Terms of trade/ sales through bank. - SS3 Commerce Past Questions and Answers - page 1

Cheque

Western Union

Electronic Money Transfer

Transferring outstanding credit card balances

Electronic Money Transfer

To send money through Western Union, an individual visits a Western Union agent location or uses their online platform. They provide the necessary details of the recipient and the amount to be sent. The sender then pays the transfer amount, along with any applicable fees. The recipient can then collect the funds from a Western Union agent location at their destination.

Electronic money transfer offers convenience, speed, and security. It allows individuals to transfer funds directly between bank accounts, eliminating the need for physical cash or cheques. It can be done through online banking or mobile banking apps, making it accessible anytime and anywhere. Electronic money transfer also provides a traceable transaction record, adding to the security and transparency of the process.