BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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EMO network
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International Financial System
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Money Transfer Service Scheme
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National Electronic Funds Transfer
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Detailed explanation-1: -Money Transfer Service Scheme is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favoring foreign tourists visiting India are permissible.
Detailed explanation-2: -PayPal is one easy method, and if the recipient doesn’t have a bank account, they can spend money directly from their PayPal account. Remitly is another option and allows recipients to pick up cash transfers in person. Alternatively, you could send a money order or a prepaid international debit card.
Detailed explanation-3: -Electronic Funds Transfers EFT is a payment solution that efficiently transfers funds at a lower cost, a faster rate than wire or ACH transactions because it is entirely digital.
Detailed explanation-4: -Bank or Wire Transfer: It is one of the most common, efficient and rapid means of money transfer to India. Wire transfer is through your bank. The bank levies a fee depending on the amount. The bank offers exchange rates.