Banking and money vocabulary
Banking and money vocabulary
Hey guys! Welcome to our ENGLISH BITES – This is Erika Belmonte speaking and in case you need the transcription of this English Bite, go to www.englishbites.com.br and look for the episode number 230.
Some episodes ago we talked about money regarding coins and currency and its history. Since the episode was too long, I decided to break it in two parts.
In this episode we’ll talk a little bit more about money more related to banking terms. It’s always important to know this kind of things, especially if you have any intention of going on an exchange program or even moving to America.
This lesson covers questions like – “Where can you cash your money from the bank?”; “How can I do this?”; “Who do I talk to?”; “How do I pay for this?”
ATM – Automated Teller Machine; where you can WITHDRAW your money (take it from your CHECKING ACCOUNT to your wallet)
Ex: We only accept cash, but if you want to withdraw some money there’s an ATM near the supermarket
BANK CHARGE – value paid by the customer for bank services
Ex: The bank charges a comission on all foreign currency transactions
There are no bank charges for this type of transaction
BANK STATEMENT – printed record of the money you put into and removed from a bank account
Ex: Do you need a copy of my bank statement?
CASH A CHECK (US) /CHEQUE (UK) – To exchange the check for cash
Ex: Can you drop by the bank and cash a check for me when you’re back?
BANK SLIP – A form supplied by a bank for a depositor do fill out, designed to document in categories the items included in the deposit transaction. Although it is not such common method of payment in the US, it is possible for you to ask for it
Ex: Please fill in a deposit slip and show me your passport.
CHECKBOOK (US)/CHEQUEBOOK (UK) – the book of checks with your banking information printed
Ex: The only way of buying this refrigerator is with check. Could you bring your checkbook next time we come to the store?
CHECKING ACCOUNT (US)/CURRENT ACCOUNT (UK) – Your regular bank account
Ex: I checked my checking account yesterday and the payment was there
PAYCHECK – Your salary
Ex: I don’t write checks for my bills before I get my paycheck, that’s a pretty risky practice.
SAVINGS ACCOUNT – The account you use to save money for something you wish to do in the future. You are not supposed to use this money, only in case of emergencies
Ex: All the money I get from this freelance-job is puto n my savings account because I’m saving for my trip to Japan next year.
DEBT(read ‘dét) – the money you owe/you have to pay somebody or the bank for something you have already taken
Ex: He managed to pay his debt in one year.
EXPENSIVE – High price
Ex: OMG, US$ 2.000,00 for a chair? That’s too expensive
CHEAP – Low price
Ex: US$ 15 is a fair price for a meal, it is very cheap actually.
This pair of earrings is very cheap. I want it!
INSURANCE – The money you pay a company for services that will provide you certain security in emergencies related to some cases: health/life/car/travel
Ex: I have to hire travel insurance because I don’t know if I will finish the meeting in time to catch my flight
THRIFTY – To be thrifty means you are more controlled with your money, so you don’t spend too much. It may be used as something positive or negative, it depends on the intention of the speaker
Ex: I have always been thrifty and that has saved me in tough times
DISCOUNT – When a shop or business lowers the price of their products for a limited period.
Ex: The discount of this year’s BLACK FRIDAY are amazing!
BUDGET – The amount of money you have to spend on something
Ex: I always go over my budget when I shop for clothes in that store
PROFIT – When you have a company and you make more money than buying or producing your product, that is called profit
Ex: The times are really hard for our company, but at least we made a profit this year.
EXPENSE – The money you spend
Ex: Water expenses were high this year. We have to start saving
LOAN – When you ask for some money borrowed from the bank
Ex: She’s trying to get a $100.000 loan to start her company
NSF – Non Sufficient Fund
Ex: I went to the ATM to withdraw some money and to my surprise the screen showed NSF. I panicked!
TAX – The amount of money you pay to the government based on your income or the cost of goods you have bought
Ex: Federal income tax will be deducted from your pay
WITHDRAW – To take money from your banking account at an ATM to pay for something in cash
Ex: They had to withdraw some money to pay for those tickets because they didn’t accept credit card
INCOME x SALARY
Income: the amount of money a person earns per month or per year. Through work, collecting rent or investing
Salary: the amount of money you earn for job
TO EARN x TO WIN
To earn: you have to work for something to deserve the money you make.
Ex: I don’t earn much in my new job
To win: amount of money you get from something you don’t necessarily work for
Ex: I won the lottery, I’m super duper rich now!
So, that’s it for today guys. I really hope you have enjoyed today’s episode. THANK YOU SO MUCH for all your support and for listening to this English bite. Take care of yourselves and I’ll see you on the next one. Bye