Forms of payment Flashcards
1
Q
List 8 types of payment available for use upon international travel
A
- EFT
- SWIFT
- bank draft
- internet payment
- foreign banknote
- credit card
- travelers cheques
- preloaded foreign currency debit card
2
Q
what is an EFT
A
electronic exchange or transfer of money from one account to another
3
Q
advantage of EFT
A
- safe
- fast
- not dependent on banking hours
- worldwide
4
Q
what is a swift payment
A
method of electronic transfer from one person to another
5
Q
disadvantage of EFT
A
- difficult to cancel
- incorrect date
- next day if not before certain time
- internet theft
6
Q
advantages of SWIFT
A
- stuck : send money within day
- no internet acess
7
Q
disadvantages of SWIFT
A
- high fees
8
Q
what is a bank draft
A
funds are taken directly from financial instituan rather than individuals drawers account
9
Q
advantages of bank drafts
A
- safesty way
10
Q
disadvantages of bank drafts
A
- high fees
- send physically - time
- recipiant needs bank account
11
Q
advantages of internet payments
A
- save time
- no need for ques
- log in any time
- low fees
12
Q
disadvantages of internet payments
A
- lack of internet access = late payment
- no direct contact
- criminals
13
Q
advantage of using foreign bank notes
A
- immediate expenses
14
Q
disadvantage of using foreign bank notes
A
riskiest form of payment : cash stolen
15
Q
advantages of credit cards
A
- pay off
- avoid cash
- widely accepted
