Question

Banks use _____, which are electronic transmissions of account exchange information over private communications’ networks.

Answer 1

Answer:

Wire transfer

Explanation:

Wire Transfer also known as remittance under the U.S. law is the electronic transfer of money which is carried out across a network that is run by several banks and money transfer agencies around the globe. With Wire Transfer, people at different parts of the Word can securely send money to individuals at other financial institution in any part of the world.

The following are important points to note about wire transfers:

1. It is an electronic transfer of funds across a network of banks and money transfer agencies around the world.

2. The individual or senders pays a transaction fee at their banks and must provide the receivers details including bank name and account number.

3. Wire transfers can take up to two working days to complete

4. The Office of Foreign Assets monitors and controls international wire payments, to prevent money laudering and funding of illegal activities like terrorism