IPA: //ˈbæŋkˌnoʊt//
KK: /ˈbæŋkˌnoʊt/
A piece of paper money that is used as currency for transactions.
I took out a banknote to pay for my groceries.
Banknote → It is formed from "bank" (from Italian *banca*, meaning a bench or table where money is exchanged) and "note" (from Latin *nota*, meaning a mark or sign). A banknote is a note or sign issued by a bank that represents a certain amount of money.
Think of a 'bank' where money is exchanged and a 'note' that signifies value — that's how a banknote represents money.
No commonly confused words.