Police Bank - Basic Product Knowledge And Selling Skills

22 Questions | Total Attempts: 66

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Police Bank - Basic Product Knowledge And Selling Skills

Take the international payments quiz to assess your Foreign Exchange knowledge and selling skills. Choose one answer for each question. If you score 80% or more you will receive a $20 gift voucher and if you score 100% - you will receive a $50 gift voucher. You will have 2 attempts to complete this quiz and achieve a score of 80% or more.


Questions and Answers
  • 1. 
    What products should members use to transfer money overseas?
    • A. 

      Cash Passport card

    • B. 

      Draft, telegraphic transfer or Money in Minutes Money Transfer

    • C. 

      Travellers cheques

    • D. 

      Personal cheques

  • 2. 
    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

  • 3. 
    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

  • 4. 
    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

  • 5. 
    What personal information is required when sending a telegraphic transfer?
    • A. 

      The sender’s name and street address

    • B. 

      The beneficiary’s name and street address

    • C. 

      The sender’s membership number

    • D. 

      All of the above

  • 6. 
    What information is required when sending a Money in Minutes Money Transfer?
    • A. 

      The sender’s name, ID details and address

    • B. 

      The country that the receiver is in

    • C. 

      The receivers name and address

    • D. 

      All of the above

  • 7. 
    When sending a Money in Minutes Money Transfer the receiver is able to collect the funds from any Western Union outlet in the designated country (there are over 490,000 locations in 200 countries and territories)
    • A. 

      True

    • B. 

      False

  • 8. 
    What is an IBAN?
    • A. 

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

  • 9. 
    What is a draft?
    • A. 

      A transfer of funds overseas to be paid out in cash

    • B. 

      A cheque in a foreign currency

    • C. 

      A transfer of funds overseas to be credited to a bank account

    • D. 

      A travel card in a foreign currency

  • 10. 
    What products have a PDS (Product Disclosure Statement)?
    • A. 

      Drafts only

    • B. 

      Drafts and telegraphic transfers

    • C. 

      Telegraphic transfers only

    • D. 

      Neither drafts nor telegraphic transfers

  • 11. 
    How can our members 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

  • 12. 
    Why do we sell foreign exchange?
    • A. 

      To provide an additional member service

    • B. 

      To earn additional fee income

    • C. 

      To ensure we maximize our “share-of-wallet” from each member

    • D. 

      All of the above

  • 13. 
    Which of our members are eligible to use the international payments service?
    • A. 

      All members

    • B. 

      Only members aged over 18

    • C. 

      Only members with over $10,000 in deposits

    • D. 

      Only members who have been with us for over 5 years

  • 14. 
    Which of our members might find our range of international payments services useful?
    • A. 

      A member overseas who needs an emergency cash transfer because they have lost their credit card or cash

    • B. 

      Members from a migrant community who wish to send money overseas

    • C. 

      Members who wish to buy products online from overseas

    • D. 

      All of the above

  • 15. 
    When might you recommend a telegraphic transfer instead of a draft?
    • A. 

      The beneficiary does not have a bank account

    • B. 

      The sender doesn’t care what exchange rate is used

    • C. 

      The funds are required quickly

    • D. 

      The sender is not an Australian citizen

  • 16. 
    When might you recommend a draft instead of a telegraphic transfer?
    • A. 

      The beneficiary does not have a bank account

    • B. 

      The member wants to pay a lower fee

    • C. 

      The funds are required urgently

    • D. 

      All of the above

  • 17. 
    When would a Money in Minutes Transfer be a good alternative to a telegraphic transfer?
    • A. 

      The receiver does not have a bank account

    • B. 

      The receiver requires cash pick up

    • C. 

      No uplifting / receiver fee

    • D. 

      All of the above

  • 18. 
    How can members send a money in minutes transfer?
    • A. 

      Visit a branch

    • B. 

      Through internet banking via secure email

    • C. 

      Both A & B

  • 19. 
    Why are the exchange rates offered by us 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

  • 20. 
    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

  • 21. 
    A business banking customer might find the international payments 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

  • 22. 
    Why might members 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

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