- The area of banking business that includes the operation of bank branches and subsidiaries located outside Canada, the supervision of correspondent banking relationships, foreign exchange trading and trade finance.
world banking, offshore banking, foreign banking
Related Terms and Acronyms
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- Canadian Bankers Association (CBA) — Company Est. 1891, Canada, Very Important,
➥ One of Canada's oldest business associations.
- Professional industry association that provides information, research, advocacy, education and operational support services primarily to the banking industry.
- Central Bank — Definition,
- An institution that manages a nation's monetary policy.
- Electronic Commerce — Definition,
- The purchase or sale of products and services through an electronic system such as the Internet.
- Electronic Funds Transfer (EFT) — Acronym, Important,
➥ Also known as e-Transfer.
- The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.
- Foreign Currency (FCY) — Acronym,
- Paper money and coins from other countries.
- Foreign Exchange (FOREX, FE, F/X, FX) — Acronym,
➥ Bank account transaction code.
- Various instruments used to settle payments for transactions between individuals or organizations using different currencies (e.g., notes, cheques, etc.).
- Large Value Transfer System (LVTS) — Acronym,
- System being created by the Canadian Payments Association that will settle large value payments, possibly $50,000 and over, at the central bank on a same-day basis.
- Lender — Definition,
- The bank or mortgage company offering the loan.
- North American Free Trade Agreement (NAFTA) — Acronym,
- An agreement between the United States, Canada, and Mexico that allows for freer trade between the three countries.
- Note — Definition,
- A legal acknowledgement of a debt and an implicit promise to repay. It includes the loan amount, interest rate and term.
- Regional Bank — Definition,
- A bank with a primary market in a regional or metropolitan area but takes deposits from throughout the province in which it is located. Usually called a Credit Union in Canada.
- Specialized Financing Corporation — Definition,
- A term in the Bank Act referring to specialized business-management services such as making investments, negotiating mergers and acquisitions and many other services traditionally offered as merchant-banking services.