WHAT DOES IT MEAN
ATM – Automated Teller Machine also referred to as ‘hole in the wall’ or cash machine – ATM allows you to check your account or to take money out. Some ATMs offer additional services such as printing a mini statement, buying a phone credit, changing your PIN number etc. Some ATMs charge for services check before you insert your card. Minimum value you can take out from an ATM is £10 however there are machines that allow you to withdraw £5 notes. Maximum you can take out in one day depends on what type of account and agreement do you have with your bank. Current account is generally set to £300 withdrawal per day.
Bank statement – this is a bank record of all the transactions on a particular account. Banks usually send your bank statements via post each month or every three month.
Credit card– provides immediate credit however balance can be repaid over time. Interest fees apply to any outstanding balance.
Debit card – allows immediate electronic debiting and crediting of the account, money will leave the account straight away, no repayments over time.
Direct debit – a recipient will set up when, how much and to whom the money from the account will be paid. Direct debit is usually set up in regular intervals and amount and it is an automated service until you decide to cancel it. Bills or membership fees are usually paid by direct debit.
GBP– Great British Pound
I.D. – Identification Documents
Interest – percentage received or charged on money. If you save money you will receive interest. If you borrow money you will be charged interest.
Money transfer – money moved from one account to another
Money transfer abroad or International money transfer – money moved from one account to another both being in different countries
Overdraft – minus on the account; taking out more money than you have on your account. Can be authorised (agreed on by the bank) or unauthorised (not agreed on by the bank – results in penalties)
Payee – person receiving a payment (recipient)
Payer – person making a payment
PIN (PERSONAL IDENTIFICATION NUMBER) – a password made up of digits used to identify and verify the cardholder
Standing order – regular payment made from an current account set up by the account holder
video courtesy of ‘Hello!English’ via YouTube
Rich = wealthy, well-to-do, affluent, well off, minted
informal: he’s rolling in it, she’s filthy rich, I’m loaded,
Poor = moneyless, penniless, underprivileged, destitute, poverty-stricken
informal: I’m skint/broke/hard-up
Main Source For International Money Transfer: www.moneysavingexpert.com Source and Comparison website: the money supermarket website Glossary Source: http://www.nasdaq.com/personal-finance/credit-card-glossary.stm The Money Advice Service: www.moneyadviceservice.org.uk/publications Citizens Advice Bureau: www.citizensadvice.org.uk The UK Council for International Student Affairs (UKCISA):www.ukcisa.org.uk Advice line: 020 7107 9922 (Monday to Friday 13.00 – 16.00)
BUREAU DE CHANGE Bureau de Change or Bureaux de Change stands for Currency Exchange. This French expression has been adapted across Europe and it is commonly used in Britain. It is a place of business/service where you can exchange one currency for another. You will find many of these all across London. Bureaux de Read More