Funds Remittance/Assessment

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Unit 4.4-Funds Remittance 

Introduction | Checks | Banker's Drafts | Electronic Funds Transfers | Money Orders | Cash or Bank Notes | Credit Cards | SWIFT | Summary | Resources | Activities | Assessment

Assessment[edit | edit source]

1 The SWIFT System is

a type of bank guarantee to ensure payment.
the law governing funds remittance.
a method to communicate payment information between banks.
used to get the best US dollar exchange rate.

2 Funds remitted through a company check, drawn on a foreign bank will arrive in the seller’s account

immediately after the seller deposits the check.
when the foreign bank confirms and remits funds.
2-3 business days after the check is deposited.
after the buyer deposits the funds and approves transfer.

3 A wire transfer is used to remit funds

in a quick manner under the sales agreement.
before the goods are shipped.
before the goods arrive.
after the documents are sent.

4 Funds remittance and methods of payment are

are the same thing and can be used interchangeably.
never used together since they are confusing to a buyer and seller.
are used only in international transactions.
used together to ensure timely payment between buyer and seller.