Compare the Difference Between Similar Terms
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Posted byOlivia
MICR vs Swift Code Though there is no connection between MICR and SWIFT codes, many people all over the world are confused between these two terms that signify two latest technologies used by banking institutions to facilitate money transfers. Whereas MICR is the latest technology that has helped immensely in clearing a very high number […]
Posted byOlivia
Loan vs Mortgage Loans can be secured as well as unsecured and they can be for short as well as long durations. The word mortgage only reflects that the loan is secured and the lender has a property as collateral against the sum of money it has given to the borrower. In case of non […]
Posted byOlivia
Master vs Maestro Master and Maestro are common names of English language but here we shall confine ourselves to these two different cards issued by a single company known as Master Card Worldwide having its headquarters in New York. Along with Visa Card, MCW is perhaps the biggest credit and debit card company in the […]
Posted byOlivia
LC vs SBLC Gone are the times when business was conducted on good faith. With more and more cases of default on payments coming to light, it has become common practice for suppliers of goods and services to ask their clients (buyers) to arrange for Letter of Credit from their banks to be sure of […]
Posted byOlivia
LC vs Bank Guarantee Letter of Credit and Bank Guarantee are two financial instruments that are very helpful to buyers and suppliers, especially when they are not too well known to each other or are just starting out on a venture. These two financial instruments are issued by banks to buyers and sellers and have […]
Posted byOlivia
Pay Order vs Demand Draft | Banker’s Check (Cheque) vs Demand Draft What do you do when you need to transfer money in somebody else’s account? You can either issue a cheque in the name of the party or you can get a pay order or a demand draft made in the name of the […]
Posted byOlivia
Swift Code vs IBAN Code For those who do not know, IBAN and SWIFT are codes used by banks worldwide to allow for easier and quick transfer of funds and also for easier identification of international bank accounts. Though they have similarities in formatting, there are difference is the purpose of IBAN and SWIFT codes […]
Posted byOlivia
Online Banking vs e-Banking The advent of internet has not been beneficial for just getting loads of information; it has helped enormously in making life easier in all walks of life. One such industry that has benefited enormously is banking. Internet banking has made lives easier for not only banks; it has made possible for […]
Posted byOlivia
Bank Overdraft vs Bank Loan If you are a small business owner, you know how difficult it becomes to manage shortfall of cash flow. At times it becomes necessary to look for alternatives such as a bank loan to meet the demands of business. However, securing a loan for a business need is not an […]
Posted byOlivia
Bank OCC A/C vs Bank OD A/C There are many types of bank accounts that people are not aware of as most of the customers have either savings accounts or current accounts only. Bank OCC A/C and Bank OD A/C are two special accounts that allow business owners have the facility of credit without having […]