Qccu - International Payments Training Module

25 Questions | Total Attempts: 158

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Qccu - International Payments Training Module

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 a draw to win one of 10 gift cards to the value of $50. 00 each. This quiz will take approximately 10 minutes and must be completed before midnight on 31 July 2014. You will have two attempts to complete this quiz. Good luck!


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 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

  • 5. 
    What information is required when sending an 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

  • 6. 
    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

  • 7. 
    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

  • 8. 
    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

  • 9. 
    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

  • 10. 
    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

  • 11. 
    Which of our members are eligible to use the international payments service?
    • A. 

      All members

    • B. 

      Only members aged over 18

    • C. 

      Only members which over $10,000 in deposits

    • D. 

      Only members who have been with us for over 5 years

  • 12. 
    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

  • 13. 
    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

  • 14. 
    When might you recommend a draft instead of 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

  • 15. 
    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 funds are required urgently - within minutes overseas (for example in an emergency)

    • C. 

      The receiver requires cash pick up

    • D. 

      No uplifting / receiver fee

    • E. 

      All of the above

  • 16. 
    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" rate. 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

  • 17. 
    What makes a draft a particularly convenient method for sending money overseas as a gift?
    • A. 

      A draft can be enclosed with 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

  • 18. 
    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

  • 19. 
    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

  • 20. 
    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

  • 21. 
    What fee applies to receiving an Inward Telegraphic Transfer?
    • A. 

      $10

    • B. 

      $20

    • C. 

      $30

    • D. 

      Free

  • 22. 
    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

  • 23. 
    Members can use our Inward Payments Service in the following situations:
    • A. 

      Receiving regular payments from overseas, such as salary

    • B. 

      Receive 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 gift

    • D. 

      All of the above

  • 24. 
    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

  • 25. 
    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

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