Bitcoin is a crypto-currency which is virtual in nature. Bitcoin is just like other currency which can be traded over the internet but has no physical existence. They exist in the form of bits as online currency and that is why called Bitcoin. Bitcoin is as equivalent as any other currencies to do the transaction online. People can buy things, transfer value or do the transaction in many locations using Bitcoins.
Saving account is a deposit account that can be opened by an individual customer in a bank or financial institution to get a return in terms of interest in his/her deposit balance amount. Saving account is basically opened with the aim to save the money for the future requirement and emergency but not for the daily expenses. That is why a saving account is less accessible than checking account (in which transaction is allowed without restrictions). From bank’s or financial institution’s perspective also, saving account is the focused source of fund to them since this account type provides them the low-cost fund to invest in profitable sectors.
The fixed deposit account is like the form of contract or a deal or an agreement between the customer and the service provider (bank and the financial institution or even the thrift institutions and credit unions) regarding the placement of certain deposit amount for the particular time period in a specific interest rate. Fixed deposit is also known as term deposit, time deposit or certificate of deposit (CD), bond etc. in different countries. Unless the contract or the maturity period of such account expires, the principal amount or the deal amount cannot be withdrawn from the account. And the dealt interest rate is also invariable till the deal expiry date. The interest rate in such account type is on higher side proportional to the deposit size and time period. The payment of interest rate may be monthly, quarterly, half yearly or annually but the principal amount to be paid only after the maturity period.
The credit card is issued by banks and financial institutions or credit card companies or stores to their customers in order to make basic transactions i.e. payment on the purchase of consumer goods and services from local merchants using the credit limit that is predetermined on the basis of consumers’ credit rating or score. A credit card is used to borrow funds, usually at the point of sale with pre-determined limits. It is basically a short-term revolving type of financing where customer borrows a small amount of money over the period of time and interest is charged to the customer on credit limit utilization after exceeding grace period which is usually of 30 days. The interest rate is mostly on higher side on this credit facility.
Insurance is like securing our life in terms of money. Whether it be life or non life, our intention is to cover the risk, monetize the value of our life or non life and make them secure through the entities like insurance agents or companies. Insurance policy is a contract which is prepared by insurer where every detail of risk coverage is thoroughly written, every terms and conditions are mentioned in it that the insured (the person who takes insurance coverage) will be compensated if he or she experiences a loss that is covered by the insurance policy. For this the insured need to pay certain amount of money which is called premium to get any insurance coverage. So securing ourselves from uncertain financial loss through the entities who provide insurance services whom we said insurer is insurance.
Debit Card is simply a payment card issued by financial institutions to their customers maintaining account (deposit, loan or credit account) with them which is used as cash while making purchases. It is embossed plastic cards also termed as bank card, cash or check card, client card, money access card etc. To use this card limit, one must have account balance equivalent to his/her purchase amount because debit card facilitate only account balance and not credit limit like in credit card. When someone purchase the item, their designated bank account immediately get debit with the amount equivalent to their purchase value through electronic fund transfer system or digital payment system.
Western Union (WU) was established long way back in 1851 by founder Ezra Cornell in New Work, United State, more than 166 years back (source: Wikipedia). Since then, they appeared to be a big brand in global money transfer or payment system. First name that came in people’s mind for global payment services is Western Union being a market leader. Western Union, an American based company has now global expansion of business all over the world over 200 countries and territories with more than 500,000 agent locations and over 100,000 ATMs and Kiosks transacting with more than 130 currencies globally.