B218 words · Upper-intermediate

Money & Payments vocabulary — B2

Money & Payments vocabulary for banking and paying for things, including mortgage, joint account, wire transfer and instalment — the words for managing accounts and payment plans.

18 questions

Words in this set

mortgage
/ˈmɔrɡədʒ/
A large loan from a bank used to buy a home, paid back over many years.
Example: We're still paying off the mortgage on the flat.
transaction
/trænˈzækʃən/
A single act of moving money into or out of an account, such as a payment.
Example: Each transaction shows up in the app within a few seconds.
sort code
A six-digit code that identifies a particular bank and branch (British English).
Example: You'll need my sort code and account number to pay me.
exchange rate
The value of one country's money compared to another's.
Example: The exchange rate was better at the airport than at home.
online banking
Managing your bank account using a website or app instead of visiting a branch.
Example: I check my balance with online banking every morning.
joint account
A bank account shared by two or more people.
Example: My partner and I opened a joint account for our bills.
fraud
/frɔd/
The crime of deceiving people to get their money illegally.
Example: The bank called to warn me about fraud on my card.
fee
/fi/
An amount of money you pay for a service.
Example: The bank charges a small fee for international transfers.
wire transfer
Sending money electronically directly from one bank account to another.
Example: We paid the deposit by wire transfer.
direct debit
An arrangement that lets a company take money from your bank account automatically each month.
Example: I set up a direct debit so I never forget the bill.
instalment
One of the regular payments you make until the whole cost is paid.
Example: I'm paying for the sofa in monthly instalments.
processing fee
A small extra charge for handling a payment or transaction.
Example: There's a small processing fee for paying by card.
minimum payment
The smallest amount you are allowed to put towards a debt each month.
Example: She only paid the minimum payment on her credit card.
payment plan
An agreement to settle the cost of something in smaller amounts over time.
Example: The shop offered a payment plan for the sofa.
upfront
/ˈʌpˌfrʌnt/
Paid before you receive the goods or service, rather than afterwards.
Example: The deposit must be paid upfront.
deferred payment
An arrangement to settle the cost of something at a later date instead of straight away.
Example: The store offers deferred payment for six months.
non-refundable
/nɑnrɪˈfʌndəbəl/
Describing money that cannot be given back once it has been paid.
Example: The booking fee is non-refundable.
cash-strapped
Having little or no money available (informal).
Example: Cash-strapped students often skip meals to save money.