Beginner Level Conversations- Series 4- Lesson 3
Heading into a bank in an English-speaking country can be daunting, but it doesn’t have to be! Whether you’re opening an account, making a deposit, or just need some cash, knowing the right phrases will make the experience smoother. This quick lesson gives you the essential English vocabulary to navigate your banking needs.
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Small English Talk in the bank
Online banking is super convenient, but sometimes you just need to talk to a real person at the bank. If you’re in an English-speaking country or visiting one, knowing the right things to say can make the whole process much smoother. Follow this lesson to help you handle your banking needs in English!
Open an account
So, before you can start saving your hard-earned cash, you need to open a bank account. There are a couple of main types: current accounts (in the UK) or checking accounts (in the US) that let you access your money right away, and then there are savings accounts where you might need to give the bank a little heads-up if you want to withdraw your money.
To open an account, you’ll probably need to chat with a friendly banker who’ll help you fill out some paperwork and check your ID. Don’t be shy to ask about interest rates! That’s how much you’ll earn on your savings, and also make sure you ask about any fees or charges, so you know exactly how much the account will cost you.
Make a deposit
When you want to add money to your bank account, you’ll need to visit a teller or cashier. You can either fill out a deposit slip yourself while you wait in line or ask the teller/cashier for help when it’s your turn. You can say “I’d like to pay this into my account” or “I’d like to make a deposit.” To send money to someone else, ask about a wire transfer and provide the recipient’s account details.
Withdraw cash
To withdraw money, simply tell the teller: “I’d like to withdraw (amount).” or “I’d like to take out (amount).”They may ask you “How would you like that?” You can request specific denominations, like “Could I have that in 10-dollar bills?” (US) or “Could I have that in 10-pound notes?” (UK).
It’s often easier to use a cash card or debit card to withdraw money directly from your account at an ATM (Automatic Teller Machine).
Exchange money
When you’re traveling abroad, you’ll likely need to exchange your home currency for the local currency. You can do this at a bank counter or a currency exchange (US) / bureau de change (UK). Before exchanging, it’s important to understand the exchange rate. You can ask for the exchange rate: “What’s the exchange rate for pounds to US dollars?” and then calculate the amount yourself or you can ask for a specific conversion: “What is 100 pounds worth in US dollars?” and let the teller do the calculation for you. By understanding the exchange rate, you can make sure you’re getting a fair deal when exchanging your money.
Take out a loan
If you need to borrow money, you can apply for a loan from your bank. To begin, simply tell a personal banker “I’d like to take out a loan.” Here are the key things you’ll discuss: Interest rate is the percentage charged for borrowing the money. Loan term is the period of time you have to pay back the loan.There are three main types of loans: Unsecured loan: The bank lends you money based on their trust in your ability to repay. Secured loan: The borrower offers something as collateral (like a car or property) that the bank can take if the loan isn’t repaid. Mortgage: A special loan for buying a house, typically with a longer repayment period.
Conclusion
Those are the main tasks you will need to do in a bank in English. Remember, banking staff are there to assist you, so don’t hesitate to ask for clarification. With a little preparation, you can confidently handle your banking needs and get the best deal!
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