Glossary of Terms

Glossary of Terms

Glossary of Terms

What are you looking for?

IBAN

International Bank Account Number for cross-border payments.

BIC/SWIFT Code

Unique code for identifying banks in international transactions.

SEPA Transfer

Standard euro payments in the EU.

Direct Debit

Automatic withdrawal of money for bills/subscriptions.

Standing Order

Recurring transfers you set up, like rent.

Overdraft

Negative account balance.

Interest Rate

Percentage earned or paid on money.

Debit Card

Bank card linked to your account.

Credit Score

Rating of your credit reliability.

KYC

Identity check required to open accounts.

Mobile Banking

Manage your account via app.

Neobank

Fully digital bank, like bunq.

Business Account

Account for managing business finances.

Joint Account

Shared account with two or more users.

Saving Account

Account for saving money with interest.

Metal Card

Premium card with metal finish.

Payment Limit

Max amount you can spend or withdraw.

Bank Statement

Monthly activity report of your account.

Multi-Currency Account

Hold and use multiple currencies.

Recurring Payment

Subscription or repeating charge.

PSD2

EU regulation enabling open banking.

Credit Card

A card that lets you borrow funds to pay later.

Prepaid Card

A card loaded with money in advance.

Digital Card

A card used only online with no physical version.

Contactless Payment

Tap-and-go payment with a card or phone.

NFC (Near Field Communication)

Technology behind contactless payments.

SEPA

Standardized euro payments across Europe.

Chargeback

Reversal of a card transaction, often for disputes.

POS (Point of Sale)

The place where a card payment is made.

Savings Account

A bank account that earns interest over time.

Compound Interest

Interest earned on both the principal and previously earned interest.

APY

The yearly return on savings including compound interest.

Minimum Balance

The smallest amount required to keep the account active.

Withdrawal Limit

The number of times you can take money out per month.

Online Savings Account

A savings account managed via an app or website.

Emergency Fund

Savings set aside for unexpected expenses.

Tax on savings interest

Tax you may pay on earned interest.

Budget

A plan for how to spend and save money.

Net Income

What you earn after tax and deductions.

Gross Income

Your total income before tax.

Disposable Income

Money left after essential expenses.

Fixed Expenses

Regular monthly costs (e.g. rent, insurance).

Variable Expenses

Costs that change each month (e.g. groceries).

50/30/20 Rule

A budgeting method (needs/wants/savings).

Debt-to-Income Ratio

Percentage of income spent on debt.

Financial Goal

A personal saving or spending target.

Income Tax

Tax paid on wages, salaries, and self-employed income.

Capital Gains Tax

Tax on profits from selling assets like crypto, stocks, or property.

Tax Free Allowance

Income you can earn without paying tax.

Self Assessment

Declaring and paying your own tax, often used by freelancers and crypto traders.

PAYE

Tax deducted from your wages by your employer.

Revenue Commissioners

The Irish authority that manages taxes.

Tax Return

The form used to report income and pay tax.

USC

A tax on income over a certain amount.

PRSI

Contributions that fund social benefits.

Deductions

Expenses you can subtract from your income before tax.

Crypto Tax

Tax on gains from selling or converting cryptocurrencies.

Cryptocurrency

Digital money that uses encryption to secure transactions.

Bitcoin (BTC)

The first and most well-known cryptocurrency.

Ethereum (ETH)

A crypto platform that supports smart contracts.

Altcoin

Any cryptocurrency other than Bitcoin.

Wallet

A digital tool to store, send, and receive crypto.

Public Key

A crypto address others use to send you coins.

Private Key

A secret code that lets you access your crypto.

Blockchain

A digital ledger storing transaction data.

Gas Fees

Transaction fees paid on networks like Ethereum.

Staking

Earning rewards by holding certain cryptocurrencies.

DeFi (Decentralized Finance)

Financial tools built on blockchain.

Exchange

A platform to buy, sell, or trade crypto.

Fiat-to-Crypto

Converting regular currency into crypto.

NFT (Non-Fungible Token)

A unique digital asset often used in art or games.

Cold Wallet

Offline crypto storage for extra security.

Token

A crypto asset built on another blockchain (e.g., ERC-20).

Mining

Using computers to secure a network and earn crypto.

Stablecoin

A crypto asset tied to traditional currencies.

Stock

A share in the ownership of a company.

Share

A single unit of stock.

Stock Market

A platform where stocks are bought and sold.

Dividend

A payment to shareholders from company profits.

Capital Gain

Profit made from selling a stock for more than you paid.

ETF (Exchange-Traded Fund)

A basket of stocks you can trade like a single stock.

Index

A group of selected stocks (e.g., S&P 500) representing market performance.

Broker

A platform or person that helps you buy or sell stocks.

Order Types

Different ways to buy/sell (e.g., market order, limit order).

IPO (Initial Public Offering)

When a company sells stock to the public for the first time.

Portfolio

A collection of financial assets like stocks, ETFs, and bonds.

Volatility

How much and how quickly stock prices change.

Risk Tolerance

Your comfort level with investment risk.

Sole Proprietor

Self-employed individual business owner.

Freelancer

Self-employed person working on projects for clients.

ZZP’er

(Dutch term, not commonly used in Ireland).

VAT Number

Tax ID for business sales tax.

Business Expenses

Costs related to running a business.

Invoicing

Billing clients for products or services.

Fiscal Year

Accounting period used for tax reporting.

Bookkeeping

Recording and managing financial transactions.

Ledger

The main accounting record book.

Invoice ID

Unique identifier on invoices.

ECB (European Central Bank)

The central bank managing the euro.

Monetary Policy

ECB's actions to control inflation and support economic growth.

Inflation

Increase in prices over time.

Deflation

Decrease in overall price levels.

Refinancing Rate

Main rate at which banks borrow from the ECB.

Deposit Facility Rate

Rate banks earn for deposits at the ECB.

Quantitative Easing (QE)

ECB buying bonds to boost the economy.

Price Stability

ECB’s primary goal: inflation close to 2%.

Eurozone

EU countries using the euro.

Base Money

Money directly created by central banks.

M3 Money Supply

A measure of total money in the economy.

Green Bonds

Bonds issued to finance environmentally friendly projects.

ESG

Criteria used to evaluate corporate responsibility.

Carbon Offsetting

Actions that compensate for CO₂ emissions.

Ethical Investing

Choosing investments aligned with moral values.

Sustainable Funds

Investment funds focused on sustainability.

Impact Banking

Banking services aiming to create positive social/environmental outcomes.

Debit Card

A card that uses money directly from your bank account.

Metal Card

A premium bank card made of metal, often with perks.

IBAN

International Bank Account Number used in transfers.

BIC / SWIFT Code

Code identifying your bank in international transfers.

Interest Rate

The percentage you earn on your savings.

Joint Account

A savings account shared by two or more people.

Emergency Fund

Savings set aside for unexpected costs.

KYC

Identity verification before using exchanges.

IBAN

International Bank Account Number.

Interest Rate

Cost of borrowing money, set by the ECB.

We’re here to help

If you have any questions or need assistance with anything, we're always available to offer a helping hand.

We’re here to help

If you have any questions or need assistance with anything, we're always available to offer a helping hand.

We’re here to help

If you have any questions or need assistance with anything, we're always available to offer a helping hand.