English for banking and finance: Essential words and collocations

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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