Image credit kanooncurrency.co.uk

Image credit kanooncurrency.co.uk

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.

To access more topics go to the Commerce Notes page.

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