In the UK, banking is a generic term that encompasses the various services and financial products provided by banks and buildings societies. Banking is designed to make managing your finances easier and safer. There are many different services offered by banks and building societies and each bank has their own unique selling points. However, the most common type of banking products and services that you will come across are travel money and current accounts.
Current accounts are a standard type of bank account that allows you to keep your money safe at the bank, make payments to other individuals and receive payments, such as your salary. Although in the past, there was only one type of current account, today there a variety of different types to choose from, each tailored to sit the needs of different individuals.
Travel money is a general term which usually refers to money to be taken abroad. Just as UK money is available in a range of formats, banks offer travel money in a variety of states such as traveller’s cheques and foreign currency. In addition, one of the most popular ways to take money abroad these days is by using a prepaid travel card which works in a similar way to a debit card.
In addition to these financial product, banks also offer a variety of banking services. Such services include online banking and money transfers. Online banking is service that allows you to check your balance and mange you ingoing and outgoings online for greater convenience. Money transfer services are services that allow you to send you money abroad, perfect for paying bills abroad or transferring money to friends and family around the world.