Basic Product Knowledge And Selling Skills

23 Questions | Total Attempts: 35

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Knowledge Quizzes & Trivia

Take the International Payments quiz to assess your Foreign Exchange knowledge and selling skills. Choose one answer for each question. If you score 80% or more you will receive a $20 gift voucher. You will have 2 attempts to complete this quiz.


Questions and Answers
  • 1. 
    What products have a PDS (Product Disclosure Statement)?
    • A. 

      Drafts only

    • B. 

      Drafts and telegraphic transfers

    • C. 

      Telegraphic transfers only

    • D. 

      Neither drafts nor telegraphic transfers

  • 2. 
    A business banking customer might find the international payments service useful because
    • A. 

      It enables them to buy goods from overseas and pay the supplier in their own currency

    • B. 

      It enables them to defer the payment date for their order

    • C. 

      It gives them a bigger credit facility

    • D. 

      It reduces the risk of the goods being faulty

  • 3. 
    What products should members use to transfer money overseas?
    • A. 

      Cash Passport card

    • B. 

      Draft or Telegraphic Transfer

    • C. 

      Travellers cheques

    • D. 

      Personal cheques

  • 4. 
    What is a Telegraphic Transfer?
    • A. 

      Transfer of funds overseas to be paid out in cash

    • B. 

      Cheque in a foreign currency

    • C. 

      Transfer of funds overseas to be credited to a bank account

    • D. 

      Travel card in a foreign currency

  • 5. 
    What are the advantages of sending money by a Telegraphic Transfer?
    • A. 

      It is a secure way to send money

    • B. 

      It is a quick way to send money (funds are normally credited within 2-3 business days)

    • C. 

      There are no age or credit restrictions on who can send a transfer

    • D. 

      All of the above

  • 6. 
    What currency should you send a Telegraphic Transfer in?
    • A. 

      The currency of the overseas beneficiary (a choice of 130 currencies is available)

    • B. 

      The currency of the overseas beneficiary (a choice of 50 currencies is available)

    • C. 

      The currency of the overseas beneficiary (a choice of 10 currencies is available)

    • D. 

      Funds should always be sent in Australian Dollars

  • 7. 
    What is a Draft?
    • A. 

      A transfer of funds overseas to be paid out in cash

    • B. 

      A cheque in a foreign currency

    • C. 

      A transfer of funds overseas to be credited to a bank account

    • D. 

      A travel card in a foreign currency

  • 8. 
    How can our Members receive money from overseas?
    • A. 

      Inward telegraphic transfer

    • B. 

      Cheque in foreign currency to be converted into AUD

    • C. 

      Both of the above

    • D. 

      Neither of the above

  • 9. 
    Why does Police Credit Union sell foreign exchange?
    • A. 

      To provide an additional member service

    • B. 

      To earn additional fee income

    • C. 

      To ensure we maximize our “share-of-wallet” from each member

    • D. 

      All of the above

  • 10. 
    Which of our Members are eligible to use the International Payments Service?
    • A. 

      All members

    • B. 

      Only members aged over 18

    • C. 

      Only members with over $10,000 in deposits

    • D. 

      Only members who have been with us for over 5 years

  • 11. 
    Which of our Members might find our range of International Payments Services useful?
    • A. 

      Business banking customers who import goods from overseas

    • B. 

      Members from a migrant community who wish to send money overseas

    • C. 

      Members who wish to buy products online from overseas

    • D. 

      All of the above

  • 12. 
    When might you recommend a Telegraphic Transfer instead of a Draft?
    • A. 

      The beneficiary does not have a bank account

    • B. 

      The sender doesn’t care what exchange rate is used

    • C. 

      The funds are required quickly

    • D. 

      The sender is not an Australian citizen

  • 13. 
    When might you recommend a Draft instead of a Telegraphic Transfer?
    • A. 

      The beneficiary does not have a bank account

    • B. 

      The member wants to pay a lower fee

    • C. 

      The funds are required urgently

    • D. 

      All of the above

  • 14. 
    Why are the exchange rates offered by Police Credit Union different to those promoted on the TV news?
    • A. 

      Exchange rates constantly move and TV rates are indicative only

    • B. 

      The rates on TV are basically “dealers” rates. The costs of providing the service also has to be factored into the rates we offer (similar to a home loan rate being higher than the official cash rate)

    • C. 

      Every financial institution and foreign exchange provider can set its own rates

    • D. 

      All of the above

  • 15. 
    What makes a Draft a particularly convenient method for sending money overseas as a gift?
    • A. 

      A draft can be enclosed with a Christmas or birthday card

    • B. 

      A draft is relatively inexpensive

    • C. 

      A draft can be paid directly into their bank account by the overseas beneficiary

    • D. 

      All of the above

  • 16. 
    Why might Members use a Draft or Telegraphic Transfer to make an online purchase overseas?
    • A. 

      They don’t have a credit card

    • B. 

      Their credit limit is too low to make the payment

    • C. 

      They want to know what exchange rate is going to be used before making the payment

    • D. 

      All of the above

  • 17. 
    What is an Inward Telegraphic Transfer?
    • A. 

      A transfer of funds from overseas to be paid out in cash

    • B. 

      A cheque in a foreign currency sent from overseas

    • C. 

      A transfer of funds from overseas to be credited to a member’s account

    • D. 

      A travel card in a foreign currency from overseas

  • 18. 
    What are the advantages of receiving money by Inward Telegraphic Transfer?
    • A. 

      The transaction can be completed as a local transfer so the sender may not need to pay a SWIFT fee

    • B. 

      It is a quick way to send money (funds are normally credited within 2-3 business days)

    • C. 

      Members are not charged the beneficiary deduct fee, so they will receive the full amount of their incoming payment

    • D. 

      All of the above

  • 19. 
    What currency should you receive an Inward Telegraphic Transfer in?
    • A. 

      The currency of the overseas sender (a choice of 35 currencies is available)

    • B. 

      The currency of the overseas sender (a choice of 100 currencies is available)

    • C. 

      The currency of the overseas sender (a choice of 10 currencies is available)

    • D. 

      Only AUD transfers are available

  • 20. 
    What fee applies to receiving an Inward Telegraphic Transfer?
    • A. 

      $10

    • B. 

      $20

    • C. 

      $30

    • D. 

      No fee

  • 21. 
    How does the Inward Telegraphic Transfer Service work?
    • A. 

      A member receives funds from overseas via the banking SWIFT network.

    • B. 

      A member receives funds from overseas using Western Union Business Solutions domestic bank accounts

    • C. 

      A member receives funds from overseas using the Western Union agent network

    • D. 

      A member receives foreign cash from overseas

  • 22. 
    . Members can use the Inward Payment Service in the following situations:
    • A. 

      Receiving regular payments from overseas, such as a pension or salary

    • B. 

      Receiving savings or proceeds from selling an overseas asset, such as property or shares

    • C. 

      Receiving a one-off payment from family or friends overseas as a gift

    • D. 

      All of the above

  • 23. 
    Which of the following Members might find a Telegraphic Transfer useful?
    • A. 

      A local club or association organising an awards night

    • B. 

      A local club or association pre-paying accommodation costs to an overseas hotel for their upcoming travel arrangements

    • C. 

      A local club or association that needs to make a regular rental payment

    • D. 

      None of the above

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