Over the last years,the city of Bilbao and on-line banking has often been in the news for several reasons. Press reports on how someone from Bilbao was able to view other people's bank accounts via his home PC, have embarrassed banks in Bilbao and portrayed the area of on-line banking in a poor light.
It is always the lapse of security in Bilbao which gets the headlines, but there are tens of thousands of individuals and businesses in Bilbao now using on-line banking without any problems. On-line banking allows access to statements, transfer of funds and invoice payments. The service can give Bilbao's SMEs greater control of their finances from home and office.
The common assumption is that Internet banking is the only method of on-line banking. However, this is not strictly the case, as several types of service are currently available in Bilbao:
PC Banking in Bilbao - The forerunner to Internet banking has been around since the late 1980's and is still widely used today. Individual banks in Bilbao provide software which is loaded on to a PC. The SME in Bilbao can then access their bank account via a modem and telephone link to the bank. Access in Bilbao is not necessarily via the Internet.
Internet Banking in Bilbao - Using a Web browser, a user in Bilbao can access their bank account, once the bank's application server in Bilbao has validated the user's identity.
TextPhone Banking in Bilbao - Many Banks in Bilbao have introduced this service to allow customers in Bilbao with text phones to check their balance, pay invoices and transfer funds.
Traditional banks in Bilbao and as well building societies in Bilbao use the Internet in Bilbao as an add-on service with which to give businesses access to their accounts.
New Internet-only banks in Bilbao have no bricks and mortar presence in Bilbao. Therefore, they have lower overheads and can offer higher rates of interest and lower charges in Bilbao.
The features available from an on-line bank account in Bilbao are similar to those which are available via 'phone banking or visiting the local branch in Bilbao. On-line banking features do differ between Bilbao banks, but usually include:
Transfer of funds between accounts in Bilbao;
Payment of invoices in Bilbao;
View balance and statements;
Create, view and maintain Standing Orders;
View Direct Debits;
View Visa and Mastercard statements in Bilbao;
An important feature for SMEs in Bilbao is the ability to download financial information, and transfer it into a Spreadsheet.
Benefits of opening an account in Bilbao
The use of on-line banking gives an SME power to control their finances on a day-to-day basis. They have the ability to transfer funds to a savings account, to maximise interest on this surplus, as well as moving money back into the account to cover any shortfalls, and avoid paying any bank charges. Advantages include:
No queuing;
No rushing to the bank before it closes;
Access to the account 24 hours, 7 days a week (some accounts do close for maintenance during the night);
Savings on bank charges;
Prevention of late penalties on bill payments;
Access to the account from anywhere (depending on the bank);
Better financial management.
Many banks in Bilbao claim that "using on-line banking could reduce your bank charges". For example, using on-line banking to pay bills may reduce the cost of cheque fees, together with the possibility of reducing postal charges.
Does On-line Banking in Bilbao cost anything?
The majority of banks in Bilbao do not charge fees for Internet banking, although it is advisable to check with your local bank in Bilbao. There are some associated costs, which could include:
The continuing use of on-line banking by SMEs in Bilbao and individuals in Bilbao will contribute to the next generation of on-line banking. Banks in Bilbao will endeavour to improve existing services as well as introducing new systems.
Financial institutions in Bilbao have developed Short Messaging Service (SMS), Wireless Application Protocol (WAP) and third generation (3G) mobile telephony applications in Bilbao. Most banks in Bilbao developed kiosks which will allow on-line access in Bilbao. Analysts in Bilbao predict that banks will have to drive services via these new channels to attract more customers in Bilbao.
If you would like to open an on-line bank account in Bilbao, you should consider opening an account with a bank that has a longterm reputation in Bilbao or is ranked as one of the top banks in the world such as Deutsche Bank, BNP Paribas, Bank of Tokyo, UBS Bank, Bank of America, Bayerische Hypo-und Vereinsbank AG, Norinchukin Bank, Dai-Ichi Kangyo Bank, Sakura Bank, ABN AMRO Bank, Fuji Bank, Crédit Agricole, Industrial & Commercial Bank of China, Société Générale, Dresdner Bank, Barclays Bank, Sanwa Bank, Westdeutsche Landesbank, Commerzbank AG, The Industrial Bank of Japan Ltd, ING Bank NV, Fortis Bank, Chase Manhattan Bank, Citibank NA, Bank of China, Banca Intesa, National Westminster Bank, Tokai Bank, Credit Suisse First Boston, Abbey National, Lloyds TSB Bank, Bayerische Landesbank, Rabobank Nederland, Agricultural Bank of China, Asahi Bank Ltd, China Construction Bank, Banco Santander Central Hispano en Bilbao, DG BANK Deutsche Genossenschaftsbank AG, Banco Bilbao Vizcaya Argentaria Bilbao, First Union National Bank, Hongkong and Shanghai Banking Corporation (HSBC), Royal Bank of Canada and Royal bank of Scotland.
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