What is an e-Money Account?
An e-money account is sometimes called an e-bank account or a virtual bank account. Electronic money institutions (EMIs); payment companies and e-wallets offer e-money accounts. As physical currency is becoming more and more obsolete, the electronic alternative – e-money is becoming progressively the better option especially for businesses. E-money accounts hold your funds digitally and allow you to make various electronic transactions. E-money (electronic money) has “real” monetary value but it is stored digitally on technical devices like cards, a phone or computer instead of physical notes or coins. Your e-money account is connected to your account in a brick-and-mortar bank where you can transfer funds. You can exchange your e-money electronically; trade with it; store your money; use it to pay, shop or receive funds.
What Can you Do With an E-Money Account?
With an e-money account you enjoy convenient, highly secure, encrypted banking services with low or free charges. As e-money accounts are virtual there are no office hours and your account is accessible 24/7 from almost anywhere in the world. One of the reasons e-money accounts/virtual bank account are so secure is that you don’t have to give your personal credit details for every transaction as your card is already linked digitally to your e-money account. With an e-money account you can enjoy almost all of the products and services offered by traditional banks in addition to the extra features of an e-account. E-money transactions are cost-effective, secure and accessible.
E-Money Account Features:
- Personal current accounts.
- Business accounts.
- Send and receive funds to your e-money account from across the globe.
- Credit cards.
- Prepaid debit cards (usually for e-money business account holders).
- International Payments.
- Currency exchange.
- Advanced and user-friendly user interface.
- Most e-money accounts have multiple login options via mobile phone, apps, desktop, tablet and laptop.
- Virtual personal IBAN
- Mass payments.
How to Open an E-Money Account?
Opening an e-money account can be even more straight forward, and faster than opening an account in a traditional bank. First choose an EMI, payment company or e-wallet that offers the services and products you need. Visit their website and register for a new e-money account by filling in a basic form with rudimentary details. Next, link your credit card or traditional bank account to your e-money account. From then on you can make transactions and use the digital banking services by just logging in to your account via your Smartphone, computer or the bank’s app.
What is a Mobile Digital Banking App?
When you register for a new e-money account you can download your chosen money provider’s mobile app onto your Smartphone. The e-money mobile app can then be used at any time, wherever you are to log into your e-money account. From the app you will be able to check your balance, manage your finances, make money transfers and contact customer services as well as a myriad of other options. The e-money mobile app is used as an e-wallet to hold your money digitally and allow you to access all your accounts and cards from your Smartphone. If you have someone’s mobile phone number or email address you can send or receive funds from them via your app even if they don’t have an e-money mobile app.
Being able to track your spending and payments; manage your money and get real-time alerts via your mobile app is an advantage for any business. Other functions of an e-money mobile app include making money transfers (MMT) but with more functionality than a regular money transfer app as you also have access to currency conversion, cards and more. Having an e-money account and the connected e-money mobile app gives you instant access to your finances and the ability to make financial transactions anytime anywhere.