You might be surprised to see us discussing the advantages of telephone banking when online services have become the norm.
But, we actually receive a surprising number of questions about telephone banking from prospective and current members.
So, we decided to share some thoughts on the state of telephone banking, its advantages, disadvantages, and whether or not it’s a dead service.
In particular, we’re going to look at the availability of telephone banking for anyone interested in EU banking and who wants to open a European bank account for non-residents remotely.
Alternatively, if you’re interested in learning more about account protection and the Irish bank’s deposit guarantee scheme, you can access our free guide linked here to get started.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- Telephone Banking 101
- What Are the Advantages of Telephone Banking?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Telephone Banking 101
Okay, we’ll keep this short:
Telephone banking refers to executing bank transactions and account related activities over the telephone.
That’s it…
The specific activities that can be executed via telephone banking can vary slightly depending on the bank or financial institution that you’re dealing with.
That said, the following activities can typically be executed when telephone banking is available.
Telephone Banking Activities
- Scheduling upcoming transaction
- Confirming current account balance
- Requesting information about recent transactions
- Setting up automatic bill payments
- Opening additional or sub-accounts
- Reporting lost or stolen debit or credit cards
- Arrange emergency cash when cards are lost or stolen
- Updating client profile information (e.g. address)
- Requesting information on other bank products
- Order checkbooks and stop check payments
Now, all of these services are useful. However, in almost all cases, they have been completely replaced by online banking.
That said, certain people still prefer interacting directly with an individual when it comes to managing their finances, confirming transactions, and especially reporting lost or stolen debit or credit cards.
So, for certain individuals, telephone banking may still offer value. With this in mind, let’s take a look at the potential advantages of telephone banking.
But first, if you’re looking for banking services in the UK, such as accounts with UK crypto-friendly banks
Do You Want Our Free Non-Resident Banking Guide?
Sign up here to receive our Free Non-Resident Banking Starter Guide and weekly updates on the best account opening options available:
What Are the Advantages of Telephone Banking?
Like most products and services, the advantages of telephone banking will ultimately come down to the individual who is considering using them.
For example, most people prefer online banking because of the extra security it offers and don’t want to interact with an individual when completing transactions.
On the other hand, other people are accustomed to receiving direct support when preparing and completing transactions and receiving immediate confirmation about account details and transaction-related inquiries.
So, the advantages of telephone banking vs online banking will ultimately come down to the prospective customer and their personal preferences. This is probably why so many banks continue to offer telephone banking today.
Benefits of Telephone Banking
- Direct one-on-one support
- Immediate confirmation of account status
- Personalized answers to your questions
- Help to navigate confusing transaction details
- Frequently Asked Questions
Frequently Asked Questions
Below are two common questions that we receive from people looking for telephone banking services. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Types of Services Are Offered With Tele-Banking?
Telephone banking provides customers with access to account updates, recent transaction details, setting up and stopping automatic payments, opening and closing subaccounts, sending transactions, and much more.
Are There Any Disadvantages of Telephone Banking?
The disadvantages of telephone banking include challenges navigating the system, delayed support depending on availability, weaker security than online and in-person banking, and dependence on the competency of the person helping you.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
You can learn more on the products page from the main menu above.
