ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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method of fund transfer
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method of shipping
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methods of importing
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None of the above
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Detailed explanation-1: -A telegraphic transfer is an electronic funds transfer that simplifies the process of sending money for overseas wire transfers. These transactions are made possible thanks to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging network.
Detailed explanation-2: -The various methods of online money transfer include RTGS, IMPS, NEFT, UPI and digital wallet. Each of these methods can be performed online and allow easy and fast money transfer facility.
Detailed explanation-3: -So, when you hear the term “telegraphic transfers”, all you need to know is that it refers to international money transfers made from one account to another. It’s synonymous with terms like bank transfer, wire transfer, or SWIFT transfer, which are now more commonly used to describe the same process.
Detailed explanation-4: -For example, if a mother in India wants to send tuition money to her daughter in the U.S, the transferred funds will be converted from Indian Rupee to USD. The currency is converted based on the prevailing exchange rate. The financial institutions involved will charge a specific markup on the exchange rate.
Detailed explanation-5: -Automated Clearing House (ACH) Direct Debit. SEPA. RTGS. IMPS. NEFT. 30-Sept-2021