With the increasing popularity of online banks, you might have heard about online banks like Transferwise and you might be wondering: Is Transferwise legit? Every right-thinking person would want to ask that question about any organization they want to patronize and more so, when it is a bank since they would be putting their hard-earned money directly into the bank and they would want the money to remain there, grow if possible and be available whenever they want to use the money. Based on this, it is important to question how legit online banks are. This article will answer the question as to if online banks are legit and what you can do to stay safe.
Are online banks such as Transferwise legit?
The simple answer is that online banks such as Transferwise are very legit. Many online banks have been operating for over a decade and have provided their customers with as good a service they would get from any local bank if not better. Thus, it is possible to find an online bank that you can use and you would be happy you did. However, just like every other thing, where there are good and legit things, there is always the bad and counterfeit version even to the clothes we wear. Thus, banks are not left out. Some people just get a little knowledge of programming and web development or hire a web developer to build a banking site for them. After convincing a few people to register, they subsequently run away with the money of those they have convinced to register. Thus, this article will further discuss how to find safe online banks.
How to find safe online banks?
Read reviews: One of the best ways to find out if an online bank is legit or not is to read reviews about the bank. After reading reviews about the bank, you would be able to hear directly from people who have patronized the online bank as to if the bank is credible or not. You can be sure that anybody who has been cheated out of their money would want to rant on every platform possible, even if it will be on a quest to revenge and make the online bank lose customers and profit than it is because they care about others and do not want them to lose money. Bottom line is that you would be able to see their complaints in the reviews section of the online bank and then you would know it would be best to move forward. If on the other hand, you can find a lot of positive reviews, it would mean that the bank has satisfied their previous customers and it would imply you can also expect satisfactory service.
Read the online bank’s terms and conditions: it is important to read the terms and conditions of the online bank. If anything was spelt out in their terms and conditions, then you should know that ignorance is not going to be a defence. By reading you would know if there is any clause you are not comfortable with and if there are, you might want to look out for other banks.
Contact customer service: Contacting customer service is another way to find a safe online bank. You want to know how quickly they would answer the call. You might also want to ask one or two questions relating to opening an account to know how courteous and knowledgeable to customer service personnel is. This could guide you to know how you would be attended to when you have a problem and if you would be happy with that type of customer service treatment.