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Describe the principal cash transfer tools
-Wire Transfer
-EDT
-Electronic DTC
Solution
Wire transfer is a secure method of transferring money from single individual or entity in one
geographical location to another entity in a different location .These are also known as
remittances in US.
DTC: Depository Transfer Check is an efficient cash management tool used by banks to record
all receipts of the banks across various locations or branches. They help in tracking of the cash
outflow and inflows.
EDT means Electronic data transfer EDI (electronic data interchange is a type of EDT.
EDI: It is computer assisted transfer in which funds are transferred between 2 financial
institutions. It includes in the benefit of being paper less, cloud computing ,etc.
Best of Luck. God Bless

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Describe the principal cash transfer tools-Wire Transfer-EDT-E.pdf

  • 1. Describe the principal cash transfer tools -Wire Transfer -EDT -Electronic DTC Solution Wire transfer is a secure method of transferring money from single individual or entity in one geographical location to another entity in a different location .These are also known as remittances in US. DTC: Depository Transfer Check is an efficient cash management tool used by banks to record all receipts of the banks across various locations or branches. They help in tracking of the cash outflow and inflows. EDT means Electronic data transfer EDI (electronic data interchange is a type of EDT. EDI: It is computer assisted transfer in which funds are transferred between 2 financial institutions. It includes in the benefit of being paper less, cloud computing ,etc. Best of Luck. God Bless