International Payments Training Module 1 – Product Knowledge & Selling Skills

20 Questions | Total Attempts: 129

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International Payments Training Module 1 – Product Knowledge & Selling Skills

Take the international payments quiz to assess your knowledge of how to send and receive money to/from overseas. Choose one answer for each question. If you score 80% or more you will go into the draw to win a $100 gift card. You will have two attempts to complete this quiz and score 80% or more.


Questions and Answers
  • 1. 
    When would a Money in Minutes Transfer be a good option?
    • A. 

      The receiver does not have a bank account

    • B. 

      The funds are required urgently

    • C. 

      The receiver wants to collect their funds in cash

    • D. 

      All of the above

  • 2. 
    What “international payments” products should customers use to transfer money overseas?
    • A. 

      Cash Passport card

    • B. 

      Draft, Telegraphic Transfer or “Money in Minutes”

    • C. 

      Travellers cheques

    • D. 

      Personal cheques

  • 3. 
    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

  • 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 is a Draft?
    • A. 

      A transfer of funds overseas to be paid out in cash

    • B. 

      A cheque in a foreign currency

    • C. 

      An electronic transfer of funds overseas to be credited to a bank account

    • D. 

      A travel card in a foreign currency

  • 7. 
    What personal information is required when sending a Draft or Telegraphic Transfer?
    • A. 

      The sender’s name and street address

    • B. 

      The beneficiary’s name and street address

    • C. 

      The sender’s Heritage membership number

    • D. 

      All of the above

  • 8. 
    What personal information is required when sending a Money in Minutes transaction?
    • A. 

      The sender’s name and street address

    • B. 

      The country the beneficiary (ie receiver) is in

    • C. 

      The beneficiary’s name and home address

    • D. 

      All of the above

  • 9. 
    What products have a PDS (Product Disclosure Statement)
    • A. 

      Drafts only

    • B. 

      Drafts, Telegraphic Transfers and Money in Minutes

    • C. 

      Telegraphic transfers only

    • D. 

      None of these products require a PDS

  • 10. 
    How can our customers 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

  • 11. 
    Why does Heritage sell foreign exchange?
    • A. 

      To provide an additional customer service

    • B. 

      To earn additional fee income

    • C. 

      To provide cross-selling opportunities for our other products

    • D. 

      All of the above

  • 12. 
    Which of our customers are eligible to use the international payments service?
    • A. 

      All customers

    • B. 

      Only customers aged over 18

    • C. 

      Only customers with over $10,000 in deposits

    • D. 

      Only customers who have been with us for over 5 years

  • 13. 
    Which of our customers might find the service particularly useful?
    • A. 

      Business banking customers who import goods from overseas

    • B. 

      Customers from a migrant community who wish to send money overseas

    • C. 

      Customers who wish to buy products online from overseas

    • D. 

      All of the above

  • 14. 
    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

  • 15. 
    Why are the exchange rates offered by Heritage 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

  • 16. 
    A business banking customer might find the Telegraphic Transfer 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

  • 17. 
    Which of the following customers might wish to receive money from overseas?
    • A. 

      A customer who has immigrated to Australia and wants to bring their savings from overseas

    • B. 

      A customer who receives a regular pension payment from overseas

    • C. 

      A business banking customer who sells their products overseas

    • D. 

      All of the above

  • 18. 
    Why might customers 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

  • 19. 
    Some Telegraphic Transfers require an IBAN - what is an IBAN?
    • A. 

      A standard type of account number required for all transfers to European (and certain other) countries

    • B. 

      A standard type of account number required for all transfers to the USA

    • C. 

      A standard type of account number required for all transfers to China

    • D. 

      All of the above

  • 20. 
    What is the Money in Minutes service?
    • 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. 

      A travel card in a foreign currency

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