Question

Which service allows individuals to send money from anywhere in the world to a bank account?

• A. Demand Draft
• B. Mail Transfer
• C. Locker Facility
• D. ATM

Answer 1

Answer:

B. Mail Transfer

• Mail Transfer (also known as wire transfer or electronic funds transfer internationally) is the service that allows people to send money from anywhere in the world to a bank account.

• This is a widely used banking service that enables:

1. International money transfers

2. Cross-border transactions

3. Quick and secure transfer of funds

4. Direct deposit into recipient's bank account

• While other options like:

• Demand Draft is more localized and requires physical presence

• Locker Facility is for storing valuables

• ATM is primarily for local cash withdrawals and deposits