How much do you know about international money transfers and payments?
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Questions and Answers

What is the main difference between EFTs for domestic and international tourists in South Africa?

  • Domestic tourists need a residential account with a bank in South Africa to use EFTs, while international tourists need a non-residential account. (correct)
  • Domestic tourists can only use EFTs for travel-related payments, while international tourists can use them for any type of payment.
  • Domestic tourists can only transfer money within the same bank, while international tourists can transfer money between different banks.
  • Domestic tourists can only use EFTs for payments within South Africa, while international tourists can use them for payments in any country.

    • What is the main difference between EFTs for domestic and international tourists in South Africa?

  • Domestic tourists can use EFTs to transfer money between banks, while international tourists need a non-residential account with a bank in South Africa (correct)
  • International tourists can use EFTs to transfer money between banks, while domestic tourists need a non-residential account with a bank in South Africa
  • EFTs are not available for tourists in South Africa
  • Both domestic and international tourists need a non-residential account with a bank in South Africa to use EFTs.

    • Which company is NOT mentioned in the text as offering EFTs for international money transfers?

  • Western Union
  • MoneyGram
  • Both A and B are mentioned in the text
  • PayPal (correct)

    • Which company offers EFTs for international money transfers?

    <p>Western Union</p> Signup and view all the answers

    What is the advantage of using bank drafts for sending money to another country?

    <p>They are bank-guaranteed and can be used for gifts, payment for goods, and advance travel-related payments.</p> Signup and view all the answers

    What is the advantage of using telegraphic transfers (SWIFT transfers) for money transfers abroad?

    <p>They are less risky than foreign bank notes.</p> Signup and view all the answers

    What is the main disadvantage of using foreign bank notes (cash) for payments?

    <p>They are not secure</p> Signup and view all the answers

    Which of the following is NOT a widely accepted credit card?

    <p>Discover</p> Signup and view all the answers

    What is the main disadvantage of using foreign bank notes (cash) for payments during travel?

    <p>They are not secure and can easily be lost or stolen.</p> Signup and view all the answers

    Which credit card is not mentioned as one of the most widely accepted credit cards?

    <p>Discover</p> Signup and view all the answers

    Study Notes

    • Electronic fund transfers (EFTs) allow for person-to-person money transfers within a country's monetary area.
    • International tourists need a non-residential account with a bank in South Africa to use EFTs.
    • Domestic tourists can transfer money between banks in South Africa using EFTs.
    • Western Union and MoneyGram are two well-known companies that offer EFTs for international money transfers.
    • Telegraphic transfers (SWIFT transfers) can be used to transfer money abroad and are useful in emergencies.
    • Bank drafts are bank-guaranteed cheques that can be used to send money to another country for gifts, payment for goods, and advance travel-related payments.
    • Internet payments are convenient for paying for travel bookings and services, with credit cards being the most common method of payment.
    • Foreign bank notes (cash) are accepted everywhere but are risky if lost or stolen.
    • Credit cards are secure and widely accepted but may not be accepted by all vendors.
    • Visa, MasterCard, American Express, and Diner's Club are the most widely accepted credit cards.

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    Description

    "Master the Art of Money Transfers: Test Your Knowledge with Our Quiz!" Are you aware of the various ways to transfer money within your country or abroad? This quiz will test your knowledge on different methods, including electronic fund transfers, bank drafts, and internet payments. You'll also learn about the risks and benefits of using credit cards and foreign bank notes for payments. Whether you're a domestic or international tourist, this quiz will help you make informed decisions on how to transfer your money safely and

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