BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Foreign Remittance
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Digital Remittance
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Blockchain Remittance
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None of the above
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Detailed explanation-1: -There are two types of remittances in banking. Outward remittance: When a parent sends money to their child studying overseas, it is an outward remittance. Simply put: Sending money abroad is outward remittance. Inward remittance: When a family in India receives funds from an NRI abroad, it’s an inward remittance.
Detailed explanation-2: -There are two types of remittance: Inward Remittance and Outward Remittance.
Detailed explanation-3: -Under federal law, remittance transfers generally describe electronic transfers of more than $15, sent by consumers in the United States to people or companies in foreign countries through a remittance transfer provider.
Detailed explanation-4: -A foreign draft is thus a handy tool that facilitates the transfer of funds that originate in one country, as one currency. into another currency, in another country, either on demand or at a predetermined rate.