Basic Product Knowledge And Selling Skills

Members should use Draft or Telegraphic Transfer to transfer money overseas. These methods provide a secure and efficient way to send funds internationally. Cash Passport card, Travellers cheques, and Personal cheques may not be as widely accepted or convenient for overseas transfers.

A Telegraphic Transfer is a method of transferring funds overseas that involves crediting the funds directly to a bank account. This means that the money is not paid out in cash or through a cheque or travel card, but instead, it is electronically transferred to the recipient's bank account in another country. This method is commonly used for international money transfers, allowing individuals and businesses to send money securely and efficiently to bank accounts abroad.

Telegraphic Transfer offers several advantages for sending money. Firstly, it is a secure method, ensuring that the money reaches the intended recipient safely. Secondly, it is a quick way to send money, with funds typically being credited within 2-3 business days. Lastly, there are no age or credit restrictions, meaning anyone can send a transfer. Therefore, all of the given options are advantages of sending money by a Telegraphic Transfer.

The correct answer is to send the Telegraphic Transfer in the currency of the overseas beneficiary because there is a choice of 130 currencies available. This ensures that the recipient receives the funds in their preferred currency, avoiding any additional conversion fees or complications.

A draft refers to a cheque in a foreign currency. It is a written order from one party to another, typically a bank, to pay a specific amount of money to a specified recipient. In this case, the cheque is issued in a foreign currency, indicating that it can be used for transactions or payments in that particular currency.

Drafts are the only products that have a Product Disclosure Statement (PDS). A PDS is a document that provides information about a financial product, including its features, risks, and fees. Since the answer states that drafts only have a PDS, it implies that telegraphic transfers do not have a PDS. Therefore, the correct answer is drafts only.

Members can receive money from overseas through both inward telegraphic transfer and by receiving a cheque in foreign currency that can be converted into AUD. Inward telegraphic transfer allows for direct and secure transfer of funds from a foreign bank to the member's account. On the other hand, receiving a cheque in foreign currency gives the member the option to convert it into AUD at their convenience. Therefore, both options provide members with ways to receive money from overseas.

The Police Credit Union sells foreign exchange for multiple reasons. Firstly, it is to provide an additional member service, allowing members to conveniently exchange their currency. Secondly, it helps the credit union earn additional fee income, which can contribute to its financial stability and growth. Lastly, by offering foreign exchange services, the credit union ensures that it maximizes its "share-of-wallet" from each member, meaning it aims to provide a comprehensive range of services to meet all of their financial needs. Therefore, all of the given options are valid reasons for the Police Credit Union to sell foreign exchange.

All members are eligible to use the International Payments Service. This means that there are no specific criteria or restrictions for members to access and utilize this service. Regardless of age, deposit amount, or length of membership, all members have the privilege to use the International Payments Service.

All of the above. Business banking customers who import goods from overseas would find our range of International Payments Services useful as it would facilitate their international transactions. Members from a migrant community who wish to send money overseas would also benefit from our services as they can easily and securely transfer funds to their home countries. Additionally, members who wish to buy products online from overseas can utilize our International Payments Services to make seamless and efficient payments for their purchases.

A Telegraphic Transfer is recommended when the funds are required quickly. This is because a Telegraphic Transfer allows for immediate transfer of funds, typically within the same day or within a few hours. On the other hand, a Draft may take longer to process as it involves physical paperwork and may require additional time for clearance. Therefore, if time is of the essence and the sender needs the funds to be received promptly, a Telegraphic Transfer would be the preferable option.

A draft is a type of payment method that involves the issuance of a physical document, such as a check, which can be used to transfer funds. Compared to a telegraphic transfer, which involves the electronic transfer of funds, a draft may have lower fees associated with it. Therefore, if a member wants to pay a lower fee, recommending a draft instead of a telegraphic transfer would be appropriate.

The correct answer is "All of the above." The exchange rates offered by Police Credit Union may be different from those promoted on TV news because exchange rates constantly move and the rates on TV are only indicative. Additionally, the rates on TV are "dealers" rates, and the costs of providing the service also need to be factored into the rates offered by Police Credit Union. Furthermore, every financial institution and foreign exchange provider can set their own rates.

A draft is a particularly convenient method for sending money overseas as a gift because it can be enclosed with a Christmas or birthday card, making it a personalized and thoughtful gesture. Additionally, it is relatively inexpensive compared to other methods of transferring money internationally. Moreover, a draft can be paid directly into the bank account of the overseas beneficiary, eliminating the need for them to physically go and collect the money. Therefore, all of the given options make a draft a convenient method for sending money overseas as a gift.

The international payments service is useful for business banking customers because it allows them to buy goods from overseas and pay the supplier in their own currency. This eliminates the need for currency conversion and reduces the risk of exchange rate fluctuations. It also simplifies the payment process and makes it more efficient for both the buyer and the supplier. By being able to pay in their own currency, the customer can better manage their cash flow and budgeting.

Members might use a Draft or Telegraphic Transfer to make an online purchase overseas if they don't have a credit card, if their credit limit is too low to make the payment, or if they want to know what exchange rate is going to be used before making the payment.

An Inward Telegraphic Transfer refers to a transfer of funds from overseas to be credited to a member's account. This means that money is being sent from another country and will be deposited into the recipient's account. It is a common method of international money transfer, allowing individuals to receive funds from abroad directly into their bank account. This option is often chosen for its convenience and security, as the money is electronically transferred and credited to the recipient's account.

Receiving money by Inward Telegraphic Transfer has several advantages. Firstly, the transaction can be completed as a local transfer, which means the sender may not need to pay a SWIFT fee. This helps in reducing the overall cost of the transaction. Secondly, it is a quick way to send money, with funds being credited within 2-3 business days. This ensures that the recipient receives the money promptly. Lastly, members are not charged the beneficiary deduct fee, allowing them to receive the full amount of their incoming payment. Therefore, all of the above advantages apply to receiving money by Inward Telegraphic Transfer.

The correct answer is that you should receive an Inward Telegraphic Transfer in the currency of the overseas sender, with a choice of 35 currencies available. This means that the sender can choose to send the transfer in their local currency, making it more convenient for them and potentially saving on conversion fees. By receiving the transfer in the sender's currency, you may also have more flexibility in managing the funds and potentially avoid additional currency conversion charges.

There is no fee applied to receiving an Inward Telegraphic Transfer.

The correct answer is "A member receives funds from overseas using Western Union Business Solutions domestic bank accounts." This means that when someone uses the Inward Telegraphic Transfer Service, they receive funds from overseas through domestic bank accounts provided by Western Union Business Solutions. This allows for a secure and efficient transfer of funds internationally.

The Inward Payment Service can be used in all of the situations mentioned. It allows members to receive regular payments from overseas, such as pensions or salaries, as well as receive savings or proceeds from selling an overseas asset like property or shares. Additionally, it can be used to receive one-off payments from family or friends overseas as a gift. Therefore, the correct answer is "All of the above."

A local club or association pre-paying accommodation costs to an overseas hotel for their upcoming travel arrangements might find a Telegraphic Transfer useful. This is because a Telegraphic Transfer is a secure and efficient way to transfer funds internationally. By using a Telegraphic Transfer, the club or association can ensure that the payment reaches the overseas hotel promptly and without any complications. This method is particularly useful when making large or time-sensitive payments, such as pre-paying for accommodation costs for upcoming travel arrangements.