Essential Financial Terms and Money Vocabulary

Essential Financial and Banking Vocabulary

• A.T.M.: Automated Teller Machine; cash dispenser.
• Banknote: A piece of paper money.
• Bitcoin: Digital currency which allows payments to be sent from one party to another without going through a financial institution.
• Borrow: To obtain money which must be returned or reimbursed.
• Broke (be broke): To have no money.
• Budget: The amount of money available or needed for a specific use.
• Cash: Coins or banknotes (not cheques); actual money paid, not credit.
• Cash dispenser: An automatic machine from which a bank customer can withdraw money.
• Cashier: A person dealing with cash transactions in a bank, shop, etc.
• Cheque (US: check): A written order, on a specially printed form, to pay the stated amount from one's bank account.
• Coin: A piece of metal, with an official stamp, used as money.
• Currency: The money used in a country.
• Debt: Money owed by one person to another.
• Deposit: A sum of money payable as a first instalment on a purchase; or money placed in an account in a bank.
• Donate: To give money, especially to charity; to make a donation.
• Exchange rate: The rate at which one currency can be exchanged for another.
• Fee: Payment made to a professional person (doctor, lawyer, etc.).
• Instalment: A sum of money due as one of several equal payments to be made over an agreed period of time.
• Interest: Money paid for borrowing or investing money.
• Invest: To put money into a business, property, etc., in order to earn interest or profit.
• Legal tender: Currency that cannot legally be refused as payment.
• Lend: To give or allow the use of money which must be returned, usually with interest.
• Loan: A sum of money that is borrowed and is expected to be paid back with interest.
• Owe: To be in debt to someone; to owe money to somebody.
• Petty cash: A small amount of cash kept available by a company or firm for everyday expenses.
• Receipt: A written statement that money has been paid for something.
• Refund: To pay back money received; to reimburse.
• Tip: A small sum of money given to a waiter, taxi driver, etc.
• Withdraw: To take money from a bank account.