Question

Scott and Mary have accepted a​ three-year international relocation for work. Both are still paid in U.S.​ dollars, and their paychecks are automatically deposited to a U.S. Bank. When they need​ cash, they use local ATMs that allow them to withdraw funds from their U.S.​ bank, but the ATM gives them the equivalent in local currency. Which type of system does the U.S. Bank use to transfer money almost​ instantly, and in the currency needed by the​ user?

Answer 1

The answer is "Electronic Funds Transfer".

Step-by-step explanation:

It is a financial exchange electronically, which is also known as direct deposit salary services with ATM, which Cash subsidies among buyer marketing authorization, which implies digitally moving funds from one bank to the next. It's accomplices through the exchange of paper currency or certificates. The bank account is among the most popular applications of EFT.