Banks

• A Bank is a commercial institution and legal entity which, according to existing legislation and under a Central Bank-issued license, is entitled to gather money from legal entities and individuals, and to place such money on its own behalf under liquidity, repayment, fee-paying, and maturity terms, as well as to carry out other banking operations.
   
• A Beneficiary bank is a bank which, under a contract with the sender and/or the sender’s instruction, can accept money coming to the beneficiary and/or execute other actions envisaged by either the sender’s instruction or a contract with the sender.
   
• An Investment bank is a bank whose major operations concern the provision of long-term credits or placement of securities.
   
• A Commercial bank is a bank dealing mainly with legal entities’ deposits as well as with the provision of short-term and mid-term credits.
   
• Correspondent banks are banks which, under a correspondent contract, execute mutual orders on payments and settlements via specially opened accounts or via accounts of correspondent banks in a third bank.
   
• An Intermediary bank is any bank which participates in money transfers but is not the bank of the money sender or a beneficiary bank.
   
• A Banking system is a system of various banks operating in a given country; a component of the state credit system.
   
• A Bank secret is a principle of non-disclosure of information of client accounts status and operations.
   
• A Bank account is a method of manifestation of contractual relations between a bank and a client for money deposits and banking operations.

Everything factor is an important one in choosing a bank – reliability, experience, features and convenience offered by a bank.