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record of the transactions of a country with the rest of the world. There are three main accounts in the balance of payments: (1) the current account, (2) the capital account, and (3) gold. The current account records trade in goods and services, as well as transfer payments. Services include freight, royalty payments, and interest payments.Transfer payments consist of remittances, gifts, and grants. The balance of trade simply records trade in goods. The capital account records purchases and sales of investments, such as stocks, bonds and land.