Introduction to foreign currency handling

Transcription

1 Introduction to foreign currency handling M/506/2495 Learner name: VRQ Learner number:

2 VTCT is the specialist awarding organisation for the Hairdressing, Beauty Therapy, Complementary Therapy, Hospitality and Catering and Sport and Active Leisure sectors, with over 50 years of experience. VTCT is an awarding body regulated by national organisations including Ofqual, SQA, DfES and CCEA. VTCT is a registered charity investing in education and skills but also giving to good causes in the area of facial disfigurement. Statement of unit achievement By signing this statement of unit achievement you are confirming that all learning outcomes, assessment criteria and range statements have been achieved under specified conditions and that the evidence gathered is authentic. This statement of unit achievement table must be completed prior to claiming certification. Unit code Date achieved Learner signature Assessor initials IV signature (if sampled) Assessor tracking table All assessors using this Record of Assessment book must complete this table. This is required for verification purposes. Assessor name Assessor signature Assessors initials Assessor number (optional)

3 Introduction to foreign currency handling The aim of this unit is to develop your knowledge and understanding of the theory and practice that underpins the foreign exchange industry. You will learn about the importance of selling foreign currency exchange products and the professional working practices employed in the foreign exchange industry. You will develop the skills to provide a foreign exchange service whilst providing excellent customer service and complying with company policies and procedures. _ v1

4 Level 2 Credit value 2 GLH 18 Observation(s) 2 External paper(s) 0

5 Introduction to foreign currency handling Learning outcomes On completion of this unit you will: 1. Be able to provide foreign currency services 2. Understand the theory and practice that underpins the foreign exchange industry 3. Understand and follow professional working practices in the foreign exchange industry 4. Understand the importance of selling foreign currency exchange products Evidence requirements 1. Environment Evidence for this unit may be gathered within the workplace or realistic working environment (RWE). 3. Knowledge outcomes There must be evidence that you possess all the knowledge and understanding listed in the Knowledge section of this unit. In most cases this can be done by professional discussion and/or oral questioning. Other methods, such as projects, assignments and/or reflective accounts may also be used. 4. Tutor/Assessor guidance You will be guided by your tutor/assessor on how to achieve learning outcomes in this unit. All outcomes must be achieved. 5. External paper There is no external paper requirement for this unit. 2. Observation outcomes Competent performance of Observation outcomes must be demonstrated on at least two occasions. Assessor observations, witness testimonies and products of work are likely to be the most appropriate sources of performance evidence. Professional discussion may be used as supplementary evidence for those criteria that do not naturally occur. Assessed observations should not be carried out on the same day for the same learning outcome. There should be sufficient time between assessments for reflection and personal development. You need to meet the same standard on a regular and consistent basis. Separating the assessments by a period of at least two weeks is recommended as competence must be demonstrated on a consistent and regular basis. 3

6 Achieving observations and range Achieving observation outcomes Your assessor will observe your performance of practical tasks. The minimum number of competent observations required is indicated in the Evidence requirements section of this unit. Achieving range There is no range section that applies to this unit. Criteria may not always naturally occur during a practical observation. In such instances you will be asked questions to demonstrate your competence in this area. Your assessor will document the criteria that have been achieved through professional discussion and/or oral questioning. This evidence will be recorded by your assessor in written form or by other appropriate means. Your assessor will sign off a learning outcome when all criteria have been competently achieved. 4

7 Observations Learning outcome 1 Be able to provide foreign currency services You can: a. Deal with customers routine requests b. Match transaction type to customer needs c. Comply with company policy and procedures* *May be assessed by supplementary evidence. Observation 1 2 Optional Optional Criteria questioned orally Date achieved Portfolio reference Learner signature Assessor initials 5

8 Developing knowledge Achieving knowledge outcomes You will be guided by your tutor and assessor on the evidence that needs to be produced. Your knowledge and understanding will be assessed using the assessment methods listed below*: Projects Observed work Witness statements Audio-visual media Evidence of prior learning or attainment Written questions Oral questions Assignments Case studies Professional discussion Where applicable your assessor will integrate knowledge outcomes into practical observations through professional discussion and/or oral questioning. When a criterion has been orally questioned and achieved, your assessor will record this evidence in written form or by other appropriate means. There is no need for you to produce additional evidence as this criterion has already been achieved. Some knowledge and understanding outcomes may require you to show that you know and understand how to do something. If you have practical evidence from your own work that meets knowledge criteria, then there is no requirement for you to be questioned again on the same topic. *This is not an exhaustive list. 6

9 Knowledge Learning outcome 1 Be able to provide foreign currency services You can: Portfolio reference d. Evaluate own performance and suggest improvements 7

10 Learning outcome 2 Understand the theory and practice that underpins the foreign exchange industry You can: Portfolio reference a. Identify the nature and culture of the foreign exchange industry b. Outline the major currencies requested in a standard bureau de change c. Identify currencies needed for commonly visited destinations d. Describe efficient and accurate currency handling skills e. Identify a range of different foreign exchange transactions 8

11 Learning outcome 3 Understand and follow professional working practices in the foreign exchange industry You can: Portfolio reference a. Explain the importance of following company policies and procedures within the foreign exchange industry b. Describe safe and secure working practices c. Describe the importance of good personal hygiene and presentation d. Identify the impact of the bureau de change s appearance 9

12 Learning outcome 4 Understand the importance of selling foreign currency exchange products You can: Portfolio reference a. Describe excellent customer service skills b. Explain how to use communications skills when selling currency products c. Outline the impact of successful selling 10

13 Unit content This section provides guidance on the recommended knowledge and skills required to enable you to achieve each of the learning outcomes in this unit. Your tutor/assessor will ensure you have the opportunity to cover all of the unit content. Learning outcome 1: Be able to provide foreign currency services Foreign currency services: Greeting customer, establishing needs, selling techniques, counting techniques, queue management, stock awareness, competitor awareness. Deal with customers routine requests: Travel geography knowledge, currency type, country visiting, recent history, spending habits, commonly used currencies (EUR, USD, AUD & ECT). Matching transaction type to customer needs: Establishing customer needs, currencies required, payment methods (cash, travellers cheques, travel money cards, banker s cheque), electronic/manual transactions, selling techniques, counting techniques. Policies and procedures: Customer questioning (as per training handbook), open and closed questions, voice projection, establish needs, selling techniques, counting techniques (count to self, count to customer), use of till system, advise the customer, payment methods, charges involved, general professional demeanour, adhere to money laundering procedures, comply with current health and safety procedures, visitors to the branch procedure, branch cleanliness. Own performance: Adherence to policy and procedures, ability to meet customer needs, use of questioning techniques, own performance, peer feedback, tutor feedback, customer feedback. Improvements: Overall performance, ability to meet customer needs, SMART targets for next time, action plan. 11

14 Learning outcome 2: Understand the theory and practice that underpins the foreign exchange industry Nature of industry: Competitive industry, growth industry, high intensity position, buying rate, selling rate, major players (American Express, Eurochange, ICE, Post Office, Travelex), new operators (Tesco, Sainsbury s and ASDA), different types of legal tender (cash, cheques, cash passport, travel money cards), risk of money laundering (multiple transactions). Culture of industry: More independent travel (no travel agency guidance on foreign currency), customer knowledge, lack of customer knowledge, amount of guidance provided, customer manipulation (playing currency providers off against each other to increase exchange rate), increased use of debit/credit cards abroad, ignorance of debit/credit card charges. Major currencies: Euros (multiple countries), US Dollars (multiple countries), Australian Dollars, Swiss Francs, Chinese Yuan, Japanese Yen, East Caribbean Dollars. Matching currencies to commonly visited countries: Eurozone countries (Andorra, Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Kosovo, Luxembourg, Malta, Monaco, Montenegro, Netherlands, Portugal, San Marino, Slovakia, Slovenia, Spain, Vatican City), US Dollar countries (USA, East Timor, Ecuador, Palau, Panama), East Caribbean Dollar countries (Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines). Efficient and accurate currency handling skills: Minimum note amounts, balance checks, 3-letter codes, suggesting appropriate alternative currencies (beginning/end of day), dealing with discrepancies, overs (buy into the system) and shortages (sell out of the system), note-wrapping (10 s, 100 s, 1,000 s), numeracy skills (addition/subtraction/ division), till balancing, dealing with discrepancies, administration skills, travel geography, counting techniques, fast counting, counting to self, counting to customer, documentation usage, MRI Banker s Guide, shift hand overs, company policies and procedures, forged notes, money laundering, administration. Different foreign exchange transactions: Customer choice, foreign currency notes, foreign currency travellers cheques, sterling travellers cheques, travel money cards, payment methods, cash (notes), debit/credit card, cheque payment, payment charges, mixed transactions (part payments), deposits, electronic system, manual transactions. 12

15 Learning outcome 3: Understand and follow professional working practices in the foreign exchange industry Policies and procedures: Follow local procedures, training manuals, training meetings, maintaining records, daily paperwork, weekly paperwork, monthly paperwork, use of reference materials, maintaining foreign exchange supplies, ordering from suppliers. Importance of following company policies and procedures: Failure to follow policies and procedures, company profit losses, personal bonus losses, poor public reputation, internal and external audit records. Compliance with legislation, sufficient amounts of currency, overordering. Safe working practices: Comply with legislation, follow lone-working principles (risk assessment locking and unlocking triple-lock doors, personal and branch alarms, code 5, emergency procedure), opening and closing procedures, branch security, balance checks at the start and end of the day, safety checks, accident book (RIDDOR), cleanliness, use of hand sanitiser. Secure practices: Comply with legislation, opening and closing principles, safe operating, locking procedures, shift handover, MRI Bankers guide (reference purposes), branch audits, key storage, record and verifying visitors to the bureau de change, currency carrying capacities. Personal hygiene and presentation: Clothes/company uniform (washed/ironed daily), hair (clean, manageable, tied back if necessary), personal hygiene (shower daily, clean teeth, fresh breath, deodorant, avoid overpowering perfume/after shave), posture, voice projection, telephone manner, customer salutation, prioritise inbranch customers. Importance of good personal hygiene and presentation: Present a professional image to colleagues and customers, demonstrate personal pride, develop selfconfidence, promote health and safety, comply with workplace legislation, maintain the organisation s brand image, meet job requirements. Bureau de change s appearance: Cleanliness of bureau de change, counter, glass, floor, windows, pay scoops, rate board checks, marketing materials, promotions, signage. Impact: Creates professional image, inspires confidence, busy public perception, increases business reputation, creates new customer leads. 13

16 Learning outcome 4: Understand the importance of selling foreign currency exchange products Excellent customer service skills: Professional greeting, eye contact, projection of voice, awareness of customer, identify customer s needs, ask questions, open and closed questioning, establish destination, time at destination, first time at destination, party size, spending habits (cash, cards, travellers cheques), commission-free buy-backs, allocation of right product, impact of anecdotes, cashier multitasking. Currency products: Foreign currency notes, travellers cheques, ancillary sales (phone cards, mobile phone top-ups, travel money card). Use of customer communication skills: Hold effective conversations, include questioning (open questions, closed questions), positive body language, verbal and non-verbal communication (eye contact, active listening, good body posture, tilted head, open agreement, questioning), time allowance, queue awareness, completing transactions, end conversation if necessary, distraction tactics (constant conversation, being in a hurry, forged/outmoded notes handed over with legal tender, receiving phone calls). Impact of successful selling: Achievement, self-esteem, repeat customers, meeting targets, profit margins, individual bonus, branch bonus. 14