Here are some MCQs on Methods of Remittance
1. Which of the following is NOT a banking method of remittance?
a) Wire transfer
b) Demand draft
c) Cashier’s check
d) Money order
2. A wire transfer involves the electronic transfer of funds between:
a) Two bank accounts within the same country
b) Two bank accounts in different countries
c) A bank account and a non-bank financial institution
d) An individual and a bank account
3. What is the main advantage of a demand draft?
a) It is a faster method of remittance compared to wire transfer
b) It is a more secure method of remittance compared to wire transfer
c) It can be easily cancelled or reissued if lost or stolen
d) It allows for immediate withdrawal of funds at the bank of payment
4. A cashier’s check is:
a) A check issued by a bank on its own funds
b) A check issued by an individual on their personal account
c) A check issued by a non-bank financial institution
d) A check issued by a government financial institution
5. What is the maximum amount that can typically be remitted through a single wire transfer?
a) $1,000
b) $5,000
c) $10,000
d) There is no maximum limit
