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Which one of the following is used for international money transfer?

This question was previously asked in
UGC Paper 2: Commerce 26th June 2019
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  1. RTGS
  2. NEFT
  3. SWIFT
  4. DD

Answer (Detailed Solution Below)

Option 3 : SWIFT
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Detailed Solution

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SWIFT is used for international money transfers.

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Explanation:

  1. Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a vast messaging network used by banks and other financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions.
  2. This payment network allows individuals and businesses to take electronic or card payments even if the customer or vendor uses a different bank than the payee.
  3. SWIFT works by assigning each member institution a unique ID code that identifies not only the bank name but country, city, and branch.
  4. In 2019, more than 11,000 SWIFT member institutions sent approximately 33.6 million transactions per day through the network.
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