Google Links

Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. 1. Identify nature of customer's foreign currency needs
   • Clarify nature of foreign currency transaction with customer
   • Obtain relevant information from customer, including verifying identity of person presenting notes for sale or wishing to purchase foreign currency according to organisational policy and procedures
   • 1.3 Handle customer requests for foreign currency dealings in accordance with officer's authority to approve transactions
2. Verify that proposed transaction can be conducted
   • Identify cleared funds as available for requests to purchase foreign currency
   • Assess stocks of currencies held on site and inform customer if their requests for foreign currency notes can be fulfilled or advise when currencies will be available
   • Verify foreign currency notes presented for sale for authenticity according to organisational procedures
3. Conduct transaction
   • 3.1 Calculate conversion of foreign currency amounts using organisation's set procedures and tables or by accessing relevant databases
   • Provide customer with copy of rates used to calculate currency conversion
   • Witness customer’s signature, in accordance with policies and procedures, if travellers cheques are being purchased or sold
   • Enter details of transaction into relevant database
4. Maintain accurate records of transaction
   • Complete required vouchers and receipts in accordance with organisational procedures and obtain required signatures on relevant documentation
   • Complete and file relevant reports in event of significant cash transactions, including relevant reports where transaction is considered a possible suspect transaction
   • Update and maintain internal records of foreign currency transactions in accordance with organisational procedures
5. Identify nature of customer's foreign currency needs
   • Clarify nature of foreign currency transaction with customer
   • Obtain relevant information from customer, including verifying identity of person presenting notes for sale or wishing to purchase foreign currency according to organisational policy and procedures
   • Handle customer requests for foreign currency dealings in accordance with officer's authority to approve transactions

Performance Evidence

Evidence of the ability to:

undertake a range of foreign currency transactions effectively and accurately within a range of authority and compliance procedures

complete relevant identification checks, verifications of documentation and ensure stocks of currency

follow organisational procedures to conduct foreign currency transactions

use appropriate tools and calculate conversion of foreign currency accurately

complete and maintain accurate records according to organisational policy and procedures.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

---

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

describe a range of foreign currency transactions undertaken by the organisation

explain the key requirements of industry codes of practice and legislation, and their relevance to foreign currency transactions

describe the key features of organisational policy and procedures in regard to foreign currency transactions

identify and categorise relevant fees and charges for foreign currency transactions.

---