Internet Cash: The Online Money Transfers Quiz

Staff

True or False: If you send money over the internet it must be deposited electronically.

Plenty of services can deposit funds directly into the receiver's bank account, though there is also usually an option to pick the money up as cash.

What information must you know when transferring money to another person's account?

Both the transit routing number and account number are necessities when making a bank transfer. Be sure to arm yourself with this vital information when you prepare to make a money transfer to another person's account.

How long can it take for an online banking transfer to process?

Generally, you can expect to wait between two and four days for a money transfer to process. Transfer times vary between banks, however, so be sure to find out how long the process will take. No one wants to wait longer than planned for much-needed cash!

What does a transit routing number identify?

The transit routing number is a nine-digit identification number that tells the transferring bank which particular bank, branch and location they need to send the funds to.

True or false: You cannot purchase a money order over the Internet.

Yes, you can buy money orders online. Depending on the service you choose, it's possible to send them to both domestic and international locations.

What's the best option if you need to transfer a large amount of money?

Wire transfers are very secure, so they're appropriate for larger sums. However, if you're transferring funds between different banks, there's generally a fee of $25 or more associated with the service.

How much does a conventional money order purchased at a U.S. Postal Service location cost?

When purchasing a physical paper money order, you can expect to pay $1.50 per $1,000. Currently, online money orders generally cost a little bit more for less money transferred, although they are more convenient to obtain.

What are the perks of paying your bills online?

Paying your bills online drastically reduces the amount of time you need to spend in front of a ledger and writing checks. It also creates a thorough record of payment that bill collectors have a hard time disputing!

If you're sending funds via Western Union to someone in the Philippines, how will they typically receive the money?

The receiver just needs to have a mobile wallet set up with the service for the funds to be deposited into their account. All the sender needs is a mobile number for the recipient, who will get the funds in mere minutes.

True or False: To transfer money, both the sender and recipient must hold accounts with the same banking institution.

Banks wouldn't get very far if they didn't work together! There's often a fee associated with transfers between different banks, so find out what the cost will be before you send money to avoid surprises.

How long does it take for the average wire transfer to process?

Depending on the banks involved, it usually takes a few hours for a wire transfer to be processed. Although wire transfers are quicker than sending a money order, they're not immediate, so don't wait until the last minute!

What's the latest craze in online money transfers?

Apps and tablets aren't only good for playing video games and reading books! Mobile and tablet banking is on the rise, meaning that millions of users manage money transfers from their smartphones!

What's an example of an e-commerce payment service?

Services like PayPal allow individuals and companies to pay each other online using bank accounts or credit and debit cards.

Which major organization probably wishes that online money transfers would cease to exist?

The U.S. Postal Service likes computers as much as the next group. Unfortunately, the radical transition from paper bills to postage-free online banking has caused the organization to accrue a major deficit.

What online money transfer capability has possibly had the most substantial impact on the environment?

Online bill payment services have drastically reduced the amount of paper bills flooding the billing centers and mailboxes of the world.

What's the name of the network on which money is transferred during bank wires?

During a bank wire transfer, money is sent on the Federal Reserve System's network, also known as the "Fed Wire" network.

In what country are online money orders most popular?

It's possible to send an online money order from the U.S. and Canada, but there are more options for doing so in India. More companies offer the service there, though the transactions are limited to those living inside the country.

What type of money transfer do many employed bank account holders look forward to? (Hint: It often occurs on the second and fourth Fridays of the month!)

Horray for the demise of the paycheck! The advent of direct deposit has made paydays a seamless and simple transfer of funds from employer to employee!

What online service does MoneyGram offer?

MoneyGram offers online money transfers to customers in countries across the world, including the U.S. They also sell money orders, but not online.

What's the technical term for the transfer of money between different consumer electronic systems?

When a consumer pays bills online or transfers money using an ATM, the action is called an electronic funds transfer.

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About This Quiz

Forget handwritten checks and cash-filled envelopes. The Internet has made it so much easier to transfer funds online. Take this test to know how up to date you are on transferring funds from your computer.

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