Community First - International Payments Training Module 1 - Product Knowledge & Selling Skills

25 Questions | Total Attempts: 86

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Community First - 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 receive a $20 gift voucher, and if you score 100% you will receive a $50 gift voucher. You will have two attempts to complete this quiz and score 80% or more.


Questions and Answers
  • 1. 
    What currency should you send a telegraphic transfer in?
    • A. 

      The currency of the overseas beneficiary (ie the person receiving the money)

    • B. 

      Funds should always be sent in US Dollars

    • C. 

      Funds should always be sent in Australian Dollars

    • D. 

      No choice is offered

  • 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 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

  • 4. 
    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

  • 5. 
    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 membership number

    • D. 

      All of the above

  • 6. 
    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

  • 7. 
    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

  • 8. 
    Why do we 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

  • 9. 
    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

  • 10. 
    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

  • 11. 
    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

  • 12. 
    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

  • 13. 
    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

  • 14. 
    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

  • 15. 
    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

  • 16. 
    What is an Inward Telegraphic Transfer?
    • A. 

      A transfer of funds from overseas to be paid out in cash

    • B. 

      A cheque in a foreign currency sent from overseas

    • C. 

      A transfer of funds from overseas to be credited to a member’s account

    • D. 

      A travel card in a foreign currency from overseas

  • 17. 
    What are the advantages of receiving money by Inward Telegraphic Transfer?
    • A. 

      The transaction can be completed as a local transfer so the sender may not need to pay a SWIFT fee

    • B. 

      It is a quick way to send money (funds are normally credited within 2-3 business days)

    • C. 

      Members are not charged the beneficiary deduct fee, so they will receive the full amount of their incoming payment

    • D. 

      There are no age or credit restrictions on who can send a transfer

    • E. 

      All of the above

  • 18. 
    What currency should you receive an Inward Telegraphic Transfer in?
    • A. 

      The currency of the overseas sender (a choice of 35 currencies is available)

    • B. 

      The currency of the overseas sender (a choice of 50 currencies is available)

    • C. 

      The currency of the overseas sender (a choice of 10 currencies is available)

    • D. 

      Only AUD transfers are available

  • 19. 
    What fee applies to receiving an Inward Telegraphic Transfer?
    • A. 

      $10

    • B. 

      $20

    • C. 

      $30

    • D. 

      Free

  • 20. 
    How does the Inward Telegraphic Transfer Service work?
    • A. 

      A member receives funds from overseas via the banking SWIFT network

    • B. 

      A member receives funds from overseas using Western Union Business Solutions domestic bank accounts

    • C. 

      A member receives funds from overseas using the Western Union agent network

    • D. 

      A member receives foreign cash from overseas

  • 21. 
    Members can use our Inward Payments Service in the following situations:
    • A. 

      Receiving regular payments from overseas, such as a salary

    • B. 

      Receiving savings or proceeds from selling an overseas asset, such as property or shares

    • C. 

      Receiving a one-off payment from family or friends overseas as a gift

    • D. 

      All of the above

  • 22. 
    How does a member access information on the Inward Telegraphic Transfer service?
    • A. 

      The member should complete the relevant information on the online form located on our website, follow the instructions and forward payment details to the overseas sender

    • B. 

      The member should complete the relevant information in the online form located on our website and wait until payment is received

    • C. 

      The member should ask the overseas sender to send a SWIFT payment via their bank

    • D. 

      The member needs to get our approval to receive a transfer

  • 23. 
    When might business banking customers use the Inward Telegraphic Transfer service?
    • A. 

      If they are importing goods or services from overseas

    • B. 

      If they wish to lock in an exchange rate for a future transaction

    • C. 

      If they are exporting goods or services overseas

    • D. 

      If they are shipping goods interstate

  • 24. 
    Why do we offer the Inward Telegraphic Transfer service?
    • A. 

      To offer our members a fee-free alternative to the SWIFT system

    • B. 

      We receive non-interest income from each transaction

    • C. 

      To offer our members a simple way of providing the required instructions to an overseas sender

    • D. 

      All of the above

  • 25. 
    When will the Inward Telegraphic Transfer service be available?
    • A. 

      It is available now

    • B. 

      It will be launched for Christmas

    • C. 

      It will be launched next year

    • D. 

      It will be launched next financial year

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