|Unit 4.4- Funds Remittance|
1. The SWIFT System is
- a. a type of bank guarantee to ensure payment.
- b. the law governing funds remittance.
- c. a method to communicate payment information between banks.
- d. used to get the best US dollar exchange rate.
2. Funds remitted through a company check, drawn on a foreign bank will arrive in the seller’s account
- a. immediately after the seller deposits the check.
- b. when the foreign bank confirms and remits funds.
- c. 2-3 business days after the check is deposited.
- d. after the buyer deposits the funds and approves transfer.
3. A wire transfer is used to remit funds
- a. in a quick manner under the sales agreement.
- b. before the goods are shipped.
- c. before the goods arrive.
- d. after the documents are sent.
4. Funds remittance and methods of payment are
- a. are the same thing and can be used interchangeably.
- b. never used together since they are confusing to a buyer and seller.
- c. are used only in international transactions.
- d. used together to ensure timely payment between buyer and seller.
(Correct answers: 1=c, 2=b, 3=a, 4=d)