering Labs-based, independent reviews of the latest products and services. And two years ago, my credit card company was hacked. In Virtual Wallet, your primary checking account is called Spend. they don’t have to personally walk into any bank branch and can operate ones account or other services online only.
Required fields are marked *. Many virtual banks pass on these savings to the customer by waiving bank account fees or offering higher interest rates on savings accounts. To open a bank account, you … First Published: March 17, 2015 | Last Updated:June 28, 2017. But I guess I'm just not convinced that the Internet is completely or even reliably secure.