26. In which situation would a demand draft be a more suitable option compared to a wire transfer?
a) When the recipient does not have a bank account
b) When the sender wants to quickly send a small amount of money
c) When the sender wants to send money internationally
d) When the recipient needs immediate access to the funds
27. True or False: Cashier’s checks are considered more secure than demand drafts as they require the funds to be available in the issuing bank’s account at the time of issuance.
28. Which of the following is a disadvantage of using a wire transfer for remittance?
a) Higher risk of loss or theft compared to other methods
b) Longer processing time compared to other methods
c) Limited availability in rural areas or underdeveloped countries
d) Higher transaction fees compared to other methods
29. True or False: Money orders can be purchased online.
30. Which of the following is a reason why money orders are commonly used for smaller transactions?
a) They have a lower transaction fee compared to other methods
b) They can be easily cancelled or reissued if lost or stolen
c) They can be purchased using a credit card for additional convenience
d) They have a faster processing time compared to wire transfers
