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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)

english for banking and finance

  • 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

Learn English online with Englishdotcom. You might also like to check this money vocabulary.

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