Question

Which method of money transfer is faster than mail transfer?

• A. Demand Draft
• B. Mail Transfer
• C. Telegraphic Transfer
• D. ATM

Answer 1

Answer:

C. Telegraphic Transfer

• Telegraphic Transfer (TT) is an electronic method of transferring funds that happens almost instantaneously, while mail transfer is a much slower process since it relies on physical mail delivery systems.

• Here's why Telegraphic Transfer is faster:

1. It's done electronically

2. Transfers are usually completed within minutes or hours

3. No physical movement of documents is required

4. Uses secure electronic networks between banks