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

When sending a telegraphic transfer, it is recommended to send the funds in the currency of the overseas beneficiary, which is the person receiving the money. This ensures that the recipient receives the funds in their local currency without the need for conversion, saving them from potential exchange rate fluctuations and fees.

A Telegraphic Transfer refers to the transfer of funds from one bank account to another overseas bank account. It involves electronically sending the funds to the recipient's bank account, ensuring a secure and efficient transfer. This method is commonly used for international business transactions or sending money to family or friends abroad. Unlike cash or cheques, the funds are directly credited to the recipient's bank account, providing convenience and ease of access to the transferred funds.

An IBAN is a standard type of account number that is required for all transfers to European (and certain other) countries. It is a unique identifier that helps ensure that funds are transferred accurately and securely between different banks and countries. IBANs are used to facilitate international transactions and to comply with banking regulations.

A draft is a type of payment instrument that is similar to a cheque, but it is issued in a foreign currency. It allows the payer to make a payment in a foreign currency to the payee. The payee can then deposit the draft into their bank account or cash it at a bank. This method is commonly used for international transactions where the payer and payee are in different countries and need to exchange funds in a different currency.

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, while the beneficiary's name and street address are required to ensure the transfer reaches the intended recipient. Additionally, the sender's membership number may be needed for verification or tracking purposes. Therefore, all of the mentioned personal information is necessary for a successful transfer.

The correct answer is "Drafts only." A Product Disclosure Statement (PDS) is a document that provides information about a financial product, including its features, risks, and fees. In this case, only the product "Drafts" requires a PDS, while the other options, including Telegraphic Transfers, Money in Minutes, and None of these products, do not require a PDS.

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 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 the local currency. Therefore, both options are available for members to receive money from overseas.

The reason why we sell foreign exchange is because it provides an additional customer service, allows us to earn additional fee income, and provides cross-selling opportunities for our other products. By offering foreign exchange services, we are able to cater to the needs of customers who require currency exchange for international travel or business purposes. This not only enhances customer satisfaction but also generates additional revenue through fees charged for the exchange transactions. Additionally, selling foreign exchange opens up opportunities to cross-sell other products and services to customers, further expanding our business offerings.

All members are eligible to use the international payments service. This means that there are no specific requirements or restrictions for members to access this service. Regardless of age, deposit amount, or length of membership, all members have the privilege to use the international payments 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. Furthermore, a draft can be paid directly into the bank account of the overseas beneficiary, ensuring a quick and convenient transfer of funds.

A telegraphic transfer is a faster method of transferring funds compared to a draft. In situations where the funds are required quickly, it would be recommended to use a telegraphic transfer instead of a draft. This is because a telegraphic transfer allows for immediate transfer of funds, while a draft may take longer to process and clear.

The reason why the exchange rates offered by the company are different from those promoted on TV news is because exchange rates constantly move 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 also need to be factored in. Moreover, every financial institution and foreign exchange provider has the freedom to set its own rates. Therefore, all of the given options are valid explanations for the difference in exchange rates.

The correct answer is that the Telegraphic Transfer service enables 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 exchange rate fluctuations. It also simplifies the payment process and allows for easier tracking of international transactions.

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.

A draft may be recommended instead of a telegraphic transfer when the member wants to pay a lower fee. Unlike telegraphic transfers, drafts typically have lower fees associated with them, making them a more cost-effective option for transferring funds.

An inward telegraphic transfer refers to the transfer of funds from overseas to be credited to a member's account. This means that money is being sent from another country and deposited into the account of a member, typically in a bank or financial institution. This method allows for secure and efficient transfer of funds internationally, ensuring that the recipient has access to the money in their account.

Receiving money by Inward Telegraphic Transfer has several advantages. Firstly, the transaction can be completed as a local transfer, eliminating the need for the sender to pay a SWIFT fee. Secondly, it is a quick way to send money, with funds usually being credited within 2-3 business days. Additionally, members are not charged a beneficiary deduct fee, ensuring they receive the full amount of their incoming payment. Lastly, there are no age or credit restrictions on who can send a transfer. Therefore, all of the above advantages apply to receiving money by Inward Telegraphic Transfer.

The correct answer is "The currency of the overseas sender (a choice of 35 currencies is available)". This means that when receiving an Inward Telegraphic Transfer, the currency should be the same as the currency of the overseas sender. There are 35 different currencies available to choose from, allowing for flexibility in receiving the transfer in the desired currency.

The correct answer is "free". This means that there is no fee applied to receiving an Inward Telegraphic Transfer.

The correct answer is "A member receives funds from overseas using Western Union Business Solutions domestic bank accounts." This means that the Inward Telegraphic Transfer Service works by allowing a member to receive funds from overseas through Western Union Business Solutions' domestic bank accounts. This service enables the transfer of funds internationally and facilitates the process of receiving money from abroad.

The correct answer is "All of the above". This means that members can use the Inward Payments Service in all of the situations mentioned, which include receiving regular payments from overseas, receiving savings or proceeds from selling an overseas asset, and receiving a one-off payment from family or friends overseas as a gift.

The correct answer is that the member should complete the relevant information on the online form located on the website, follow the instructions, and forward payment details to the overseas sender. This answer suggests that accessing information on the Inward Telegraphic Transfer service involves completing an online form and providing payment details to the sender.

Business banking customers might use the Inward Telegraphic Transfer service if they are exporting goods or services overseas. This service allows them to receive payments from international customers directly into their bank account. It provides a secure and convenient way to receive funds from overseas, ensuring smooth and efficient international transactions.

The reason why we offer the Inward Telegraphic Transfer service is because it provides our members with a fee-free alternative to the SWIFT system. Additionally, we receive non-interest income from each transaction, which is another benefit of offering this service. Moreover, it offers our members a simple and convenient way of providing the necessary instructions to an overseas sender. Therefore, all of the given options are valid reasons for offering the Inward Telegraphic Transfer service.

The given correct answer states that the Inward Telegraphic Transfer service is available now. This means that the service is currently accessible and can be used by customers.