International Payments Training Module 1 – Product Knowledge & Selling Skills

Customers should use Draft, Telegraphic Transfer or "Money in Minutes" products to transfer money overseas. These options are specifically designed for international payments and provide a secure and efficient way to send money abroad. Cash Passport card, travellers cheques, and personal cheques may not be suitable for international payments as they may have limitations, higher fees, or longer processing times.

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, making it convenient for them to use the money without having to convert it.

A Telegraphic Transfer is a method of transferring funds overseas that involves crediting the funds to a bank account. This means that the money is electronically transferred from one bank to another, and the recipient will have the funds deposited directly into their bank account. This is a secure and efficient way to send money internationally, as it eliminates the need for physical cash or cheques, and ensures that the funds are safely transferred to the intended recipient's bank account.

Sending money by a telegraphic transfer is a quick way to send money as the funds are usually credited within 2-3 business days. This makes it an efficient option for transferring money, especially for urgent or time-sensitive transactions. Additionally, this method does not have any age or credit restrictions, making it accessible to a wide range of individuals.

A draft refers to a type of cheque that is issued in a foreign currency. It allows the recipient to receive payment in a foreign currency, which can be convenient for international transactions. Unlike a regular cheque, which is issued in the local currency, a draft ensures that the payment is made in the specified foreign currency. This can be useful when dealing with foreign suppliers or when making payments abroad.

When sending a Draft or Telegraphic Transfer, all of the above personal information is required. The sender's name and street address are necessary for identification purposes. The beneficiary's name and street address are needed to ensure that the funds are correctly transferred to the intended recipient. The sender's Heritage membership number may be required for verification or to access certain benefits or privileges.

When sending a Money in Minutes transaction, all of the mentioned personal information is required. The sender's name and street address are needed to verify their identity and ensure the transaction is legitimate. The country the beneficiary is in is necessary to determine the appropriate currency and regulations for the transfer. Lastly, the beneficiary's name and home address are required to correctly identify and deliver the funds to the intended recipient.

Drafts are the only product that requires a PDS (Product Disclosure Statement). A PDS is a document that provides detailed information about a financial product, including its features, benefits, risks, and fees. It is designed to help consumers make informed decisions about whether to invest in or purchase a particular product. Since drafts are a financial product, they are subject to regulations that require a PDS to be provided to customers. The other options listed do not involve financial products or do not require a PDS.

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 allows for a direct transfer of funds from the sender's overseas bank account to the customer's account, while receiving a cheque in foreign currency provides the option to convert the funds into the local currency. By offering both options, customers have flexibility in choosing the method that best suits their needs for receiving money from overseas.

Heritage sells foreign exchange for multiple reasons. Firstly, it is to provide an additional customer service, ensuring that customers have access to foreign currency when they need it. Secondly, it allows Heritage to earn additional fee income, as there are fees associated with exchanging currencies. Lastly, selling foreign exchange provides cross-selling opportunities for their other products, as customers who exchange currency may also be interested in other financial services. Therefore, all of the given options are valid reasons for Heritage to sell foreign exchange.

All customers are eligible to use the international payments service. This means that there are no specific criteria or restrictions for customers to access this service. It is available to all customers, regardless of age, deposit amount, or length of time with the company.

All of the above customers might find the service particularly useful because they all have a need to conduct transactions involving overseas activities. Business banking customers who import goods from overseas may require international payment services and currency exchange. Customers from a migrant community who wish to send money overseas may need remittance services. Customers who wish to buy products online from overseas may require secure and convenient international payment options. Therefore, all of these customers can benefit from the service.

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 personal and thoughtful gesture. Additionally, it is relatively inexpensive compared to other methods of sending money internationally. Moreover, a draft can be paid directly into the bank account of the overseas beneficiary, ensuring a smooth and efficient transfer of funds. Therefore, all of the above reasons make a draft a convenient option for sending money overseas as a gift.

A Money in Minutes Transfer would be a good option when the receiver does not have a bank account, the funds are required urgently, and the receiver wants to collect their funds in cash. In such situations, a Money in Minutes Transfer allows for quick and convenient transfer of funds without the need for a bank account, ensuring that the receiver can collect the funds immediately and use them as needed.

The exchange rates offered by Heritage are different from those promoted on TV news because exchange rates constantly move and TV rates are only indicative. Additionally, the rates on TV are "dealers" rates, which means the costs of providing the service also need to be factored into the rates Heritage offers. Moreover, every financial institution and foreign exchange provider has the autonomy to set its own rates. Therefore, all of the given options contribute to the difference in exchange rates between Heritage and the rates promoted on TV news.

The Telegraphic Transfer service is useful for a business banking customer 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 international transactions more convenient for the customer.

All of the above customers might wish to receive money from overseas. The customer who has immigrated to Australia may want to bring their savings from overseas to their new country. The customer who receives a regular pension payment from overseas would need to receive money from overseas on a regular basis. The business banking customer who sells their products overseas would likely receive payments from international customers, which would require receiving money from overseas.

Customers 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.

IBAN stands for International Bank Account Number. It is a standard type of account number that is required for all transfers to European countries and certain other countries. The IBAN is used to identify the specific bank account for the recipient of the transfer. It helps ensure that the funds are sent to the correct account and reduces the risk of errors or delays in the transfer process.

The Money in Minutes service refers to the transfer of funds overseas to be paid out in cash. This service allows individuals to send money to someone in another country, and the recipient can collect the funds in cash rather than having it credited to a bank account or receiving a cheque or travel card in a foreign currency. This service is convenient for those who may not have access to a bank account or prefer to receive cash directly.