Union Bancaire Privee Ebanking Review part 1 – that will be the topic of today’s article.
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UBP Ebanking is a Swiss e-banking service offered by one of the oldest and largest banks in Switzerland, Union Bancaire Privée (UBP). UBP itself had a long history going back to 1959. Today it has assets of more than USD 50 billion.
The bank holds numerous awards for its business practices and is considered one of the finest Swiss banking institutions. Because UBP e-banking is an internet bank, it has no physical location with 24/7 customer service found in traditional brick & mortar banks.
However, this doesn’t mean that there are any less features or services available to users. Right from the outset, clients can enjoy a free checking account with unlimited check writing and debit cards. They can make transfers online, set up automatic recurring payments, and even pay their bills directly through the e-banking website.
Additionally, UBP’s accounts offer customers unlimited reimbursements on all ATM fees incurred using either an affiliated bank or a non-UBP ATM. As far as UBP security is concerned, the bank has gone above and beyond industry standards to ensure that its customers’ information remains secure.
The website uses 256-bit encryption issued by GeoTrust, one of the leading authorities on internet trust and security. Not to talk much, we have compiled this article to meet your need. Today, you don’t have to keep surfing the web to know the services rendered by Union Bancaire Privee. Let’s take a look!
Unique Features of Union Bancaire Privee Ebanking
Union Bancaire Privee (UBP) is an international banking group based in Geneva, Switzerland. The Group provides global wealth management and asset management services, including investment advisory and fund administration.
Its subsidiary, Union Bancaire Privee S.A., which was founded in 2002, serves individual clients for account opening and custody as well as asset management and institutional clients with fund administration services.UBP launched its ebanking service in May 2009, which is currently serving client accounts that are 100% held electronically.
This means the client only has to provide his or her identification number and an email address to open an account. Clients may transfer funds into their UBP accounts via wire, check, SEPA-Lastschriftmandat (Germany), or transfer from another bank.
The following are the features that make Union Bancaire Privee ebanking stand out among competitors:
- 2 Factor Authentication for Client Login Protection
- Digital Security Guarantee
- Foreign Exchange Trading Commission Free
- International Diversification of Investment Portfolios
- Unlimited Banking with No Minimum Balance Requirement
- Lowest Foreign Exchange Spread of 0.5%
- Commission Free Forex Trading
- Quick Multi-device Access
- Investment analysis and corporate news from UBP
2 Factor Authentication for Client Login Protection
UBP’s eBanking login is protected by two-factor authentication (2FA) and relies on the user having access to a second device that has enabled 2FA. Not only is that, but the 2FA device can be something as simple as a smartphone or SMS-capable phone. This empowers clients to access their accounts even when they are traveling away from home.
Digital Security Guarantee
UBP has implemented several levels of security for its eBanking platforms, such as digital certificates and encryption algorithms that protect the transactions and data of the account holder. They also monitor accounts for suspicious activity and attempt to stop any possible cyber-attacks or pick up on their aftermath.
Foreign Exchange Trading Commission Free
UBP supports commission-free foreign exchange trading for all clients who trade forex online through its platform. Furthermore, the UBP Foreign Exchange Policy allows clients to take advantage of exchange rates offered to institutional clients.
International Diversification of Investment Portfolios
UBP offers a wide range of products and services to its clients, including Swiss franc deposits, bonds, structured products, foreign currency accounts, and derivatives. UBP’s investment committees have the ability to build customized portfolios based on client risk profiles. These portfolios are then used to diversify the funds, which UBP’s fund managers professionally manage.
No Minimum Balance Requirement
UBP clients have access to unlimited banking when using its eBanking platform. UBP does not require a minimum balance, nor do they charge any service fees for transacting via internet platforms.
Commission Free Forex Trading
UBP offers commission-free forex trading on all major currency pairs, which allows clients to trade freely while making the most profit out of each transaction. The UBP Foreign Exchange Policy does not charge any spreads for online trading via the eBanking platform.
Quick Multi-device Access
UBP supports all major platforms and devices for accessing client accounts and performing transactions. Clients can access their accounts through a PC, tablet, or smartphone anytime and anywhere as long as they have an internet connection. The UBP app is available for download on the Apple iTunes Store, Google Play, and Windows Phone Apps.
Investment Analysis and Corporate News from UBP
UBP clients are given access to different financial news that may be useful for their investments, including current international events and market trends. They also receive investment reports, research articles, and market analyses on a regular basis.
Always Up To Date
With Union Bancaire Privee Ebanking, your browser automatically updates when a new software version becomes available. Also, the browser will notify you when a new version is available. If an update is installed, it will be made available the next time the browser opens. This notification may be turned off in your browser’s preferences if you do not wish to receive it.
New Features Provided Frequently
The bank provides several updates per year to ensure that clients have the latest features to suit their needs. Also, the updates are provided without the need for client installation. Moreover, updates are available immediately after installation with no waiting time, beneficial for the client experience.
Improved Security Features
The bank provides several new features to protect client information and improve security. Some of these include:
- All transactions must be authorized using two passwords-one that the user enters into his or her personal computer and one that the bank sends to the user’s mobile phone
- Using this feature, even if a user’s personal computer has been compromised by malware or is otherwise under an attacker’s control, transactions cannot be authorized unless the user’s cell phone has also been compromised (giving attackers access to SMS messages)
- A confirmation code challenge can be set up for the first transaction of every new account as an additional safety precaution
- The bank provides a report that details all changes to users’ accounts during the previous month so that clients can verify their transactions and detect any unauthorized charges
Multiple Ways to Login
With Union Bancaire Privee Ebanking, users have several different options for logging in. These include:
- Use of the bank’s website on a personal computer
- Use of the bank’s iOS application on an Apple mobile device
- Use of the bank’s Android application on an Android mobile device
A Wide Array of Currencies Supported
Union Bancaire Privee Ebanking supports over 50 currencies, which gives clients many options for managing their assets. With this support of different currencies, the client has more purchasing power while traveling abroad.
Also, it is beneficial because the client does not have to obtain or exchange another currency before making a purchase; he or she can simply make transactions in the merchant’s currency.
A Wide Array of Languages Supported
Union Bancaire Privee Ebanking supports over 20 languages. This feature is beneficial because it allows the client to use the same platform, regardless of where he or she travels. However, if a bank does not have branches in that country, transaction fees may still apply.
Funds Are Protected By the Bank
The bank takes responsibility for managing clients’ money. Therefore, clients do not have to worry about the government shutting down their accounts due to political reasons or another entity seizing control of their funds. Also, clients benefit from FDIC insurance up to $250,000 per client.
With Union Bancaire Privee Ebanking, a client can withdraw his or her money from any ATM in the world with no fees. Moreover, a premium Mastercard is provided for free with this service so that clients can use their money to make purchases at over 32 million locations worldwide.
The future is digital. If you don’t believe this, all you have to do is take a look at the way we communicate nowadays; we spend most of our time online. And it makes sense, with the rise of smartphones and constant access to the internet – one can only be online as much as possible!
In this day and age, money is not different, and it’s slowly transitioning into the online realm; hence, the emergence of e-banking, or internet banking. It has all the perks of traditional banking with an added layer of security. Below are the cons of using online banking.
Cybercrime is on the rise, and e-banking services are not immune to it. More and more internet banking sites (and traditional ones) get hacked every day. The best analogy to put this into perspective is imagining that your online bank account is like a house with just one door, and the keys are stored on some server.
Identity theft is another common occurrence when it comes to online banking. The only difference between this and physical crime is that you cannot see the perpetrator, making it scarier in a way (but also more convenient). All you need to take over your account is your e-banking ID and password. Sometimes, they do not even need both; using your e-mail is usually enough.
Loss of Privacy
Anxiety over privacy loss is probably not new, but the digital era has magnified it (for good and bad). While you can note that you are online most of the time, anyone who knows how to monitor your behavior on social media sites can draw out information such as the places (and quantities) you shop at and when you transact; which in turn can be used to guess when you get paid.
Inability to regain lost money
This is less of a con and more of an inconvenience. If you lose your e-banking password, there is nothing else to do but create another account or reset the password. This means that you won’t have access to your money until you recover it (which can take days or weeks).
With a lot of e-banking services today, you would be able to transfer money from account A to B within the banking app. But if you try to do it manually through a bank teller – probably with an irritated look on his/her face – you will realize that there is no difference in the time taken for the transactions.