Money and Banking Vocabulary: Accounts, Cards, Bills and Budgets
Learn the English you need to open a bank account, use cards safely, pay bills, send money, understand your statement and talk about budgets and saving.
13 min4 objectives
What You Will Learn
1Open a bank account and understand account types
2Talk about cards, payments and transfers
3Understand bills, statements and fees
4Talk about budgets, saving and borrowing
Why This Vocabulary Matters
Money words appear everywhere: at the bank, in your banking app, on bills, in your job contract and in conversations with friends. Mistakes can cost money — for example, not understanding a fee or a minimum payment. This lesson gives you the essential vocabulary.
What documents do I need? (usually ID and proof of address)
Is there a monthly fee?
Is there a newcomer account with no fees?
Can I set up online banking?
Cards and Payments
Word
Meaning
debit card
takes money directly from your account
credit card
you borrow money and pay it back later
credit limit
the most you can spend on a credit card
to tap / insert / swipe
ways to pay with a card
contactless
pay by tapping your card or phone
declined
the payment was not accepted
to pay in full / minimum payment
pay the whole bill / pay the smallest amount allowed
interest (rate)
the extra money you pay for borrowing (or earn for saving)
due date
the last day to pay
credit score
a number that shows if you pay your bills on time
Important: if you only pay the minimum payment on a credit card, you pay interest on the rest — often 20% a year or more.
Sending and Receiving Money
I'll send you the money by e-transfer. (Canada: Interac e-Transfer)
Can you transfer $200 to my savings account?
My salary is paid by direct deposit.
I need to set up a pre-authorized payment for my rent. (automatic payment)
Could I get a void cheque? (Canada — used to set up direct deposit)
Bills
Word
Meaning
bill (US/Canada/UK) / invoice (business)
a document that shows how much you must pay
to pay a bill
to pay the amount
overdue / late
not paid on time
late fee
extra money you pay because you were late
to split the bill
to share the cost with others
utilities
electricity, water, gas bills
subscription
a regular payment for a service (e.g. streaming)
to cancel a subscription
to stop it
Budgets, Saving and Borrowing
Word
Example
budget
My monthly budget for food is $500.
income / expenses
My expenses are higher than my income.
to save (up) for
I'm saving up for a car.
to afford
I can't afford a new phone right now.
to spend on
We spend too much on takeout.
to be broke (informal)
I'm broke until payday.
loan
I got a loan to buy a car.
to borrow / to lend
Can I borrow $20? / Can you lend me $20?
to owe
I owe you $20.
debt
They're trying to pay off their debt.
mortgage
a loan to buy a home
Example Dialogue: A Problem with a Card
Olga: Hi, my debit card was declined at the grocery store, but I have money in my account.
Bank employee: Let me check. Can I see some ID?
Olga: Here you are.
Bank employee: Thanks. I see the problem — there was an unusual payment yesterday, so the card was blocked for security. Did you make a payment of $480 online?
Olga: No, I didn't!
Bank employee: OK, then we'll cancel this card and send you a new one. We'll also start an investigation, and you should get the money refunded within ten business days.
Olga: Thank you. Can I still withdraw cash today?
Bank employee: Yes, I can help you with that here.
Common Mistakes
"Can you borrow me $20?" → Can you lend me $20? (lend = give; borrow = take)
"I paid the bill of electricity." → I paid the electricity bill.
"The money are in my account." → The money is in my account. (uncountable)
"I spent a lot for food." → I spent a lot on food.
"I can't afford to buying it." → I can't afford to buy it.
Practice Tips
Open your banking app and find the words: balance, transaction, pending, transfer, statement.
Write your monthly budget in English: income, fixed expenses (rent, phone) and other expenses.
Practise the card-problem dialogue so you are ready if it happens.
Practice Exercises
Test your understanding of this lesson with 9 interactive exercises.