ZIMSEC O Level Commerce Notes: Cable (telegraphic) money transfer
- A method of sending and receiving payments.
- Payments are made using telegraph,cable or telephone.
- Payment is made in foreign currency.
- Money is transferred from the debtor’s (importer’s) account to the creditor’s (exporter’s) account.
- A safe and fast way of making payments.
- Money can be insured during transit.
- An expensive method of sending money because banks charge service fees.
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