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Internet Banking - Please Share Your Experience
Thread poster: Hipyan Nopri

Hipyan Nopri  Identity Verified
Indonesia
Local time: 03:40
English to Indonesian
+ ...
Jul 11, 2007

Hello Fellow Translators,

Today I registered with an Internet Banking Service. My Internet Banking account has been successfully activated. However, I am curious if it is really safe for all my transactions.

Please share your experience with this service.

Warm Regards

Hipyan


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xxxIreneN
United States
Local time: 15:40
English to Russian
+ ...
Best thing that ever happened to me Jul 11, 2007

I do online banking for at least 6 years now (no need to open a separate account, but the mechanism is the same). All my bills are paid automatically and in time, some from credit card sites, some - from my checking account, not a single worry (except for making money, of course:-)), an opportunity to check accounts from anywhere any time, 1 box of checkbooks serves me for 3+ years as I write no more than 2 checks in 1 month, sometimes even less, very good credit history and no surprises so far. Without it I had several late payments for no good reason at all - simply because I'd forget to write or drop the check or be away. I am very bad at any paperwork. Paperless statements, reminders coming to my email account giving me a chance to adjust payment if requred, year-to-end statements with breakdowns by line items (meaning that most of my tax prep is ready already)... could not be any happier.

Irene


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Lawyer-Linguist  Identity Verified
Portugal
Local time: 21:40
Dutch to English
+ ...
Agree with Irene Jul 11, 2007

I do all my banking from home (other than cash withdrawals of course) and have never had any problems.

That said, the systems here in Portugal are very secure. You will have to assess that for yourself where you are. My South African internet banking service is good, but there aren't as many layers of security.

In Portugal, for example, I have to enter a user number, followed by a second number that I can choose but have to change every three months and then before any individual transaction can be processed, I have to enter three numbers taken at random from a 64-digit grid (which I have on a special card), e.g. A3 + F6 and H8.

Slows things down a bit, compared to working on my SA bank's system, but security is more important than speed.



[Edited at 2007-07-11 13:42]


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Jenny Forbes  Identity Verified
Local time: 21:40
Member (2006)
French to English
+ ...
Useful for checking statements Jul 11, 2007

Hipyan Nopri wrote:

Hello Fellow Translators,

Today I registered with an Internet Banking Service. My Internet Banking account has been successfully activated. However, I am curious if it is really safe for all my transactions.

Please share your experience with this service.

Warm Regards

Hipyan


Hullo Hipyan,
I use HSBC's Internet banking service mainly to check my statements and see whether a payment I'm expecting has been credited to my account. It's very efficient for this purpose. There are several layers of security. I haven't tried using it for making payments as I prefer writing cheques and having a paper record of what I've paid and when. Doesn't the tax office require such records, too? Maybe not everywhere.
Kind regards,
Jenny.


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John Di Rico  Identity Verified
France
Local time: 22:40
Member (2006)
French to English
What about France? Jul 11, 2007

Can anybody recommend a good online bank for someone based in France?
I changed from CA to La Banque Poste a year ago because the former charged me nearly €100 a year for basic services (an account, a checkbook) plus a commission on all movements. The latter costs about €26.

I think I made a huge mistake with La BP. I should have known better considering my mail keeps getting lost (two different checks worth more than €2k each); they can't run a mail service, how can you trust them with banking?

I'd appreciate your recommendations.

Thanks,

John


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N.M. Eklund  Identity Verified
France
Local time: 22:40
Member (2005)
French to English
+ ...
Depends on what you can negotiate Jul 11, 2007

I got a Pro account at Credit Mutuel in France. But each agency is run a bit independently from one another.
The key is, Try to negotiate.
I pay 30 a quarter plus 5 a month for Internet banking. And I can do a lot for sending and receiving payments without hassel or fee on the internet, but I really have to be on my banker's back, because sometime's they'll charge me (like for setting up a new automatic payment) and I have to get him to cancel it.

I was able to do it because it was part of the deal for getting a loan at the bank to buy an apartment. At first he said that I would be able to open a no fee account to house my income as part of the loan agreement, but as soon as he found out I was a freelancer, I was forced to have a Pro account (not legal, but no way around it). I confronted him with a 'Bait and switch' accusation, and we negotiated from there.

-La Poste unfortunately doesn't negotiate, I have accounts there too. The cheapest is to open a regular CCP, don't tell them you're a freelancer. I like them though because no matter where I go in France I can find an ATM.

-HSBC, formally CCF: moneysuckers.




hope this helps.


[Edited at 2007-07-11 14:57]


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Lawyer-Linguist  Identity Verified
Portugal
Local time: 21:40
Dutch to English
+ ...
Just curious Jul 11, 2007

N.M. Eklund wrote:

I like them though because no matter where I go in France I can find an ATM.



Do you get charged extra if you use another bank's ATM in France.

Here, in Portugal, I can use any ATM at no additional charge.


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xxxIreneN
United States
Local time: 15:40
English to Russian
+ ...
Yes, they do Jul 11, 2007

Jenny Forbes wrote:

Doesn't the tax office require such records, too? Maybe not everywhere.


But I only need 4 printouts of consolidated annual statements to cover everything. I use the same cards for certain payments. Also, I can print out any statement for the last 12 months from the appropriate website, if required. In the US these printouts are considered originals for tax return purposes. Store receipts are required for backup but as my CPA told me, without abuse and with goods to present (computer etc) occasional lack of a receipt would not constitute a crime:-).


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Vladimir Pochinov  Identity Verified
Russian Federation
Local time: 22:40
Member (2002)
English to Russian
Internet banking - Security layers Jul 11, 2007

Besides password-protected access, my bank uses a hardware device (the size of a memory stick) with an LCD display and a push button on it.

Whenever you want to transfer money from your account online, you need to push the button, and the device generates a one-time code that needs to be entered in the appropriate field of the online form to confirm the transaction. I believe this approach is safe enough.

As for the convenience, online banking is a very pleasant experience compared to making visits to the banks.


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Lori Cirefice  Identity Verified
France
Local time: 22:40
French to English
John, I'm happy with SG Jul 11, 2007

Just switched over from my CCP to SG 2 months ago (as part of the deal to get the mortgage with SG I had to switch over all my accounts).

What a relief, because La Banque Postale is really a drag, don't know how I put up with it for so long. BP does have online service, but I remember it took me several months to actually have access to that (although I was paying for it !) and then, I found that I couldn't really do anything besides check my account statement. Which was nice, because I wasn't receiving all the paper statements because they couldn't get my address right ...

The SG online banking is well designed. SG is more expensive than CCP though, and I'm restricted to using SG ATM's (or else pay an extra fee if I go to some other ATM).

And when I do have to go to my bank in person for some reason, I don't have to wait in line forever ...... the monthly fee for the SG "Jazz" pack is € 4.90, plus the annual VISA card fee (somewhere around 50 € ?) The Jazz pack includes everything (online banking, checks, etc). It may be more expensive for a professional account, mine is personal.


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Lenah Susianty  Identity Verified
United Kingdom
Local time: 21:40
Member (2004)
English to Indonesian
+ ...
no problem Jul 11, 2007

I've been using the internet for years and years and no problem at all. I cannot even remember how was life before the internet banking! It does make life easier!

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Claire Cox
United Kingdom
Local time: 21:40
French to English
+ ...
Can't imagine not having it! Jul 11, 2007

Hi Hipyan,

Like Lenah, I can't imagine not having internet banking now. I check my bank accounts as part of my morning routine, just to see what's come in and check that what's gone out is as it should be. I've never had any problems with security, although obviously you've got to be sensible about keeping passwords secret. I also use the Egg Money Manager which allows you to access all your accounts via one secure password and see all your funds together. I find that very convenient.

Of my various bank accounts, I find the Halifax the most easy to use for internet banking - it just seems very well thought out. My business account is with NatWest though and I've certainly had no problems with that either.

All in all, it's so much easier than the days when you had to get to the bank after 9.30 and before 3.30 (avoiding the lunchtime rush) and wait in a huge queue behind the local shopkeepers paying in their small change.....


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ATIL KAYHAN
Turkey
Local time: 23:40
Member (2007)
Turkish to English
+ ...
Definitely Safe Jul 11, 2007

Dear Hipyan,

Internet banking is extremely common all around the world. It is safe and convenient to use for customers. The only precautions I can think of are:

* Try to do your transaction on your own home computer if possible.

* Try not to store your password (do NOT use "remember the password" option) especially if you use another computer.

That is all there is to it as far as security is concerned.

Regards,
Atil


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Hipyan Nopri  Identity Verified
Indonesia
Local time: 03:40
English to Indonesian
+ ...
TOPIC STARTER
I am relieved now Jul 12, 2007

Dear Fellow Translators,

Indeed, unlike other countries, it is only recently that Indonesia introduces Internet banking services. Thus, as a new user I am a bit hesitant of its security. Fortunately, I have great friends like you all. Your comments really relieve me now.

Compared with conventional banking services, the Internet banking clearly has many advantages that have been mentioned above.

As for security of my transactions, my bank provides me with a credit card size authentication device that displays secret numbers that change over time. Unfortunately, I can only check out the history of transactions for the last 30 days.

Thanks once again for your invaluable responses.

Hipyan


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Lawyer-Linguist  Identity Verified
Portugal
Local time: 21:40
Dutch to English
+ ...
Excellent advice Jul 12, 2007

ATIL KAYHAN wrote:

* Try to do your transaction on your own home computer if possible.

* Try not to store your password (do NOT use "remember the password" option) especially if you use another computer.



Other suggestions include making sure you're actually on your bank's website - there are some copycats around - telltale signs include you being asked to give more information than normal, always check you are on a secure site, etc.

But yes, very important, don't do Internet banking in public places like an Internet café if at all avoidable.


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