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Explain FIVE Money transfer facilities provided by Commercial Banks

      

Explain FIVE Money transfer facilities provided by Commercial Banks

  

Answers


gideon
- Standing order- Instruction to the bank by the A/C holder to make regular payment to the A/c
holder to make regular
payment to a name client for an agreed period of time.
- Credit transfer – Method of paying many people using one cheque
- Telegraphic transfer – Method of remitting money fast and safely from one person to another
- Electronic Funds transfer (EFT) – Transferring money from one account to another using
computers
- Cheques- Written order by the drawer to the Bank to pay on demand a specified amount of
money to the named person
on the cheques.
- Banker’scheques – Written order by a bank to another to pay a stated amount of money to the
payee.
gideon1 answered the question on October 2, 2017 at 17:18


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