Remittance BFSI

What are the different types of remittance services offered by banks?

• Cash withdrawals

• Personal loans

• Credit card payments

• Wire transfers, online money transfers, international drafts

How does a wire transfer differ from a demand draft in the context of remittance?

• Wire transfer is more expensive than demand draft

• Wire transfer requires physical presence, while demand draft can be done online

• Wire transfer involves electronic transfer, while demand draft is a physical instrument.

• Wire transfer is slower than demand draft

Explain the concept of electronic funds transfer (EFT) as a type of remittance service.

• EFT is a method of transferring money by using a cryptocurrency like Bitcoin

• EFT is a method of transferring money by mailing a check to the recipient

• EFT is a method of transferring money electronically from one bank account to another.

• EFT is a method of transferring money by physically visiting a bank branch

What is the significance of SWIFT (Society for Worldwide Interbank Financial Telecommunication) in the context of international remittance?

• SWIFT is a type of fast food chain

• SWIFT provides a standardized way for banks to communicate and process international remittances.

• SWIFT is a popular social media platform

• SWIFT is a clothing brand

Discuss the role of mobile money transfer as a modern form of remittance service.

• Mobile money transfer is only used for online shopping

• Mobile money transfer is slow and inconvenient for sending remittances

• Mobile money transfer provides a convenient and efficient way to send remittances.

• Mobile money transfer is not secure and prone to fraud

the validity of a demand draft is ...

• 1 month

• 6 months

• 3 months

Bank should issue duplicate demand draft to the customers within ---------- from receiving the receipt

• fortnight

• 10 days

• 1 month

What is the minimum amount required for RTGS?

• 5000

• 2 LAKHS

• 1,50,000

• 1 LAKH

Discuss the impact of currency conversion fees on the total cost of international remittance.

• Currency conversion fees are only applicable for domestic remittance.

• Currency conversion fees can significantly increase the total cost of international remittance.

• Currency conversion fees have no impact on the total cost of international remittance.

• Currency conversion fees decrease the total cost of international remittance.

How do banks calculate the service charges for processing a cross-border electronic funds transfer (EFT)?

• By flipping a coin to determine the charges

• Based on the weather conditions at the time of transfer

• Based on factors such as the amount being transferred, the destination country, and the speed of the transfer.

• Randomly picking a number for the service charges