Banking in Australia

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Banking Terminology

Below is a list of terms used in Australian banks and other financial institutions, along with a description or the equivalent term as used in other countries.

Banking TermDescription or Equivalent Term
ABNAustralian Business Number
ATMAutomatic Teller Machine, Cash point, Cash Machine
ATOAustralia Taxation Office
Bank chequeBanker's Draft, Cashier's Check, Certified Cheque, Demand draft
BPAYBill payments system available through internet banking
BSB codeBank/State/Branch code, which identifies the branch where your account is held
Credit ratingA bank's rating of a customer's creditworthiness
Debit CardA card where you access your own money in a linked account
eStatementPaperless bank statements that are available online
EFTPOSAll transactions conducted at a Point of Sale terminal
FXForeign exchange
Home LoanMortgage, property loan
Managed fundUnit trust
Mobile bankingBanking using a mobile phone
Online bankingBanking over the internet
PassbookA paper book that records bank transactions
PayPass™Contactless payment system by MasterCard®
PayWave™Contactless payment system by Visa
PDSProduct disclosure statement - the full terms and conditions for a financial product
Periodical paymentStanding order, equal monthly instalments (EMI)
PINPersonal Identification Number
Savings accountA bank account which earns interest on your money
SuperannuationPension, provident fund
SWIFT codeAn international bank identifier for transferring funds
Telephone bankingBanking over the phone
Term depositsFixed deposits, time deposits
TFNTax File Number
Transaction accountCurrent account, bank account