That might depend on the organization. In a software company, email is great, no problem. At a bank or an old school company like UPS, I think snail mail is still important. I take my mother's advice in this regard. She advises always to hand-write thank you notes and other such personal correspondence.

> Update:
> I've sent email "thank you note", they should be equivalent to letter,
> don't you think?  Or email might be construed as less formal, hence,
> less grateful in degree?
>
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