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Remittances in Retail Banking Quiz

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Remittances in Retail Banking Quiz

Josh June 27, 2024

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Question 1 of 10

1. Question
1. Which remittance method, often used for supporting family abroad, involves issuing a paper-based instrument guaranteeing a specific amount?
- a) Demand Drafts (DD)
- b) Banker's Cheques
- c) Truncated Checks
- d) Wire Transfers
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Question 2 of 10

2. Question
2. What distinguishes Real-Time Gross Settlement (RTGS) as an EFT method for domestic transfers?
- a) Lower transaction fees
- b) Suitable for immediate small value transfers
- c) Ideal for large, urgent payments
- Suitable for international transfers
Correct

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Question 3 of 10

3. Question
3. Which modern electronic remittance method typically offers the fastest and most secure way to send funds internationally?
- a) Electronic Funds Transfers (EFT)
- b) Blockchain Technology
- c) Wire Transfers
- d) Mobile Wallets and Apps
Correct

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Question 4 of 10

4. Question
4. What is a potential limitation of using Society for Worldwide Interbank Financial Telecommunication (SWIFT) for international transfers?
- a) It is not reliable for international transactions.
- b) It may involve higher fees and slower processing times.
- c) It is only available for domestic transfers.
- d) It has no additional processing or intermediary banks involved.
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Question 5 of 10

5. Question
5. Which method facilitates instant 24/7 domestic transfers and is a good choice for quick and small value transfers?
- a) Real-Time Gross Settlement (RTGS)
- b) National Electronic Funds Transfer (NEFT)
- c) Immediate Payment Service (IMPS)
- d) Society for Worldwide Interbank Financial Telecommunication (SWIFT)
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Question 6 of 10

6. Question
6. What is the key benefit of Real-Time Gross Settlement (RTGS) for domestic transfers?
- a) Ideal for large, urgent payments
- b) Lower transaction fees
- c) Suitable for immediate small value transfers
- d) Suitable for international transfers
Correct

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Question 7 of 10

7. Question
7. What distinguishes Traditional Methods of remittance like Demand Drafts and Banker’s Cheques from Modern Electronic Methods?
- a) Paper-based instruments
- b) Immediate settlement
- c) Digital representation
- d) International transfers
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Question 8 of 10

8. Question
8. Which remittance method is a digital representation of a paper check, used for clearing purposes?
- a) Demand Drafts (DD)
- b) Banker's Cheques
- c) Truncated Checks
- d) Wire Transfers
Correct

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Question 9 of 10

9. Question
9. What distinguishes Wire Transfers from Electronic Funds Transfers (EFT) in terms of speed and cost?
- a) Lower fees, slower processing
- b) Lower fees, faster processing
- c) Higher fees, faster processing
- d) Higher fees, slower processing
Correct

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Question 10 of 10

10. Question
10. What is the primary benefit of Mobile Wallets and Apps in the context of remittances?
- a) Real-time visibility
- b) Ease of use
- c) Lower fees compared to traditional methods
- d) International transactions
Correct

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