currency strap
A "currency strap" is a paper band used primarily by banks and financial institutions to organize and count large amounts of cash efficiently.
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Definition
C1Banking
(technical)A paper band used to hold a specific denomination and number of banknotes together.
Example
- The teller used a currency strap to bundle the stack of $20 bills.
- Currency straps make it easier to count large sums of money quickly.
C1Finance
(technical)A bundling tool that helps in organizing and counting large quantities of cash, often color-coded to indicate the denomination and total amount.
Example
- The accountant checked the color of the currency strap to verify the total amount in the bundle.
- Currency straps are essential for maintaining order in cash handling.
Similar
Terms that have similar or relatively close meanings to "currency strap":