Unit of competency details
FNSRTS312 - Execute foreign currency transactions (Release 1)
Summary
Usage recommendation:
Current
Releases:
| 1 1 (this release) |
01/Jul/2020 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 081101 | Banking And Finance | 01/Jul/2020 | |
The content being displayed has been produced by a third party, while all attempts have been made to make this content as accessible as possible it cannot be guaranteed. If you are encountering issues following the content on this page please consider downloading the content in its original form
Unit of competency
Modification History
|
Release
|
Comments
|
|
Release 1
|
This version first released with FNS Financial Services Training Package Version 4.0.
|
Application
This unit describes the skills and knowledge required to provide customer service and execute foreign currency transactions for customers, which include buying and selling foreign currency within a retail banking environment.
It applies to individuals who, within their level of responsibility, use clear communication skills to provide current and accurate information to customers in retail banking environments regarding foreign currency transactions.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Financial retail services
Elements and Performance Criteria
|
ELEMENT
|
PERFORMANCE CRITERIA
|
|
Elements describe the essential outcomes.
|
Performance criteria describe the performance needed to demonstrate achievement of the element.
|
|
1. Clarify customer needs
|
1.1 Confirm details of customer need for foreign currency according to organisational policy and procedures
1.2 Provide information on available options for foreign currency transactions to customer
|
|
2. Provide information for proposed transaction
|
2.1 Access organisational systems or databases to source information required for transaction
2.2 Communicate transaction information to customer and respond to queries within scope of own authority
2.3 Follow organisational procedures and protocols if customer query extends beyond scope of own authority
|
|
3. Complete foreign currency transaction
|
3.1 Obtain required information for verifying customer identity according to organisational and regulatory policy and procedures
3.2 Obtain and confirm customer acceptance of transaction conditions
3.3 Execute transaction
3.4 Record required information in organisational systems or databases
|
Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
|
Skill
|
Description
|
|
Reading
|
- Accesses information from a range of sources and interprets financial documents to confirm and determine requirements
|
|
Writing
|
- Records information, checking for accuracy of information and data received
|
|
Oral Communication
|
- Participates in verbal exchanges, using active listening and questioning to determine requirements and respond to queries
- Clearly explains and clarifies information using language, tone and pace intended to the audience and purpose
- Interacts in courteous manner when communicating with customers
|
|
Numeracy
|
- Uses mathematical equations and organisational tools to undertake basic financial transaction calculations
|
|
Self-management
|
- Understands boundaries and responsibilities of role and complies with explicit policies and procedures for effective customer service in immediate work context.
- Takes responsibility for the sequence and priority of tasks within own workload to achieve required outcomes
- Makes routine decisions and implements standard procedures for routine tasks and predictable problems
|
|
Technology
|
- Uses familiar digital technologies and systems to access information and enter data
|
Unit Mapping Information
Supersedes and is equivalent to FNSRTS302 Handle foreign currency transactions.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
Assessment requirements
Modification History
|
Release
|
Comments
|
|
Release 1
|
This version first released with FNS Financial Services Training Package Version 4.0.
|
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- complete at least three different foreign currency transactions, including one situation which requires escalation.
In the course of the above, the candidate must:
- conduct identification checks in line with organisational and regulatory requirements
- communicate and confirm customer acceptance of fees and conversion rates.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- industry codes of practice and legislation required to produce the performance evidence, including anti-money laundering and counter-terrorism financing
- organisational systems and data bases for storing information on foreign currency transactions
- key features of and methods to access foreign currency rates, fees and charges
- foreign currency products and types of foreign transactions
- types of fees and charges for foreign currency transactions specific to the organisation.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demostrates consistent performance of typical activities experienced in the financial retail services field of work and include access to:
- office equipment, technology, software and consumables
- foreign exchange rates systems and/or standards.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
