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.
At the Bank: Accounts
| Word | Meaning |
|---|
| to open / close an account | to start / stop having an account |
| chequing account (Canada) / checking account (US) / current account (UK) | an account for everyday spending |
| savings account | an account for saving money; it pays interest |
| balance | how much money is in your account |
| to deposit | to put money into an account |
| to withdraw / a withdrawal | to take money out |
| ATM / cash machine | a machine for taking out cash |
| PIN | your secret number for your card |
| monthly fee / service charge | money the bank charges you |
| overdraft | when you spend more than you have in the account |
| (bank) statement | a list of all the money in and out |
Opening an account: useful phrases
- I'd like to open a chequing account, please.
- 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.