16. Which of the following is a common reason for using a demand draft instead of a wire transfer?
a) Lower transaction fees
b) Faster processing time
c) Greater convenience for the sender
d) Higher level of security
17. Which of the following banking methods of remittance allows for immediate withdrawal of funds at the bank of payment?
a) Wire transfer
b) Demand draft
c) Cashier’s check
d) Money order
18. True or False: Money orders are considered a more secure method of remittance compared to wire transfers.
19. Which of the following is an example of a non-bank financial institution commonly used for remittance?
a) Western Union
b) JPMorgan Chase Bank
c) Bank of America
d) Wells Fargo Bank
20. What is the typical processing time for a demand draft?
a) Same day
b) 1-2 business days
c) 3-5 business days
d) 1-2 weeks
