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Types of Financial Services


There are several different types of financial services available. There are Investment banks, Discount brokerages, Tax filing services, and Currency exchange. The following information will provide you with an overview of each type. If you are unsure of what type of service you need, you can always ask a professional. However, many people are confused about which type of service they really need. Here’s a quick guide to some of the most important types of financial services.

Investment banks

Various types of investment banks provide financial services. Investment banking activity is categorized into buy-side and sell-side. Sell-side activities include trading, facilitating transactions, and market-making. Buy-side activities involve giving advice to institutions, including pension funds, mutual funds, and unit trusts. This type of financial service typically operates independently of the trading division of a larger bank. Some major investment banks are members of the Securities Industry and Financial Markets Association, while others belong to trade associations such as the American Bankers Association Securities Association.

Discount brokerages

Many larger financial services companies are now opening discount brokerages. Chase offers the YouInvest product designed to attract millennial professionals. Bank of America uses Merrill Lynch’s Edge product and Capital One attempted a similar move with the acquisition of Sharebuilder. But the rise of discount brokerages in financial services has also led some traditional firms to offer the same service at lower prices. It’s important to understand the differences between discount and traditional brokerage services.

Tax filing services

You can take advantage of many different tax filing services to prepare your federal income tax returns. For example, the EY TaxChat service handles the filing of simple taxes for individuals. However, if you are a growing business, you will benefit from KPMG Spark. This service caters to the needs of modern small and mid-sized businesses. You may be able to use their services for your individual or business tax returns.

Currency exchange

The process of exchanging one currency for another is called currency exchange. Currency exchange businesses facilitate the exchange of currencies for a fee. In many cases, these exchanges are found in airports and can be accessed in banks and hotels. However, these exchanges are not the same as the foreign exchange market, which is a place where currency prices fluctuate daily. A currency exchange business is a specialized financial service that allows individuals to exchange foreign currencies.

Wire transfer services

A wire transfer is a type of electronic fund transfer. The sender’s bank receives the funds to be transferred, the bank’s name of the recipient, and the transaction fee. Before a wire transfer can take place, the sender’s bank must first pay the amount of money to be sent to the recipient’s bank. This money comes from a savings or checking account. Once the recipient’s bank receives the money, it will wire it to the other bank.

Payment recovery services

If you are a consumer who has been contacted by a collection agency, you may wonder if the company is legitimate. Payment recovery services may call a consumer’s home, harass them, or even threaten them. While this may sound frightening, these companies are legally required to contact consumers to obtain their debt. Here are some things to keep in mind. Read on to learn more about the legalities of payment collection agencies. Hopefully, these tips will help you decide if this collection agency is right for you.