16. International banking and investments CHECK YOUR ENGLISH VOCABULARY FOR BANKING AND FINANCE

CHECK YOUR ENGLISH VOCABULARY FOR BANKING AND FINANCE

16. International banking and investments

A. Choose the best words to go into the spaces. 1 Because Britain is an island, in British English, a bank account in another country is known as an __________ account. A off-island B off-coast C offshore 2 Transferring money from Britain to another country is called sending money _________. A overseas B over-water C over-waves 3 A country with very low taxes is known as a __________. A tax heaven B tax haven C tax paradise 4 The principal aim of offshore banking in tax havens is to reduce the customer's tax __________. A liabilities B expenses C costs 5 A person of any nationality who normally lives in the UK is called a UK ________. A resident B inhabitant C citizen 6 A person with a UK passport is called a ________, even if they don't live in the UK. A UK resident B UK inhabitant C UK citizen 7 A person who is has a UK passport but doesn't normally live in the UK is called a ________. A non-resident B non-inhabitant C non-citizen 8 Jim mostly lives in Spain, but for tax __________ he's resident in the UK. A purposes B registration C payment 9 Jim is __________. A UK taxed B UK taxable C A UK tax-payer 10 Although she lives and works in Germany, Maria's company is __________ in Liechtenstein. A registered B recorded C officially situated 11 An informal way of saying that Maria lives in Germany is that Maria is __________ in Germany. A housed B domiciled C based 12 A formal way of saying that Maria lives in Germany is that Maria is __________ in Germany. A housed B domiciled C based 13 A __________ payment is a fast and secure way to make an international payment. A fast-track B priority C top priority 14 SWIFT is an international __________ payment system. A electric B electrical C electronic 15 A person who receives an international payment is called the __________. A getter B beneficiary C receiver B. Fill in the missing words. Then number these stages in order, 1 to 6. funds identification prevailing sterling tradable working days If the payment is in a foreign currency, the bank carries out the currency exchange at the _________________ rate. The payment is sent by SWIFT. Instruct your bank to make the payment. If transferring __________ to a bank account, quote the beneficiary's IBAN (International Bank Account Number). The transfer usually takes three or four _________________ The payment is credited to the beneficiary's account, or can be collected by the beneficiary upon production of a suitable means of _________________ Decide if you want to send the payment in _________________ or in another _________________ currency. C. Complete the chart below. Is each sentence true for UK-based unit trusts*, offshore funds, both or neither? UK-based unit trust offshore fund Aimed at private investors X X Aimed at institutional investors, such as pension funds Usually operated by fund managers Liable for UK tax Based in a tax haven Usually based on a portfolio of stocks and shares Regulated by UK authorities May carry additional risks A no-risk investment Called a "mutual fund" in the United States

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