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Evidence Guide: FNSRTS302 - Handle foreign currency transactions

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSRTS302 - Handle foreign currency transactions

What evidence can you provide to prove your understanding of each of the following citeria?

1. Identify nature of customer's foreign currency needs

  1. Clarify nature of foreign currency transaction with customer
  2. 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
  3. 1.3 Handle customer requests for foreign currency dealings in accordance with officer's authority to approve transactions
Clarify nature of foreign currency transaction with customer

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

1.3 Handle customer requests for foreign currency dealings in accordance with officer's authority to approve transactions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Verify that proposed transaction can be conducted

  1. Identify cleared funds as available for requests to purchase foreign currency
  2. 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
  3. Verify foreign currency notes presented for sale for authenticity according to organisational procedures
Identify cleared funds as available for requests to purchase foreign currency

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Verify foreign currency notes presented for sale for authenticity according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct transaction

  1. 3.1 Calculate conversion of foreign currency amounts using organisation's set procedures and tables or by accessing relevant databases
  2. Provide customer with copy of rates used to calculate currency conversion
  3. Witness customer’s signature, in accordance with policies and procedures, if travellers cheques are being purchased or sold
  4. Enter details of transaction into relevant database
3.1 Calculate conversion of foreign currency amounts using organisation's set procedures and tables or by accessing relevant databases

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide customer with copy of rates used to calculate currency conversion

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Witness customer’s signature, in accordance with policies and procedures, if travellers cheques are being purchased or sold

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enter details of transaction into relevant database

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain accurate records of transaction

  1. Complete required vouchers and receipts in accordance with organisational procedures and obtain required signatures on relevant documentation
  2. Complete and file relevant reports in event of significant cash transactions, including relevant reports where transaction is considered a possible suspect transaction
  3. Update and maintain internal records of foreign currency transactions in accordance with organisational procedures
Complete required vouchers and receipts in accordance with organisational procedures and obtain required signatures on relevant documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and file relevant reports in event of significant cash transactions, including relevant reports where transaction is considered a possible suspect transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update and maintain internal records of foreign currency transactions in accordance with organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify nature of customer's foreign currency needs

  1. Clarify nature of foreign currency transaction with customer
  2. 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
  3. Handle customer requests for foreign currency dealings in accordance with officer's authority to approve transactions
Clarify nature of foreign currency transaction with customer

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Handle customer requests for foreign currency dealings in accordance with officer's authority to approve transactions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify nature of customer's foreign currency needs

1.1 Clarify nature of foreign currency transaction with customer

1.2 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

2.1 Identify cleared funds as available for requests to purchase foreign currency

2.2 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

2.3 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

3.2 Provide customer with copy of rates used to calculate currency conversion

3.3 Witness customer’s signature, in accordance with policies and procedures, if travellers cheques are being purchased or sold

3.4 Enter details of transaction into relevant database

4. Maintain accurate records of transaction

4.1 Complete required vouchers and receipts in accordance with organisational procedures and obtain required signatures on relevant documentation

4.2 Complete and file relevant reports in event of significant cash transactions, including relevant reports where transaction is considered a possible suspect transaction

4.3 Update and maintain internal records of foreign currency transactions in accordance with organisational procedures

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify nature of customer's foreign currency needs

1.1 Clarify nature of foreign currency transaction with customer

1.2 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

2.1 Identify cleared funds as available for requests to purchase foreign currency

2.2 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

2.3 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

3.2 Provide customer with copy of rates used to calculate currency conversion

3.3 Witness customer’s signature, in accordance with policies and procedures, if travellers cheques are being purchased or sold

3.4 Enter details of transaction into relevant database

4. Maintain accurate records of transaction

4.1 Complete required vouchers and receipts in accordance with organisational procedures and obtain required signatures on relevant documentation

4.2 Complete and file relevant reports in event of significant cash transactions, including relevant reports where transaction is considered a possible suspect transaction

4.3 Update and maintain internal records of foreign currency transactions in accordance with organisational procedures

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.

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.