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.
- 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
Correct Answer
D. All of the aboveExplanation
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.Rate this question:
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- 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
Correct Answer
B. Draft, Telegraphic Transfer or “Money in Minutes”Explanation
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.Rate this question:
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- 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
Correct Answer
A. The currency of the overseas beneficiary (a choice of 130 currencies is available)Explanation
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.Rate this question:
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- 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
Correct Answer
C. Transfer of funds overseas to be credited to a bank accountExplanation
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.Rate this question:
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- 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
Correct Answer
B. It is a quick way to send money (funds are normally credited within 2-3 business days)Explanation
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.Rate this question:
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- 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
Correct Answer
B. A cheque in a foreign currencyExplanation
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.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
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.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
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.Rate this question:
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- 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
Correct Answer
A. Drafts onlyExplanation
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.Rate this question:
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- 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
Correct Answer
C. 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 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.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
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.Rate this question:
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- 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
Correct Answer
A. All customersExplanation
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.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
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.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
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.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
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.Rate this question:
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- 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
Correct Answer
A. It enables them to buy goods from overseas and pay the supplier in their own currencyExplanation
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.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
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.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
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.Rate this question:
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- 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
Correct Answer
A. A standard type of account number required for all transfers to European (and certain other) countriesExplanation
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.Rate this question:
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- 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
Correct Answer
A. Transfer of funds overseas to be paid out in cashExplanation
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.Rate this question:
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Current Version
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Jun 10, 2023Quiz Edited by
ProProfs Editorial Team -
Apr 14, 2014Quiz Created by
WUBS
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