Important English vocabulary words for payment

Vocabulary is promordial in order to improve your TOEFL score. Remember, Preparation is the key to succeed !

Vocabulary Definition Example
An account Refers to a record of money that has been deposited and money that has been withdrawn. I need to check my account to see if my salary has got credited.
A banking account Refers to a financial account maintained by a financial institution for a customer that represents the customer’s funds and from which he can make withdrawals. I’ve recently opened a banking account with one of France’s premier banks, Societe Generale.
The amount Refers to a sum or a value or a figure of money deposited or withdrawn. What amount of money did you winthdraw yesterday ?
To amount to Refers to become a particular amount Their annual fuel bills amounted to over £6,000.
The balance Refers to a figure representing the difference between credits and debits in an account or the amount of money held in an account. He held a healthy balance in his savings account.
Bank charges Refers to the amount of money paid by a customer for using a bank’s services You’ll pay some hefty bank charges if you go overdrawn without permission.
A banknote Refers to a piece of printed paper that has a particular value of money He had a bag full of banknotes worth 50 euros.
A coin Refers to a small, round piece of metal, usually silver or copper colored, that is used as money I asked for £10 in 20 p coins.
 A branch Refers to a retail location of a particular bank or any other financial institution that offers a wide array of face to face and automated services to customers. Do they have an atm service in their montrouge branch ?
A broker Refers to a person who buys and sells foreign money, shares in companies, etc., for other people I called my broker for advice before investing in the stock market.
Brokerage An organization that buys and sells foreign money, shares in companies, etc. For other people An online brokerage is always helpful.
Cash Refers to money in the form of notes and coins, rather than cheques or credit cards Do you have any cash with you ?
A chequebook Refers to a book containing detachable blank cheques, issued by a bank to account holders to be used to deposit and withdraw money. I need to pay bills, but i can’t find my chequebook.
A passbook Refers to a book issue by a bank to account holders in order to maintain a record of bank transactions. Peter looked through his passbook to find the hundred-dollar charge.
The savings bank Refers to a bank that only offers accounts where your money earns interest on saving It’s too difficult to gain money from a savings bank but you can give it a shot.
A checking account Refers to a bank account from which you can withdraw money at any time and that usually earns little or no interest. I’d like to deposit this money into my checking account.
A deposit account Refers to a bank account that pays you interest, in which you usually leave money for a long time Mary opened a deposit account because she plans to leave her money for a long period.
A draft Refers to a payment on behalf of the payer that is guaranteed by the issuing bank. The bank issued a draft on behalf of marc worth 100 euros.
To fill  in /out  a form Refers to completing a form by writing or entering details. She was to fill in the form for application of her loan by this friday but she missed the deadline as she was travelling.
Funds Simply refer to money I’m short of or low on funds at the moment.
Instalment Refers to one of the several parts of an amount of money owed that is to be repaid at different times until the whole sum is paid. For the next two years, i have to pay an instalment of 200 euros every month to a bank that had financed my higher studies.
To owe something Refers to having to pay or give something to someone because they have lent money to you, or in exchange for something they have done for you We still owe $1,000 to the bank for our car.
A portfolio Refers to grouping of financial assets such as stocks, bonds and cash equivalents Portfolios are held directly by investors and managed by financial professionals.
A wallet A pocket-sized flat folding case for holding money and plastic cards. He pulled out a big, fat wallet stuffed with bank notes.
A purse A small pouch of leather or plastic used for carrying money, typically by a woman My mother bought me a leather purse for my weeding.
Remittance An amount of money that you send to someone back in your home country. She sends a small remittance home to her parents every month.
The teller Refers to an employee of a bank or any similar institution who job includes the task of helping customers with their needs like depositing cheques, withdrawing money etc. The teller at the bank had Asked for my account number.
A transfer Refers to moving out a certain sum of money from one place to another or one account to another. I have to make a transfer of my rent to my landlord, so i am going to check with him for his account details.
To withdraw money Refers to taking out cash from your bank account. I would like to withdraw a hundred pounds from my account.
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