Modification History
Not applicable.
Unit Descriptor
This unit describes the performance outcomes, skills and knowledge required to provide customer service and handle foreign currency transactions including buying and selling foreign currency travellers cheques, notes and coins within a retail banking environment.
Application of the Unit
This unit may apply to a range of job roles in organisations dealing with retail foreign currency exchange.
Licensing/Regulatory Information
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Pre-Requisites
Not applicable.
Employability Skills Information
This unit contains employability skills.
Elements and Performance Criteria Pre-Content
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
1. Identify nature of customer's foreign currency needs |
1.1. The nature of the foreign currency transaction is clarified with the customer 1.2. Relevant information is obtained from the customer including verifying the identity of the person presenting notes for sale or wishing to purchase foreign currency according to organisational policy and procedures 1.3. Customer requests for foreign currency dealings are handled in accordance within the officer's authority to approve transactions |
2. Verify that the proposed transaction can be conducted |
2.1. Cleared funds are identified as available for requests to purchase foreign currency 2.2. Requests for foreign currency notes are assessed against current stock of currencies held with currencies not held on site ordered and the customer advised when they will be available 2.3. Foreign currency notes presented for sale are verified for authenticity according to organisational procedures |
3. Conduct the transaction |
3.1. Conversion of foreign currency amounts is calculated using the organisation's set procedures and tables or by accessing relevant databases 3.2. The customer is provided with a copy of the rates used to calculate the currency conversion 3.3. Where travellers cheques are being purchased or sold, the customer’s signature is witnessed in accordance with policies and procedures 3.4. Details of the transaction are entered into the relevant database |
4. Maintain accurate records of transaction |
4.1. Required vouchers and receipts are completed in accordance with organisation procedures and required signatures are obtained on relevant documentation 4.2. Relevant reports are completed and filed in the event of significant cash transactions including relevant reports where a transaction is considered a possible suspect transaction 4.3. Internal records of foreign currency transactions are updated and maintained in accordance with organisational procedures |
Required Skills and Knowledge
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
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Guidance information for assessment |
Range Statement
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Foreign currency transactions may include: |
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The customer may be: |
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Relevant information to be collected may include: |
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Cleared funds refers to: |
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Significant cash transactions are: |
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Unit Sector(s)
Financial retail services