Assessor Resource

FNSRTS302A
Handle foreign currency transactions

Assessment tool

Version 1.0
Issue Date: May 2024


This unit may apply to a range of job roles in organisations dealing with retail foreign currency exchange.

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.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Prerequisites

Not applicable.

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

undertake a range of foreign currency transactions effectively and accurately, completing relevant checks, documentation and records

follow organisational procedures when conducting foreign currency transactions especially to ensure that unacceptable risks are not taken.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to foreign exchange rates systems and current information.

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:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

communication skills to:

determine and confirm customer requirements, using questioning and active listening as required

provide relevant responses to customer queries on foreign currency transactions

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

make basic financial transaction calculations

access and use computer-based transaction systems

access and use internet information such as currency exchange rates

problem solving skills to address customer service issues

literacy skills to read documents and complete forms and transaction records accurately

organisational skills, including the ability to plan and sequence work

teamwork skills to work cooperatively with others

self-management skills for complying with procedural requirements

learning skills to maintain knowledge of changes to currency exchange process and procedures

Required knowledge

industry codes of practice including:

Privacy Act

Consumer Credit Code

Code of Banking Practice

Anti-Money Laundering and Counter Terrorism Financing Acts

organisation policies and procedures in regard to foreign currency transactions

relevant fees and charges for foreign currency transactions

relevant legislation and statutory requirements including Financial Transaction Reports Act (FTRA)

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:

conversion of Australian dollars to another currency

foreign notes and coins

international drafts

overseas bank cheques

telegraphic transfers

traveller’s cheques.

The customer may be:

a customer of another financial institution

a new customer

a resident or non-resident of Australia

an existing customer.

Relevant information to be collected may include:

bank account details

name, address and contact details

source of funds to cover transaction.

Cleared funds refers to:

cash

cheque from same institution

cleared funds within a bank account held at same institution.

Significant cash transactions are:

transactions involving currency (i.e. coin and paper money of Australia or of a foreign country) in excess of the equivalent of $10,000 or as determined by legislation.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
The nature of the foreign currency transaction is clarified with the customer 
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 
Customer requests for foreign currency dealings are handled in accordance within the officer's authority to approve transactions 
Cleared funds are identified as available for requests to purchase foreign currency 
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 
Foreign currency notes presented for sale are verified for authenticity according to organisational procedures 
Conversion of foreign currency amounts is calculated using the organisation's set procedures and tables or by accessing relevant databases 
The customer is provided with a copy of the rates used to calculate the currency conversion 
Where travellers cheques are being purchased or sold, the customer’s signature is witnessed in accordance with policies and procedures 
Details of the transaction are entered into the relevant database 
Required vouchers and receipts are completed in accordance with organisation procedures and required signatures are obtained on relevant documentation 
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 
Internal records of foreign currency transactions are updated and maintained in accordance with organisational procedures 

Forms

Assessment Cover Sheet

FNSRTS302A - Handle foreign currency transactions
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSRTS302A - Handle foreign currency transactions

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: