Bank and banking operations (listening)

A bank is one of the most important financial institutions in the modern world. It not only provides money storage but also offers a wide range of services such as loans, investments, and currency exchange. In this article, we will look at key banking terms in English and examples of banking operations that can be useful for everyone. We’ll also include an interesting dialogue on the topic: “Mobile Banking Dialogue”. Listen to the dialogue, read the accompanying text, and try to repeat it out loud.

Let’s consider important words for financial operations.

Key Terms for Financial Operations in English

• Bank – a financial institution that accepts deposits, provides loans, and conducts other financial operations.
• Account – a financial account where your money is kept.
• Deposit – an amount of money placed into a bank account.
• Withdrawal – the operation of taking money out of an account.
• Loan – an amount of money provided by the bank for temporary use with mandatory repayment.
• Interest rate – the percentage that a bank charges for a loan or pays for a deposit.
• Savings account – an account for saving money with interest accrual.
• Checking account – an account for daily operations such as paying bills or making purchases.
• Transfer – the operation of moving money from one account to another.
• Currency exchange – the exchange of one currency for another.

Opening an Account

To open an account, you need to visit a bank or use online banking. You will need the following documents:

• Passport or ID card.
• Proof of address, such as a utility bill.
• Sometimes an initial deposit is required.

Deposits and Withdrawals

After opening an account, you can deposit and withdraw money. To deposit funds, you can use a teller or an ATM. Withdrawals are possible through an ATM or at the bank counter.

Example:

• I want to deposit $500 into my savings account.
• Can I withdraw $200 from my checking account?

Loans

Banks offer various types of loans, such as mortgage loans for buying a home, car loans for purchasing a vehicle, and personal loans for various needs. When getting a loan, you must pay interest.

Example:

• I need a personal loan of $5,000.
• What is the interest rate on this mortgage?

Transfers and Bill Payments

You can transfer money between accounts or pay bills using online banking or a mobile app.

Example:

• I want to transfer $200 to my friend’s account.
• Can I pay my utility bill online?

Currency Exchange

Banks also provide currency exchange services, allowing you to exchange one currency for another at the current exchange rate.

Example:

• I need to exchange euros to dollars.
• What is the current exchange rate for euros to dollars?

Online Banking

Modern banks offer convenient access to accounts through online banking, which allows you to perform financial operations without the need to visit the bank.

Main features of online banking:

• Checking account balance.
• Paying bills.
• Transferring money.
• Viewing account statements.

New Words and Terms about Using Mobile Banking

1. Mobile banking – banking operations that can be performed using a mobile device (smartphone or tablet).
2. Smartphone – a mobile phone with advanced features such as Internet access and apps.
3. Tablet – a portable computer with a touchscreen.
4. Manage your finances – to control your money and financial operations.
5. Mobile app – software designed for mobile devices.
6. Register your device – the process of registering your mobile device in the bank’s system for access to services.
7. Website – an electronic page on the Internet accessible through a browser.
8. PayPal – an online payment system that allows money transfers.
9. Log in – to enter data for accessing your account.
10. Credentials – login information such as username and password.
11. Account activity – all operations that occur on a bank account.
12. Transactions – financial operations such as transfers and payments.
13. Notifications – alerts about events or operations.
14. Convenient – easily accessible and simple to use.
15. Security – protection of data and information from unauthorized access.

Now read the interesting text below and try to understand the information from it.

Using Mobile Banking

All over the world, more and more people are using mobile banking. In the United States, experts predict that by 2025, around 70% of adults will use their smartphones or tablets to manage their finances.

To start using mobile banking, you need to download your bank’s mobile app onto your smartphone or tablet and register your mobile device. If you prefer not to download the app, you can access the bank’s website on your tablet or laptop.

In some banks, such as those in Germany, you can use the PayPal payment system to send and receive money from your friends and family. You don’t need their bank account information, just their email address.

With mobile banking, you can:

• Log in and access your bank account anytime you have Internet access.
• See all your accounts and move money easily between accounts.
• Pay bills and transfer money to other people.
• Check your balance and view recent transactions.
• Set up notifications for account activity.

How Does It Work?

1. Download the app.
2. Register your device.
3. Log in with your credentials.
4. Explore the app’s features.

Benefits of Mobile Banking

Mobile banking offers convenient access to your finances, allowing you to manage your money efficiently anytime and anywhere.

• Convenience: You can conduct banking transactions without visiting the bank.
• Accessibility: You have access to your account at any time.
• Speed: Transactions like transferring money are instant.
• Security: Modern apps provide a high level of protection for your data.

Exercise: Fill in the Blanks

Insert the missing words from the provided list into the appropriate places in the sentences.

Words to insert:  [access, app, balance, banking, convenience, credentials, device, download, financial, mobile, notifications, register, smartphone, transactions, website]

1. To use _______ banking, you need a _______ or a tablet.
2. You can easily _______ your bank’s _______ from the app store.
3. Mobile banking provides _______ to your _______ anytime you have an Internet connection.
4. Make sure to _______ your _______ before using the app for the first time.
5. Enter your _______ to _______ the banking app securely.
6. You can check your account _______ and view recent _______ using the app.
7. Setting up _______ for account _______ will help you stay informed about your finances.
8. The _______ of mobile banking is that you can manage your _______ matters on the go.
9. You can access your bank’s _______ on your laptop if you don’t want to _______ the app.
10. Mobile banking allows you to perform _______ such as transferring money and paying bills with great _______.
11. Using the bank’s _______ system, you don’t need to know the recipient’s bank details, only their phone number.
12. Always ensure your _______ is secure and updated to protect your _______ data.
13. Mobile banking apps provide a high level of _______ for your _______ transactions.
14. With a _______ or tablet, you can use the bank’s mobile _______ for various services.
15. You can move money between your accounts and _______ it to others using the mobile _______ app.

Answers

1. To use mobile banking, you need a smartphone or a tablet.
2. You can easily download your bank’s app from the app store.
3. Mobile banking provides access to your account anytime you have an Internet connection.
4. Make sure to register your device before using the app for the first time.
5. Enter your credentials to access the banking app securely.
6. You can check your account balance and view recent transactions using the app.
7. Setting up notifications for account activity will help you stay informed about your finances.
8. The convenience of mobile banking is that you can manage your financial matters on the go.
9. You can access your bank’s website on your laptop if you don’t want to download the app.
10. Mobile banking allows you to perform transactions such as transferring money and paying bills with great convenience.
11. Using the bank’s mobile system, you don’t need to know the recipient’s bank details, only their phone number.
12. Always ensure your device is secure and updated to protect your financial data.
13. Mobile banking apps provide a high level of security for your financial transactions.
14. With a smartphone or tablet, you can use the bank’s mobile app for various services.
15. You can move money between your accounts and transfer it to others using the mobile banking app.

Dialogue: Using Mobile Banking (listening)

Listen to a dialogue between two friends where one explains to the other how to use mobile banking.