BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following is used for International Monetary Transfer?

A	RTGS
B	NEFT
C	SWIFT
D	None of these

Explanation:

Detailed explanation-1: -SWIFT is used for international money transfers. Explanation: Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a vast messaging network used by banks and other financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions.

Detailed explanation-2: -The most common way of wire transfer is through the SWIFT or Society for Worldwide Interbank Financial Telecommunication network. The SWIFT network is a messaging protocol. It has over 11, 000 banks in 200-plus countries in its network. This network is used to send information from one bank to another.

Detailed explanation-3: -The Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code is a unique identification code that may be required by some banks, broker-dealers and investment managers for the completion of international wire transfers.

There is 1 question to complete.