Banco de España - General Glossary

General Glossary

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Telephone banking: A banking operating procedure wherein the telephone is used as a marketing and communication instrument with the customer. Therefore, it does not require the physical presence of the customer at a branch to make consultations and formalise transactions, as these can be performed by phone. Access to the service is via a telephone number provided by the entity. Customers can only access their data by proving their identity by means of a password or access code which the entity provides on signing up for the service.
Trade bills: Negotiable instruments which can be collected (if credited) or must be paid (if debited) on maturity. They can be bills of exchange, commercial papers, etc.
Transaction: A trade agreement, especially for buying and selling.
Transfer: A movement of funds ordered by a client from his/her account to that of a beneficiary (in the same or another banking institution). This transaction usually involves the collection of a commission by the institution.
Traveller's cheque: A cheque issued in a foreign currency which may be converted into cash in that same currency in another country, upon verifying the signature and identifying the holder. Given its high liquidity, it is an alternative to credit cards for travelling without the risk entailed by carrying large amounts of cash.