The Ultimate Online Money Transferring Quiz

By: Staff
Image: refer to hsw

About This Quiz

Sending money by means of an online money transfer is a safe and convenient way to deliver funds to another person. There are a number of ways to do this, from instantaneous transfers to ones that take several days. Take this quiz and find out the costs and conditions of online money transfers.

In banking, what does EFT stand for?

EFT refers to the modern technology of electronic funds transfer. It is a means of electronically transferring money from one bank account to another.

What is an online money transfer used for?

Through the wonders of technology, online money transfer is the way to wire money to someone by transferring your money electronically to another person.

Where do you perform an online money transfer?

To send money, an online transfer can be done on the computer through a Web-based service, which charges a small fee.

In typical cases, what must the receiver of an online money transfer have?

The recipient must have a bank account, as the money is transferred from your bank account to the other person’s account.

Western Union is a major money transfer service, but what was its original function?

One of today's main online money transfer operators, Western Union started out as a transcontinental telegraph operation in 1851.

What does the Automated Clearing House do?

An independent agency that offers the transmission of secure financial data, the Automated Clearing House processes all online banking transactions.

What form does the data take as it hurtles through cyberspace to its destination?

To ensure that the money arrives safely, layers of data encryption are used for online money transfers.

What happens if the data of the online money transfer is stolen or hacked on its way to the receiver?

As a safety measure, if the data is compromised en route to the recipient, it is coded multiple times so it appears as a mass of illogical, illegible gibberish.

How much money can you send in an online transfer?

Depending on the service provider, there are limits on how much or how little money you can send and how much you can transfer within a certain period of time.

How many online transfer services are there?

There are four main online money transfer services: Western Union, MoneyGram, PayPal and iKobo.

How much money can you send via Western Union in one transmission?

The most you can send via Western Union in one go -- out of the US -- is $3,000. You can send more, but it will be broken up into smaller amounts.

Where does the term TO WIRE MONEY come from?

When it functioned as a transcontinental telegraph operation, Western Union introduced money transfer over telegraph lines, or wiring, in 1871.

How much does MoneyGram charge for an instant online transfer?

MoneyGram charges a flat rate of 8 percent, no matter what the amount of the transfer is.

Who owns PayPal?

PayPal, mainly an online payment system that can also be used to transfer money, is owned and operated by eBay.

How much money can you transfer with PayPal?

With PayPal, you can send up to $10,000 domestically.

How are money transfers generally transacted with iKobo?

iKobo uses loadable debit cards to handle its online transfers, which takes eight business days to transact.

Up to what amount is iKobo’s daily limit?

iKobo limits the use of a preloaded debit card to $500 per day.

In regard to credit cards, which one is more economical – a cash advance or an online transfer?

An online transfer is more economical, because there are more charges attached to a cash advance.

Which is the least expensive money transfer service?

PayPal is the least expensive, as it charges 2.9 percent of the amount sent, plus 30 cents.

What is Money in Minutes?

Money in Minutes is a service offered by Western Union, whereby money is transferred instantaneously from one person’s ban account to another’s.

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