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!
- 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
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 secure and efficient 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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- 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
Correct Answer
C. Transfer of funds overseas to be credited to a bank accountExplanation
A telegraphic transfer refers to the process of transferring funds from one country to another, with the intention of crediting the funds to a bank account in the recipient's country. This method is commonly used for international money transfers, allowing individuals or businesses to send money securely and quickly to another country. Unlike cash payments or cheques, which are physical forms of payment, a telegraphic transfer involves the electronic transfer of funds, ensuring the recipient has access to the money in their bank account.Rate this question:
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- 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
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 without any risk of interception or loss. Secondly, it is a quick way to send money, with funds typically being credited within 2-3 business days. Additionally, 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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- 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
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 needed to identify the person initiating the transfer. The beneficiary's name and street address are necessary to ensure that the funds are correctly directed to the intended recipient. Additionally, the sender's membership number may be required by the financial institution to verify their identity and account details.Rate this question:
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- 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
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 currency and transfer options. Finally, the receiver's name and address are essential for identifying the correct recipient and ensuring the money reaches the intended person.Rate this question:
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- 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
Correct Answer
A. A standard type of account number required for all transfers to European countriesExplanation
IBAN stands for International Bank Account Number. It is a standardized account number format used for all transfers to European countries. The IBAN is used to identify the recipient's bank account and ensure accurate and efficient transfer of funds within the European banking system.Rate this question:
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- 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
Correct Answer
B. A cheque in a foreign currencyExplanation
A draft is a type of financial instrument that functions similarly to a cheque, but in a foreign currency. It is used to make payments or transfer funds internationally. Unlike a regular cheque, a draft is drawn on a foreign bank and denominated in a foreign currency. It is commonly used for international transactions, such as paying for goods or services in a foreign country or sending money abroad.Rate this question:
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- 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
Correct Answer
A. Drafts onlyExplanation
Drafts are financial instruments that are used for making payments. They are similar to checks and are typically used for international transactions. A Product Disclosure Statement (PDS) is a document that provides information about a financial product, including its features, risks, and fees. In this case, the correct answer indicates that only drafts have a PDS, suggesting that there is a requirement to disclose information about drafts as a financial product, while telegraphic transfers do not have the same requirement.Rate this question:
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- 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
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 involves the transfer of funds electronically from a foreign bank account to the member's account. On the other hand, receiving a cheque in foreign currency allows the member to convert the funds into AUD at their convenience. Therefore, both options provide a means for members to receive money from overseas.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
The correct answer is "All of the above" because selling foreign exchange allows the company to provide an additional member service, earn additional fee income, and maximize their share-of-wallet from each member. By offering foreign exchange services, the company can meet the needs of their members, generate extra revenue through fees, and increase their overall market share.Rate this question:
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- 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
Correct Answer
A. All membersExplanation
The correct answer is "All members" because the question asks about eligibility for using the international payments service, and the answer states that all members are eligible. This means that there are no specific requirements or restrictions for using the service, and all members have access to it regardless of their age, deposit amount, or length of membership.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
All of the above options are potential members who might find the range of international payments services useful. The first option addresses a member overseas who needs an emergency cash transfer due to the loss of their credit card or cash. The second option caters to members from a migrant community who want to send money overseas. The third option is for members who wish to purchase products online from overseas. Therefore, all three options cover different scenarios where the international payments services can be beneficial.Rate this question:
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- 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
Correct Answer
C. The funds are required quicklyExplanation
A telegraphic transfer is recommended when the funds are required quickly. This is because telegraphic transfers are electronic transfers of funds that are processed and settled quickly, usually within a few hours or the same day. In contrast, a draft is a physical document that needs to be processed and cleared by banks, which can take several days or even weeks. Therefore, if there is an urgent need for funds to be transferred, a telegraphic transfer is a more suitable option.Rate this question:
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- 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
Correct Answer
B. The member wants to pay a lower feeExplanation
A draft may be recommended instead of a telegraphic transfer when the member wants to pay a lower fee. This is because drafts typically have lower transaction fees compared to telegraphic transfers.Rate this question:
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- 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
Correct Answer
E. 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, when the funds are required urgently within minutes overseas (such as in an emergency), when the receiver requires cash pick up, and when there is no uplifting/receiver fee. In these situations, a Money in Minutes Transfer provides a quick and convenient way to transfer funds without the need for a bank account and with the added benefit of cash pick up and no additional fees.Rate this question:
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- 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
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 move and the rates on TV are indicative only. Additionally, the rates on TV are the "dealers" rate which includes the costs of providing the service, similar to how a home loan rate is higher than the official cash rate. Moreover, every financial institution and foreign exchange provider can set their own rates.Rate this question:
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- 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
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 gesture. Additionally, it is relatively inexpensive compared to other money transfer methods. Moreover, the draft can be paid directly into the bank account of the overseas beneficiary, ensuring a secure and convenient transaction. Therefore, all of the above reasons make a draft a convenient option for sending money overseas as a gift.Rate this question:
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- 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
Correct Answer
C. A transfer of funds from overseas to be credited to a member's accountExplanation
An Inward Telegraphic Transfer refers to a transfer of funds from overseas that is intended to be credited to a member's account. This means that the funds are being sent from another country and will be deposited into the recipient's account. It is a secure and efficient way to transfer money internationally. This option does not involve receiving cash, a cheque, or a travel card in a foreign currency.Rate this question:
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- 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
Correct Answer
E. All of the aboveExplanation
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 credited within 2-3 business days. Additionally, members are not charged the beneficiary deduct fee, ensuring that 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 options are advantages of receiving money by Inward Telegraphic Transfer.Rate this question:
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- 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
Correct Answer
A. The currency of the overseas sender (a choice of 35 currencies is available)Explanation
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. Additionally, there are 35 different currency options available to choose from.Rate this question:
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- 21.
What fee applies to receiving an Inward Telegraphic Transfer?
- A.
$10
- B.
$20
- C.
$30
- D.
Free
Correct Answer
D. FreeExplanation
The correct answer is "free". This means that there is no fee applied to receiving an Inward Telegraphic Transfer.Rate this question:
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- 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
Correct Answer
B. A member receives funds from overseas using Western Union Business Solutions domestic bank accountsExplanation
The correct answer is "A member receives funds from overseas using Western Union Business Solutions domestic bank accounts." This means that when someone uses the Inward Telegraphic Transfer Service, they receive funds from overseas through domestic bank accounts provided by Western Union Business Solutions.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
The correct answer is "All of the above." This means that members can use the Inward Payments Service in all of the situations mentioned in the options. They can receive regular payments from overseas, receive savings or proceeds from selling an overseas asset, and receive one-off payments from family or friends overseas as a gift.Rate this question:
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- 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
Correct Answer
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 senderExplanation
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 explains the specific steps that the member should take to access information on the Inward Telegraphic Transfer service. By completing the online form and providing payment details to the overseas sender, the member can initiate the transfer process and receive the necessary information.Rate this question:
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- 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
Correct Answer
D. All of the aboveExplanation
The reason for offering the Inward Telegraphic Transfer service is to provide our members with a fee-free alternative to the SWIFT system. Additionally, we receive non-interest income from each transaction, which helps support our operations. Moreover, this service offers our members a simple and convenient way of providing the necessary instructions to an overseas sender. Therefore, all of the given options are correct explanations for why we offer the Inward Telegraphic Transfer service.Rate this question:
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Current Version
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Mar 21, 2023Quiz Edited by
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Jul 16, 2014Quiz Created by
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