How does online banking work?


At Comparo we have witnessed the extent to which  online banking has completely revolutionised the personal finance sector. We’re not just talking about benefiting the likes of CEOs or CFOs, but for the ordinary person who may well struggle with everyday budgeting or financing. Whilst we have previously written an entire blog devoted to the challenge of saving which you can read here, we really do believe that one of the biggest strategical tactics you can be using today to keep on top of your finances  is online banking. Allowing you to access your accounts 24 hours a day every day, online banking means you can consistently have a realistic understanding of the state of your affairs. 

How online banking helps business owners 

We have also found it to be particularly useful for business owners who are able to carry out transactions far more quickly. This means they can check if they have received payments instantaneously and also pay suppliers right away without even having to go into a bank. This can save both time and stress and again, has proven to be an invaluable resource to businesses right across the UK. 

So now we have established why it’s so brilliant, the million dollar question is how exactly does online banking work?

What can you do with online banking?

With online banking you are able to achieve a number of vital banking activities including:

  • Checking your balance
  • Checking transactions or statements
  • Sending money
  • Paying a bill
  • Setting up direct debits and standing orders
  • Sending and receiving messages from your bank 


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