English for banking and finance: Essential words and collocations
What is banking? ( banking definition )
Banking refers to the business activity of banks.
Inside bank vocabulary
- Safe: a strong fireproof safe used to hold the bank’s cash supply and negotiable documents.
- Safe deposit box (= safety deposit box): a metal box for storing valuable things, usually kept in a special room at a bank.
- Coupon booth: a small closed cubicle used by a customer to open a safe deposit box.
- Vault: a reinforced fireproof room containing the bank safe and the safe-deposit boxes; access to it is tightly controlled.
- ATM (Automated Teller Machine): a machine where customers use a credit card to carry ou various banking operations such as withdrawals, transfers, deposits, and bill payments.
- Cash supply: a room where bank staff replenish the automatic teller machines and collects deposits and bills.
- Information desk: kiosk where customers can obtain information about banking services.
- Financial services: offices where bank staff meet with customers to discuss financial services like investments and mortgages.
- Insurance services: offices where customers consult bank staff about insurance services for automobiles, homes, travel, etc.
- Laon services: offices where customers meet bank staff to apply for a loan.
- Information desk: a kiosk or office where customers get information about the different banking services.
- Customer service: an office where bank staff meets with customers to open bank accounts, issue debit cards, give out forms, etc.
- Professional training office: a room where the bank employees are provided with training.
- Meeting room: a room where small groups hold meetings and discussions.
- Waiting area: space reserved for customers who wait for an appointment in a particular department.
- Lobby: the bank’s entrance area.
- Reception desk: an area in which customers are met.
- Photocopier: a machine for reprography.
- Brochure rack: a rack used to display flyers and brochures containing information on services offered by the bank.
- Cloakroom: space designated for storing clothes, umbrellas, hats, and so on and so forth.
- Janitor’s closet: a room used for storing cleaning products and housekeeping supplies.
- Cash: money in the form of banknotes (= bills) or coins.
More banking terminology (banking terms)
- Petty cash: a small amount of money reserved for small, office-related expenditures.
- Deposit: the act of putting money into a bank account.
- Direct deposit: the system of paying someone’s salaries straight into their bank account.
- Withdrawal: the act of taking a sum of money out of your bank account.
- Savings account: a bank account that offers interest but limits withdrawals.
- Internet banking: also known as online banking or web banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the bank’s website. Internet banking is also known as e-banking.
- Mobile banking: refers to a service that a bank or a financial institution provides. It allows customers to conduct financial transactions using a mobile device like a smartphone.
- Balance sheet: a document that shows a company’s finances.
- Credit card: a payment card that you can use to buy services and goods and pay for them later.
- Debit card: a payment card that can be used to take money directly from your bank account when you pay for something.
- Cheque (check): a slip of paper that provides payment.
- Blank cheque: a cheque that is signed but does not have the amount of money to be paid written on it.
- Chequebook (checkbook): a book of printed cheques (checks).
- Bank statement: a printed record of all the money that you pay into or out of your bank account within a particular period. Bank statements are usually sent to you by post.
- Overdraft: an amount of money that a customer may spend beyond what is in his or her bank account.
- Online banking: banking services that can be accessed through the internet.
Most common payment methods
Here are some methods of payment with definitions:
- Cheque (check): a piece of paper that transfers money from your bank account to someone else’s account.
- Credit card: a payment card that you can use to buy services and goods and pay for them later.
- Debit card: a payment card that can be used to take money directly from your bank account when you pay for something.
- Charge card: a small plastic card that a shop/store provides you with so that you can use to buy goods there and pay for them later.
- Charge account ( credit account): an arrangement with a store/shop or business to pay bills for goods or services at a later time, for example in regular amounts every month.
- Traveler’s check (Traveller’s cheque): a check for a fixed amount that can be exchanged for foreign currency, or in some cases instead of cash
- Online payment methods like Paypal, Google Pay, Apple Pay, Amazon Pay, American Express, Pasterpass, etc.
English for banking and finance: Phrasal verbs
- Back out of something: withdraw from something (= to decide that you are no longer going to take part in something
- Put something down: pay part of the cost of something.
- Run out of something: to finish or use up a supply of something.
- Work something out: calculate
- Go under: become bankrupt / collapse (become unable to pay what you owe).
- Take something off something: reduce the price.
- Take something over: to buy something (a company, a business…).
Extremely important financial terms and expressions
- Strapped for cash = without enough money
- Cash down (IDM): with immediate payment of cash.
- Cash on delivery (COD): a system of paying for goods when they are delivered.
- Marry money (= marry a rich person)
- Be in the money: to have a lot of money to spend.
- Every penny: all the money
Here are a variety of expressions that can be used to describe rich people and poor people:
Expressions to describe the rich:
- He is absolutely loaded.
- They live in the lap of luxury.
- She’s raking it at the moment.
- He has got money to burn.
- They are rolling in money.
- He is a well-off businessman.
- He is a well-to-do (= well-heeled) person.
- She is a cashed-up investor.
- He is made of money.
Expressions to describe poor people:
- To be on the breadline (IDM)= To be very poor
- I’m totally broke.
- I have fallen on hard times.
- We find it hard to make the ends meet.
- We are very down at heel.
- They don’t have two pennies to rub together.
- My friend is very hard up.
English for banking and finance: Collocations list
- Open a bank account
- Close a bank account
- Deposit money
- Make a deposit
- Transfer funds
- Transfer money
- Withdraw money
- take out money
- Pay a bill
- Exchange currency
- Bank teller
- Insert the card
- Enter your PIN
- Overdraft protection
- Internet banking
- Electronic banking
- Online banking
- Mobile banking
- Banking scandal
- Bank fraud
- Bank manager
- Bank robber
- Bank overdraft
- bank profits
- Regional bank
- Banking services
- Banking system
- Banking sector
- Banking industry
- Banking crisis
- Banking plan
- Banking corporation
- Banking family
- Banking community
- Banking business
- Bank charges
- Balance sheet
- Financial health
- Business planning
- Go bankrupt
- Payment system
- Borrow money
- Spend money
- Save money
- Make money
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