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How to Save Time With Online Banking

by City Savvy Luxembourg

Luxembourg is known for its financial centre, and now also for the rise of online banking, one of the highest in Europe. According to a recent study, 74 percent of Luxembourg residents use their mobile device to check their balance, make payments or access other services via a banking application. By way of comparison, the European average is 62 percent. But what is behind such a success? 

The main reason is obviously significant time saving. Accessible anytime, anywhere and on any type of device (smartphone, tablet and computer), remote banking allows you to carry out transactions for which you previously had to visit a branch or ATM.

Manage your budget in a few clicks

Thanks to online banking you can view your accounts and quickly have an overview of your finances, whether to plan a major purchase, verify that you have received your income or analyse the various money withdrawals and deposits. You can also categorize different types of expenses to visualize your budget at a glance.

If you want to manage your money over time, a month by month history of all the transactions related to your different accounts is made available to you. Most banks also offer optional online bank statements. By opting for this generally free feature, you can archive your bank statements much more easily. Once a month, you will receive your bank statements in PDF format that are searchable, downloadable and printable at any time from your secure user area. 

Can’t find an account statement that you have downloaded? No problem, online bank statements are stored in your secure user area for several years (5 years in general).

Be informed in real time

Online banking allows you to stay informed 24/7 with respect to all transactions related to your accounts by sending alerts by push notification or email to your smartphone or tablet. You customize these alerts as you see fit. You can activate them to be notified as soon as the balance of your accounts falls below a certain threshold, in cases of blocked payment, when receiving or paying an amount exceeding a defined threshold or when a new message is available in your secure messaging account. 

These alerts also apply to your credit card (available balance, payments from a defined amount, refund or release of a blocked amount) and to your investment portfolio.

And if you have a specific question about your accounts, your debit and credit cards or your investments, you can always contact your advisor via your secure messaging account. No need to be stuck on the phone to reach someone!

Wire and transfer money with ease

With online banking, making payments has never been easier and faster. You can automate recurring transfers, modify or delete your standing orders at any time, create a list of beneficiaries and prioritize it according to your needs or move money from one of your accounts to another. The transfer validation procedure is simplified when you transfer money to an already known and saved recipient. For all your SEPA transfers, the BIC code is entered automatically. 

And you don’t even have to be at home to do all these things! Just have your smartphone on hand and you’re all set!

Other features are also available whose scope may vary depending on the application proposed by your bank: immediate freezing of your credit cards and their automatic replacement, access to loan calculators (housing and personal loan), etc.

Stay professional

Finally, some banks offer a pro version of their app that, in addition to the features described above, offer services specifically for business customers. These include, among others, multiple signatures for banking transactions, details of outstanding balances and payments, and a multi-bank tool that helps you manage your company’s cash flow.

 Source: 2017 Digital Payment Study survey, Visa

For more online banking info check out: www.ing.lu/mobile
For more information about ING check out: https://www.ing.lu/webing/content/siteing/fr/About_us.html
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