Banking glossary
The terms that actually change a banking decision, defined in plain language.
All-in cost
The total modelled annual cost of using an account for your real usage: monthly fee + effective FX spread on your volume + wire fees + intermediary charges. Headline “free” accounts routinely lose here.
Appointed representative (AR)
In the UK, a firm authorised to carry on regulated activity under the responsibility of an FCA-authorised principal. Referring regulated financial products for a fee generally requires AR status or full authorisation.
Approval probability
The modelled chance a given profile is approved for a product, grounded in real eligibility rules (residency, jurisdiction, minimum revenue, industry) and, over time, actual application outcomes.
CPA (cost per acquisition)
A pricing model where an institution pays only when a lead becomes a funded account or approved product. Lower risk for the buyer than CPL, but requires conversion tracking.
CPL (cost per lead)
A pricing model where an institution pays a fixed amount for each qualified, consented lead it receives — regardless of whether that lead converts. On Bankz, price is what a partner pays, never a ranking factor.
Effective FX spread
The real markup a provider charges over the mid-market exchange rate, expressed as a percentage. It is the honest cost of a currency conversion — a 0.4% vs 2.5% spread on $500k is a $10,500 difference, which is why Bankz ranks on spread, not headline “fee-free”.
Also: FX markup
Free zone
A designated economic area (common in the UAE, e.g. DIFC, ADGM, DMCC) offering 100% foreign ownership and tax incentives. Free-zone companies face different bank-account eligibility than mainland or offshore entities.
KYC (Know Your Customer)
The identity- and business-verification checks a bank must run before opening an account, covering ownership, source of funds and activity. Heavier KYC is the main reason non-resident and complex-ownership accounts take longer.
Letter of credit (LC)
A bank guarantee that a seller will be paid once agreed shipping/delivery conditions are met — a core trade-finance instrument for cross-border goods trade.
Mainland vs free zone vs offshore
Three UAE company structures with materially different banking access: mainland (onshore, broad access), free zone (incentivised, moderate access), and offshore (holding/asset structures, the hardest to bank).
Also: Offshore company
Multi-currency account
An account that holds and moves several currencies, often with local receiving details in multiple countries. Ranked by Bankz on effective spread, currency coverage and all-in cross-border cost.
No pay-to-rank
Bankz’s binding rule that sponsorship or partner fees can buy labelled placement but never a ranking or Trust Score change. Enforced in the product code, not just promised.
Non-dilutive funding
Capital a company raises without giving up equity — grants, R&D tax credits, soft loans, wage subsidies and innovation vouchers. Eligibility is jurisdiction-bound, so where you incorporate changes what you can access.
Purchase order (PO) financing
Funding advanced against a confirmed customer purchase order, letting an exporter pay suppliers before the buyer pays them. Common in commodity and goods trade.
Reputation Graph
Bankz’s map of who really owns and licenses an institution — parent company, licences, jurisdictions, acquisitions and any regulatory actions — assembled from registries and regulator data.
Trust Score
Bankz’s transparent 0–100 rating of an institution or product, computed from eight weighted, sourced factors (approval odds, verified reviews, cost, speed, support, product depth, technology and compliance reputation). Published in full and never influenced by payment.