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.
- 1.
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
Correct Answer
A. TrueExplanation
The explanation for the given correct answer is that when sending a Money in Minutes Money Transfer, the receiver can collect the funds from any Western Union outlet in the designated country. Western Union has a vast network of over 490,000 locations in 200 countries and territories, making it convenient for the receiver to access the funds. Therefore, the statement is true.Rate this question:
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- 2.
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
Correct Answer
A. A standard type of account number required for all transfers to European countriesExplanation
IBAN stands for International Bank Account Number and is a standard type of account number required for all transfers to European countries. It is used to identify bank accounts in a standardized format across different countries in Europe, making international transfers more efficient and accurate. It consists of a country code, check digits, and the domestic bank account number. The use of IBAN ensures that transfers to European countries are processed correctly and helps prevent errors in the transfer process.Rate this question:
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- 3.
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
Correct Answer
B. Draft, telegraphic transfer or Money in Minutes Money TransferExplanation
Members should use draft, telegraphic transfer or Money in Minutes Money Transfer to transfer money overseas. These options are reliable and secure methods of transferring funds internationally. Cash Passport card, travellers cheques, and personal cheques may not be as widely accepted or convenient for overseas transactions.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 refers to the transfer of funds from one bank account to another overseas bank account. It is a secure and efficient way to send money internationally. Unlike cash or cheques, the funds are directly credited to the recipient's bank account, ensuring quick and convenient access to the transferred funds.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
D. All of the aboveExplanation
Sending money by a telegraphic transfer has several advantages. Firstly, it is a secure way to send money, ensuring that the funds reach the intended recipient safely. Additionally, it is a quick method, with funds usually credited within 2-3 business days. Another advantage is that 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 given options are advantages of sending money by a telegraphic transfer.Rate this question:
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- 6.
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 allows the transfer to be received in the currency that is most convenient and beneficial for the recipient.Rate this question:
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- 7.
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
Correct Answer
D. All of the aboveExplanation
When sending a 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 transferred to the correct recipient. Additionally, the sender's membership number may be required for verification or tracking purposes. Therefore, all of the mentioned personal information is essential for a telegraphic transfer.Rate this question:
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- 8.
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
Correct Answer
D. All of the aboveExplanation
When sending a Money in Minutes Money Transfer, all of the above information is required. The sender's name, ID details, and address are necessary to verify their identity and ensure the transaction is secure. The country that the receiver is in is important to determine the appropriate transfer method and currency. Lastly, the receiver's name and address are needed to ensure the money reaches the intended recipient.Rate this question:
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- 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
Correct Answer
B. A cheque in a foreign currencyExplanation
A draft refers to a cheque in a foreign currency. It is a payment instrument that allows the transfer of funds in a different currency. It can be used for international transactions and is typically issued by a bank. The recipient of the draft can deposit it into their bank account and receive the funds in the foreign currency specified on the cheque.Rate this question:
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- 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
Correct Answer
A. Drafts onlyExplanation
Products that have a PDS (Product Disclosure Statement) are drafts only. This means that only drafts have a PDS, while telegraphic transfers do not have a PDS. The PDS is a document that provides important information about a financial product, including its features, risks, and fees. Since the answer states that drafts only have a PDS, it implies that telegraphic transfers do not have this document.Rate this question:
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- 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
Correct Answer
C. Both of the aboveExplanation
Members 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 the direct transfer of funds from a foreign bank account to the member's account, while receiving a cheque in foreign currency provides the option to convert the funds into Australian dollars. Therefore, both options mentioned in the answer are valid methods for members to receive money from overseas.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
The correct answer is "All of the above" because selling foreign exchange allows us to provide an additional member service, earn additional fee income, and maximize our "share-of-wallet" from each member. By offering foreign exchange services, we not only cater to the needs of our members but also generate revenue through fees and increase our overall market share.Rate this question:
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- 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
Correct Answer
A. All membersExplanation
The correct answer is "All members" because the question asks which members are eligible to use the international payments service, and the answer states that all members are eligible. This means that there are no specific criteria or restrictions for using the service, and all members, regardless of age, deposit amount, or length of membership, can avail of the international payments service.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
All of the above. The range of international payments services would be useful for a member overseas who needs an emergency cash transfer, as they have lost their credit card or cash. It would also be useful for members from a migrant community who wish to send money overseas. Additionally, members who wish to buy products online from overseas would benefit from these services.Rate this question:
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- 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
Correct Answer
C. The funds are required quicklyExplanation
A telegraphic transfer is recommended when the funds are required quickly because it is a fast method of transferring money. Unlike a draft, which can take several days to clear, a telegraphic transfer allows for immediate transfer of funds. This is especially useful in situations where time is of the essence, such as urgent payments or time-sensitive transactions.Rate this question:
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- 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
Correct Answer
B. The member wants to pay a lower feeExplanation
A draft is recommended instead of a telegraphic transfer when the member wants to pay a lower fee. A draft is a payment method that involves the physical movement of a paper document, which typically incurs lower fees compared to electronic transfers like telegraphic transfers. This option allows the member to save on transaction costs while still facilitating the payment.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
A Money in Minutes Transfer would be a good alternative to a telegraphic transfer when the receiver does not have a bank account, requires cash pick up, and there are no uplifting/receiver fees. This option allows the receiver to quickly and conveniently receive the money without the need for a bank account, and they can pick up cash instead. Additionally, the absence of uplifting or receiver fees makes it a cost-effective choice. Therefore, choosing "All of the above" is the correct answer as it encompasses all the mentioned scenarios where a Money in Minutes Transfer would be a suitable alternative to a telegraphic transfer.Rate this question:
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- 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
Correct Answer
C. Both A & BExplanation
Members can send a money in minutes transfer by either visiting a branch or using internet banking via secure email. Both options are available for members to choose from, allowing them to send the transfer conveniently and securely.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
The exchange rates offered by the company are different from those promoted on TV news because exchange rates constantly fluctuate and the rates on TV are only indicative. Additionally, the rates on TV are "dealers" rates, which means that the costs of providing the service are factored into the rates offered by the company. Moreover, every financial institution and foreign exchange provider has the freedom to set its own rates. Therefore, all of the above reasons contribute to the difference in exchange rates.Rate this question:
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- 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
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 thoughtful and personal gift. Additionally, it is relatively inexpensive compared to other methods of sending money internationally. Furthermore, a draft can be paid directly into the overseas beneficiary's bank account, ensuring a hassle-free and secure transaction. Therefore, all of the above options make a draft a convenient choice for sending money overseas as a gift.Rate this question:
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- 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
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 beneficial because it eliminates the need for currency conversion and reduces the risk of fluctuating exchange rates. It also simplifies the payment process for the customer, as they can make transactions in their familiar currency. This feature enhances convenience and efficiency for international transactions, making the service useful for business customers.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
Members 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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Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 17, 2023Quiz Edited by
ProProfs Editorial Team -
Nov 25, 2013Quiz Created by
WUBS
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