Banking Services Immigrants Need To Think About

Before making any foreign travel, international business travels, holidays and visits or perhaps got a foreign job offer, there are Banking Services immigrants need to think about before traveling.

The following information is a list of Banking Services immigrants need to think about:

  • Account

A well of fund which a customer has saved into a bank from which he/she can make withdrawals.

  • Automated Teller Machine (ATM)

A self-service machine at a bank or a given location which offers customers the ability to perform basic banking transaction. You need an ATM card or debit card and a PIN (Personal Identification Number) to use the machine.

  • Bounced Cheque

A cheque that a bank takes back to the customer due to insufficient funds in the customer’s account.

  • Cheque

A written legal order instructing a bank to pay money.

  • Correspondent Bank

A bank which does services for another bank that has no physical presence or branch in a certain designated place. Its functions involve cheque clearing, cash management, transfer of funds and others.

  • Credit History

A record of a borrower’s debt payment which shows credit-worthiness of the borrower. The credit history helps lenders determine the borrower’s chances of repaying accruing debts.

  • Electronic Funds Transfer (EFT)

Transfer of funds by an electronic method other than paper-based methods. These involve using computer systems, ATM, telephone, wire transfers, etc. The funds are transferred faster and protected.

  • Interest Rate

A price which lenders charge their borrowers for a specified period of time. The rate charged will usually be a percentage of the total amount borrowed.

  • Line of Credit (LOC)

A mutual agreement between a borrower and a lender stating a maximum amount of money the borrower may draw. such an agreement also spells other conditions: how and when borrowed money is to be repaid.

  • Liquid Assets

These are cash deposits bank or financial institution, short-term deposits and marketable investments including publicly traded stocks or bonds.

  • Non-resident Account

This is an account of a chartered bank of a person living outside the country.

  • Online Banking

An easy and trusted way of making bank transactions through a secured bank internet website anywhere and at any time.

  • Personal Identification Number (PIN)

A four-digit numeric identification code that customers obtain to access their account when using an ATM machine.

  • Savings Account

A deposit account attracting interest where withdrawals and deposits can be made at any time.

  • Service Charge

An established fee by the financial institutions for bank services like annual charges for using an account, late loan payments, returned cheque, and so on.

  • Stop Payment

A written or telephoned order by an account holder instructing his financial institution not to pay money before a cheque is cashed.

  • Telephone Banking

An offered service by a financial institution allowing its clients to perform transactions over the telephone. Most telephone banking requires authorization where instructions are carried out through an interactive voice response (IVR) system.

  • Fixed or Term Deposits

Protected investments which offer a higher rate of interest than a simple savings account, available in a variety of term lengths, and several redemption options.

  • Wire Transfer

An electronic money transfer from one entity to another across a network provided by hundreds of banks around the world.