FIN 370

What does the term "remittance" primarily refer to?

• Sending goods to another country

• A type of loan provided by a bank

• The process of sending money to fulfill an obligation

• The act of receiving money from abroad

Which of the following scenarios is an example of remittance?

• A bank giving a loan to a customer

• A citizen transferring funds to pay her taxes

• A vendor sending goods to a customer in another country

• A government borrowing money from an international organization

How is remittance most commonly carried out?

• By electronic transfer of funds

• By mailing a check

• Through a cash deposit in person

• Through physical delivery of money

What is a Cashier's Order?

• A type of loan provided by the bank

• An electronic transfer made by the bank

• A cheque issued by an individual to a bank

• A cheque issued by the bank payable to a specified payee within a local area

Who decides variations in the rate for remittance products, including a Cashier's Order?

• The bank manager

• The government

• The Credit Committee

• The customer

What is a Demand Draft?

• A cheque drawn by a bank for payment outside the local area

• A cheque drawn by an individual on their own account

• A loan document issued by the bank

• A type of cash deposit slip

For what purpose is a Demand Draft typically used?

• For local cash withdrawals

• For applying for a bank loan

• For purchasing goods within a local market

• For making payments outside the local area, domestically or abroad

What is the primary advantage of a Telegraphic Transfer (TT)?

• It is the fastest mode of transferring money

• It allows for cash payments at local branches

• It is used exclusively for domestic transactions

• It is the cheapest method of transferring money

Which of the following methods are used for Telegraphic Transfers (TT)?

• Physical delivery of cash

• Mailing a check to the recipient

• Direct deposit into a bank account without authorization

• Transmission via telegraph, fax, telephone, telex, cable, or SWIFT

What is required for all foreign currency transfers between Residents in Malaysia?

• A declaration of tax returns

• An approval from the Central Bank

• Supporting documents as per Foreign Exchange Administration (FEA) rule

• A written consent from the bank manager