Beyond Bank Australia - International Payments
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A) General KnowledgeWhy does Beyond Bank sell International Payments?
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To provide an additional customer service
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To earn additional revenue
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To provide cross-selling opportunities for our other products
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All of the above
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There are four parts to this questionnaire:
A) General Knowledge (5 questions)
B) Product Knowledge – sending money overseas (6 questions)
C) Product Knowledge – receiving money from overseas (6 questions)
D) Ordering Knowledge (3 questions)
Once a staff member completes this questionnaire with 80% or > pass rate, they will receive a $20 eftpos gift card courtesy of Western Union Business Solutions. See more
The quiz must be completed before close of business on 31 December.
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- 2.
Which of our customers are eligible to use the International Payments Service?
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All customers
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Only customers aged over 18
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Only customers with over $10,000 in deposits
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Only customers who have been with Beyond Bank for over 5 years
Correct Answer
A. All customersExplanation
All customers are eligible to use the International Payments Service. There are no specific criteria mentioned such as age, deposit amount, or length of time with the bank. Therefore, it can be inferred that the service is available to all customers, regardless of these factors.Rate this question:
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- 3.
Which of our customers might find the service particularly useful?
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Business banking customers who import goods from overseas
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Customers from a migrant community who wish to send money overseas
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Customers who wish to buy products online from overseas
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All of the above
Correct Answer
A. All of the aboveExplanation
All of the above customers might find the service particularly useful because they all have a need to transact with overseas entities. Business banking customers who import goods from overseas would benefit from the service as they can easily make payments to their international suppliers. Customers from a migrant community who wish to send money overseas would find the service useful as they can conveniently transfer funds to their families or businesses in their home countries. Customers who wish to buy products online from overseas would also benefit from the service as they can make secure and efficient international payments for their purchases.Rate this question:
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- 4.
Why are the exchange rates offered by Beyond Bank different to those on the news or TV?
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Rates constantly move and TV rates are indicative only
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The rates on TV are basically “dealers” rates, and the costs of providing the service also have to be factored n (similar to a home loan rate being higher than the official cash rate)
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Every financial institution and foreign exchange provider can set its own rates
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All of the above
Correct Answer
A. All of the aboveExplanation
The exchange rates offered by Beyond Bank are different from those on the news or TV because rates constantly move and the rates on TV are indicative only. Additionally, the rates on TV are basically "dealers" rates, and the costs of providing the service also have to be factored in, similar to a home loan rate being higher than the official cash rate. Furthermore, every financial institution and foreign exchange provider can set its own rates. Therefore, all of the above reasons contribute to the differences in exchange rates offered by Beyond Bank compared to those on the news or TV.Rate this question:
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- 5.
A business banking customer might find the International Payments service useful because:
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It enables them to buy goods from overseas and pay the supplier in their own currency
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It enables them to defer the payment date for their order
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It gives them a bigger credit facility
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It reduces the risk of the goods being faulty
Correct Answer
A. It enables them to buy goods from overseas and pay the supplier in their own currencyExplanation
The International Payments service allows business banking customers to buy goods from overseas and pay the supplier in their own currency. This is useful because it eliminates the need for currency conversion and potential exchange rate fluctuations, making transactions more efficient and cost-effective. Additionally, it simplifies the payment process and reduces the risk of errors or misunderstandings related to currency exchange. Overall, this service provides convenience and flexibility for businesses engaged in international trade.Rate this question:
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- 6.
B) Product Knowledge – sending money overseas What products can customers use to transfer money overseas?
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Cash Passport card
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Draft or Telegraphic Transfer
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Travellers cheques
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Personal cheque
Correct Answer
A. Draft or Telegraphic TransferExplanation
Customers can use Draft or Telegraphic Transfer to transfer money overseas.Rate this question:
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- 7.
What are the advantages of sending money overseas by Telegraphic Transfer?
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It is a secure way to send money
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It is a quick way to send money (funds are normally credited within 2-3 business days)
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There are no age or credit restrictions on who can send a transfer
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All of the above
Correct Answer
A. All of the aboveExplanation
Sending money overseas by Telegraphic Transfer has several advantages. Firstly, it is a secure way to send money, ensuring that the funds reach the intended recipient safely. Secondly, it is a quick method, with funds usually being credited within 2-3 business days. Additionally, there are no age or credit restrictions on who can send a transfer, making it accessible to a wide range of individuals. Therefore, all of the above statements are true, highlighting the various benefits of using Telegraphic Transfer for international money transfers.Rate this question:
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- 8.
What information must the customer provide to us to send a Telegraphic Transfer?
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Senders name, address and phone number
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Bank name and address
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Recipients account number and name
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All of the above
Correct Answer
A. All of the aboveExplanation
To send a Telegraphic Transfer, the customer must provide all of the mentioned information. The sender's name, address, and phone number are necessary to identify the person initiating the transfer. The bank name and address are required to specify the financial institution involved in the transfer. Lastly, the recipient's account number and name are essential to ensure that the funds are correctly deposited into the intended account. Therefore, all of the above information is required for a successful Telegraphic Transfer.Rate this question:
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- 9.
How can a customer send a Telegraphic Transfer overseas?
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A customer places the order by fax
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A customer places the order by phone
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A customer places the order via internet banking or in-branch
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A customer places the order by email
Correct Answer
A. A customer places the order via internet banking or in-branchExplanation
A customer can send a Telegraphic Transfer overseas by placing the order either through internet banking or by visiting the bank branch in person. These are the two most common methods used by customers to initiate a Telegraphic Transfer. Fax, phone, and email are not mentioned as options for placing the order, indicating that they are not valid methods for sending a Telegraphic Transfer.Rate this question:
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- 10.
What is the fee for a customer purchasing an In-branch Telegraphic Transfer (in a foreign currency)?
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$25
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$35
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$50
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None of the above
Correct Answer
A. $25Explanation
The fee for a customer purchasing an In-branch Telegraphic Transfer in a foreign currency is $25.Rate this question:
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- 11.
What makes a Draft a particularly convenient method for sending overseas as a gift?
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A draft can be enclosed with a Christmas or birthday card
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A draft is relatively inexpensive
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A draft can be paid directly into their bank account by the overseas beneficiary
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All of the above
Correct Answer
A. All of the aboveExplanation
A draft is a particularly convenient method for sending overseas as a gift because it can be enclosed with a Christmas or birthday card, making it a personal and thoughtful gesture. Additionally, it is relatively inexpensive compared to other methods of sending money overseas. Furthermore, a draft can be paid directly into the bank account of the overseas beneficiary, ensuring a hassle-free and secure transaction. Therefore, all of the above options make a draft a convenient choice for sending overseas as a gift.Rate this question:
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- 12.
C) Product Knowledge – receiving money from overseas How can our Customers receive money from overseas?
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Inward Telegraphic Transfer
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Cheque in foreign currency to be converted into AUD
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Both of the above
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Neither of the above
Correct Answer
A. Both of the aboveExplanation
Customers 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 involves the transfer of funds from a foreign bank account to the customer's account in the local currency. On the other hand, receiving a cheque in foreign currency allows customers to convert the amount into AUD at their local bank. Both options provide customers with a means to receive money from overseas.Rate this question:
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- 13.
How does the Inward International Transfer Service work?
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A customer receives funds from overseas via the banking SWIFT network
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A customer receives funds from overseas using Western Union Business Solutions domestic bank accounts
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A customer receives funds from overseas using the Western Union agent network
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A customer receives foreign cash from overseas
Correct Answer
A. A customer receives funds from overseas using Western Union Business Solutions domestic bank accountsExplanation
The Inward International Transfer Service works by allowing customers to receive funds from overseas using Western Union Business Solutions domestic bank accounts. This means that the customer can receive money from abroad through their local bank account provided by Western Union. This service enables convenient and secure transfer of funds between international accounts.Rate this question:
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- 14.
What are the advantages of receiving money by Inward International Transfer?
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The transaction can be completed as a local transfer so the sender may not need to pay a SWIFT fee
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It is a quick way to send money (funds are normally credited within 2-3 business days)
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Customers are not charged the beneficiary deduct fee, so they will receive the full amount of their incoming payment
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All of the above
Correct Answer
A. All of the aboveExplanation
Receiving money by Inward International Transfer has multiple advantages. Firstly, the transaction can be completed as a local transfer, eliminating the need for the sender to pay a SWIFT fee. Additionally, it is a quick method, with funds typically credited within 2-3 business days. Lastly, customers are not charged the beneficiary deduct fee, ensuring they receive the full amount of their incoming payment. Therefore, all of the above options are advantages of receiving money by Inward International Transfer.Rate this question:
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- 15.
What fee applies to receiving an Inward International Transfer?
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Free
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$10
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$20
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$30
Correct Answer
A. FreeExplanation
The correct answer is "Free" because there is no fee charged for receiving an Inward International Transfer. This means that the recipient does not have to pay any additional charges for receiving money from an international source.Rate this question:
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- 16.
Customers can use our Inward International Transfer Service in the following situations:
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Receiving regular payments from overseas, such as a pension or salary
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Receiving savings or proceeds from selling an overseas asset, such as a property or shares
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Receiving a one-off payment from family or friends overseas as a gift
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All of the above
Correct Answer
A. All of the aboveExplanation
Customers can use the Inward International Transfer Service in various situations. They can receive regular payments from overseas, such as a pension or salary. Additionally, they can receive savings or proceeds from selling an overseas asset, like a property or shares. Furthermore, customers can receive a one-off payment from family or friends overseas as a gift. Therefore, the correct answer is "All of the above" as all of these situations are applicable for using the Inward International Transfer Service.Rate this question:
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- 17.
What is the AUD limit for a Foreign Cheque to be sent as a “negotiation” item (also known as a “cash letter”)?
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Under $5,000
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Under $10,000
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Under $15,000
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Under $20,000
Correct Answer
A. Under $10,000Explanation
The AUD limit for a Foreign Cheque to be sent as a "negotiation" item (also known as a "cash letter") is under $10,000.Rate this question:
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- 18.
D) Ordering KnowledgeWhen using the Global Pay system how do you select which location you are working from?
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The location is automatically set up when you sign in
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Depending on the location depends on the username and password used to sign in
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By selecting the location from the drop down list and clicking AoBo On
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By selecting the location from the drop down list at the top of the screen
Correct Answer
A. By selecting the location from the drop down list and clicking AoBo OnExplanation
To select the location you are working from in the Global Pay system, you need to choose the location from the drop-down list provided. After selecting the location, you need to click on "AoBo On" to confirm your selection. This action will set up the location for your session in the system.Rate this question:
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- 19.
What details do you put into the customer tab when completing a transaction for a business?
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Input the customer details of the customer who has asked for the transaction
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Input the business name and details into the customer details area
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The director of the business’s details should be entered into the customer tab
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You don’t need to complete the customer tab as it is a business transaction
Correct Answer
A. Input the business name and details into the customer details areaExplanation
When completing a transaction for a business, it is important to input the business name and details into the customer details area. This allows for accurate record-keeping and ensures that the transaction is properly associated with the business. By inputting the business information in the customer details area, it becomes easier to track and analyze the transactions specifically related to that business.Rate this question:
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- 20.
When making an international payment what should you put in the Payment reference field?
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The name of the person asking for the transaction
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Leave this field blank
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The reason or purpose for payment
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How much the funds are
Correct Answer
A. The reason or purpose for paymentExplanation
When making an international payment, it is important to provide a payment reference that indicates the reason or purpose for the payment. This helps the recipient to identify and allocate the funds correctly. Including the reason or purpose for payment in the payment reference field ensures transparency and clarity in financial transactions, reducing the chances of any confusion or misallocation of funds.Rate this question:
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Current Version
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Apr 18, 2024Quiz Edited by
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Dec 14, 2015Quiz Created by
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