Why Choosing an EMI Is Better Than Other Banks

When you’re looking for a financial institution to deposit your savings or manage your money, the options may not be as abundant as you think. In many small towns, there may only be one bank, but even in larger cities, it can be hard to find more than one bank. However, that doesn’t mean that there aren’t other financial institutions that offer equally beneficial services. An electronic money institution (EMI) is an organization that is authorized and supervised by the Financial Conduct Authority (FCA) to handle customers’ electronic funds. The process of depositing and withdrawing money electronically gives customers a different set of benefits over a traditional bank account. If you are comparing banks vs EMI accounts and want to know which of these financial institutions is right for you, here are some helpful pointers:

Electronic Money Institution Accounts Are FSA-regulated

The Financial Services Authority (FSA) is an independent regulator that oversees a variety of different financial institutions, including EMI accounts. An EMI is specially regulated by the FSA, and all of its services are subject to the same kinds of regulation as a normal bank. This is important because it means that you can be sure that all of the promises made by an EMI are going to be upheld. If an EMI is not FSA-regulated, there is no guarantee that you will be able to access your money when you need it, or that your account will be safe.

EMI Accounts Offer Real-time Transfers and Deposits

One of the most immediate benefits of an EMI account is that you can make deposits and withdrawals in real time. This means that when you transfer money from one account to another, it will immediately be processed and sent to the recipient. You don’t have to worry about waiting a few days for your money to clear, or having a transfer get lost in the mail. EMI accounts also offer real-time transfers within the account. You don’t have to wait for your money to be transferred to another account; if you need to send some funds to a friend, you can do so immediately. This can help you avoid late payments and ensure that you always have the funds you need when they’re needed.

EMIs Let You Hold a Variety of Currencies

Another key benefit of an EMI is that you can hold a variety of different currencies in the same account. This means that if you’re an international trader or you frequently travel abroad, you can hold all of your funds in the same place, regardless of where they come from. If you are frequently visiting a foreign country, it can be helpful to have a bank account there to make it easier to access your money. However, bank accounts in other countries often come with a ton of fees and can be a hassle to keep open. An EMI account can make it much easier to manage your money no matter where you are.

EMIs Provide Unlimited Online Banking Services

Whereas many banks will charge you for online banking services, EMI accounts come with unlimited access to online banking. This can be a huge help if you are the type of person who likes to keep track of their finances frequently. You can log in to your account and keep track of your income, transfers, and regular payments, so you always know how much money you have. The only exception to unlimited online banking is if you are operating outside of the UK. In this case, you will be limited to logging in to your account no more than once a month.

Summing Up

Choosing an EMI account over a bank account can give you access to a number of helpful features and benefits. An EMI is FSA-regulated, which means that your funds are safe and you can expect to get what you’re promised. EMI accounts offer real-time transfers and deposits, letting you keep track of your money in real time and avoid waiting for transfers to clear. EMIs let you hold a variety of different currencies in the same account, making it easier to manage money no matter where it comes from. Finally, EMI accounts offer unlimited online banking services for free, making it easier to manage your money.