Money and Banking

Using English at the Bank

Banking vocabulary and phrases related to finance are useful for English learners who are visiting or working in an English-speaking country.

When arriving in a new country to live and work, one of the first things we need to do is open a bank account. In order to do this, we need to know some money and banking vocabulary.

When banking and dealing with financial issues, we tend to use certain key phrases and words. Using English at the bank can be a daunting prospect for some EFL students due to the specific vocabulary needed.

Read on for key English vocabulary and phrases for visiting a bank and managing your money. This  includes the words you’ll need for everyday banking tasks, such as:

• opening an account
• withdrawing or depositing money
• using an ATM (cash machine)
• transferring money or paying bills

We explore special terms and words you will hear at the bank, finance-related vocabulary you might want to use and useful advice for fill in banking forms.

General Banking Vocabulary 

money, loose change, coins, pennies, notes, bank notes

cheque, bank book, paying in book

to deposit / making a deposit – paying into your bank account

to withdraw / making a withdrawal – taking money out of your bank account

to debit – to take money from your account (e.g. ‘your account has been debited’)

to credit – to add money to your account (e.g. ‘your account has been credited’)

balance – the amount of money in your account

to be in credit – to have a positive bank balance

to be overdrawn – to have a negative bank balance

credit (noun) – credit allows a person to buy goods/services before payment, based on trust that payment will be made in the future

debit card, credit card, store card – types of plastic cards used for making financial transactions

• Debit cards use money you already have in your account
• Credit cards use money on ‘credit’ – that you will have to pay back in the future

direct debit, standing order – money that is pre-arranged to be withdrawn from your account to pay a regular person/company

one-off payment – a single payment that won’t necessarily be repeated

ATM – automatic teller machine (slang: ‘hole in the wall’) – this is the machine you get money from. These can be found outside banks, on the street or often located inside a shopping centre

PIN (personal identification number) – you use a PIN when withdrawing money from an ATM and when paying with your credit/debit card

Contactless payment – a payment where you hold your debit and near the machine and it automatically pays without you having to enter a PIN

Warranty, insurance, purchase protection – when you have bought an item, this is insurance against it breaking

Debt, arrears – money you owe

liquidation – turning investments into cash (i.e. selling your house to get the money) – if a company goes into liquidation, it closes down

administration – if a company goes into administration it means it has been taken over by a court (the ‘administrator’) – going into administration means the company is in trouble and might have to close down

bureau de change – somewhere that exchanges foreign money

exchange rate – the rate at which you can exchange money (how much one currency is worth against the other)

currency – a system of money (e.g. the Euro is a currency)

commission – a charge paid, usually a percentage of the whole amount (a bureau de change will charge you commission to exchange your money – if you withdraw money at a foreign ATM, your credit card company will normally charge 3% of the total amount as commission)

loan – money that is borrowed (usually paid back with interest)

interest – extra money added onto the total amount. You usually have to pay interest on a loan, while you will also often receive interest on your savings

interest-free credit – a loan (credit) that does not have interest

to pay by installments – to pay back your loan in small amounts over a period of time

to pay in full – to pay back the whole loan (not in installments)

Credit card networks: Mastercard, Visa, American Express – these companies act as intermediaries, creating networks between financial companies

General types of debit card: Switch, Solo, Visa Electron, Maestro

Finance vocabulary

Banking

Bank account, checking account, deposit account, savings account

Insurance, travel insurance, life insurance

Mortgage, loan, debt

Tax, VAT (value added tax), gross income, net income

Bank manager, bank clerk, teller

Saving 

Savings account, ISA, investment, bond

Pension, pension plan,

Interest rate, gross interest, net interest, AER, tax free

Fixed rate, variable rate

(Gross rate interest – before deduction of income tax)

(AER – annual equivalent rate – interest if paid and compounded on an annual basis)

Collocational phrases for banking 

to open a bank account

to pay in a cheque

to cash a cheque

to transfer money

(for a company) to go into liquidation

(for a company) to go into administration

to be in debt

to owe money (to someone)

to take out a loan

to insure something against fire/theft/accidental damage

to pay into a savings account/pension

to borrow money from someone

to pay by installments

to lend money to someone

to invest in something/someone

to get a return on an investment

to change some money

to borrow money – to take money from someone that you will pay back later

to lend money – to give someone money that they will pay back later

Phrase for English at the bank

More banking vocabulary and meanings

bank – a place where you keep or manage money
account – a place where your money is stored
balance – how much money you have in your account
savings account – an account for saving money
current account – an account for daily spending
overdraft – spending more money than you have
loan – money borrowed from the bank
interest rate – extra money paid on loans or savings
credit card – a card for borrowing money to pay later
debit card – a card that uses money from your account
deposit – to put money into your account
withdraw -to take money out of your account
ATM / cash machine – a machine to withdraw cash
teller – the person working at the counter
PIN (personal identification number) – your secret number for banking

Useful Phrases at the Bank

Here are common phrases you might need when speaking at the bank:

• I’d like to open a bank account.
• Can I withdraw some cash, please?
• I’d like to deposit this cheque.
• What’s my account balance?
• I need to transfer money to another account.
• Can I set up a standing order / direct debit?
• I’ve lost my card. Can you cancel it?
• Can I change some money, please?
• How long will the transfer take?

Common ATM / Cash Machine Screen Phrases

When you use an ATM, you might see these phrases:

• Insert your card
• Enter your PIN
• Select transaction
• Withdraw cash
• Check balance
• Print receipt?
• Take your cash
• Take your card
• Insufficient funds

It’s useful to practise reading these quickly so you feel confident using an ATM.

Words for Bank Forms and Documents

When filling in forms at the bank, you might see:

full name – your complete name
address – where you live
date of birth – your birth date
nationality – your country of citizenship
proof of ID – official identification (passport, ID card)
signature – your handwritten name
occupation – your job or work
marital status – whether you are married, single, etc.
account number – your personal bank account number
sort code – the bank’s identifying code

Note: Some forms may ask for “beneficiary” (the person receiving the money in a transfer).

Example Dialogues

At the counter:
Customer: I’d like to withdraw £200, please.
Teller: Sure. Could I see some ID?
Customer: Here’s my passport.

Using an ATM:
Screen: Enter your PIN.
(user enters PIN)
Screen: Select transaction.
(user selects “withdraw cash”)
Screen: Take your cash.

• Final Tips
  Speak clearly and politely: “Could you help me, please?”
• Bring ID (passport or driving licence) when doing bank transactions.
• Read all forms carefully before signing!

Share your thoughts on banking and finance vocabulary

Can you think of any more useful banking phrases or money vocabulary for EFL learners?

Which words or phrases related to banking do you want to learn more about?

Let us know your thoughts in the comments.