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An account | Refers to a record of money that has been deposited and money that has been withdrawn.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The amount | Refers to a sum or a value or a figure of money deposited or withdrawn.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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- TOEFL vocabulary list: all the essential words you need to know