Definitions Flashcards
Barter
The trade of goods and services for other goods and services without the use of money
Bills of Exchange
a written order to a person requiring them to make a specified payment to the signatory or to a named payee
(a promissory note)
Electronic Transfer
The transfer of money online
What is Tele-banking?
Telephone banking is a service provided by a bank or other financial institution that enables customers to perform over the telephone a range of financial transactions which do not involve cash or Financial instruments (such as checks), without the need to visit a bank branch or ATM.
What is E-commerce?
E-commerce (electronic commerce) is the buying and selling of goods and services , or the transmitting of funds or data, over an electronic network
Cheques
Document that a person extends and delivers to another so that he can withdraw an amount of money from the funds that he has in the bank.
Money order
a printed order for payment of a specified sum, issued by a bank or Post Office.
Debit Cards
a card that deducts money from a designated checking account to pay for goods or services
Credit Cards
a card that adds money to the amount you owe to the bank after every use
Bank draft
A cheque drawn by the bank in its own funds
You give the bank your money and they give you a cheque for that amount, to give to the person you’re paying. For this reason, they do not bounce because of a lack of funds.
What is the difference between a cheque and a draft?
The main difference being that a cheque is issued by the bank’s customer and is not guaranteed, whereas drafts are issued by the bank and guaranteed by the bank.
Telegraphic money transfer
Telegraphic transfer, also known as Wire transfer is an electronic method of transferring funds which transfers money from one bank to another via cable services or telegraphs.
(a system for transmitting messages from a distance along a wire, especially one creating signals by making and breaking an electrical connection)
Bank transfers
(wire transfer)
Sending money from one bank account directly to another
M-money/ Mobile money
Mobile Money is a secure electronic service that Enables Mobile Money wallet holders to store funds, send and receive money, make payments and do a number of other transactions simply using their mobile phone.
What is the meaning of mobile wallets?
A mobile wallet is a digital way to store credit, debit, ID, and gift cards so that purchases can be made using a mobile smart device rather than a physical card.
