SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Manage Foreign Currency Accounts 
SAQA US ID UNIT STANDARD TITLE
10120  Manage Foreign Currency Accounts 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
BANKSETA - Banking Sector Education and Training Authority 
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04  20 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
Persons credited with this unit standard will be able to explain rules and regulations relating to foreign currency accounts, set up the foreign currency account, process transactions over the account, close the account and attend to queries. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Persons attempting this unit standard will be required to have an understanding of the basic Exchange Control rulings and exchange rate mechanisms, as well as a knowledge of foreign exchange currencies and basic International trade concepts. They should be familiar with basic currency conversions. 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Explain rules and regulations related to foreign currency accounts. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. The nature of the account is understood and explained according to the specific bank's policy and procedure. 
ASSESSMENT CRITERION RANGE 
The nature of the underlying transactions, how the account works, the process for statements and balance, terms and conditions, pricing, features and benefits. Evidence of competence across the full range is required.
 

ASSESSMENT CRITERION 2 
2. The relevant South African legislation affecting foreign currency accounts is identified and explained in line with the intention of the legislation, and bank policy and procedure in the manner required by the bank. 
ASSESSMENT CRITERION RANGE 
Exchange Control regulations. Evidence of competence across the full range is required.
 

ASSESSMENT CRITERION 3 
3. The risks and risk management processes associated with the foreign currency account are understood and explained in the manner required by the bank. 
ASSESSMENT CRITERION RANGE 
Risks from the client's and the banks perspective, country risk, acceptable practice, trade insurance, technical risks, exchange rate risk, credit risk. Evidence of competence across the full range is required.
 

ASSESSMENT CRITERION 4 
4. The specific banks electronic process for processing foreign currency accounts and transactions over accounts is understood and explained in the manner required by the bank. 
ASSESSMENT CRITERION RANGE 
Access to the system, opening a record, printing records/ reports, making amendments, correcting mistakes, processing and capturing rules and regulations.
 

SPECIFIC OUTCOME 2 
Set up the foreign currency account. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. The request for a foreign currency account is received and checked for completeness and compliance with the bank's policy. 

ASSESSMENT CRITERION 2 
2. The request for a foreign currency account is checked for compliance with exchange control regulations. 

ASSESSMENT CRITERION 3 
3. The client is advised for the pricing and charges associated with the account and the transactions processed on the account. 

ASSESSMENT CRITERION 4 
4. The client is advised of the exchange control regulations governing the use of the account in a manner the client should understand. 

ASSESSMENT CRITERION 5 
5. The account is opened in line with the banks policy and procedures and exchange control regulations. 

ASSESSMENT CRITERION 6 
6. Credit authorisation is obtained where necessary according to the bank's policy. 

ASSESSMENT CRITERION 7 
7. Where necessary a credit limit is loaded for the account according to standard procedures and credit authorisation. 

ASSESSMENT CRITERION 8 
8. Appropriate charges associated with opening of the account are recovered according to the bank's policy and procedures. 

ASSESSMENT CRITERION 9 
9. The client is advised when the account becomes operational and is informed of the procedures for use of the account. 

SPECIFIC OUTCOME 3 
Process transactions over the account. 
OUTCOME RANGE 
Import payments, export proceeds, inward or outward freight costs. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Foreign amounts received are checked for compliance with exchange control regulations and correctly deposited into the account in terms of exchange control regulations and the banks policy and procedure. 

ASSESSMENT CRITERION 2 
2. Funds are transferred into Rand accounts in terms of client instructions, bank procedure and exchange control regulations. 

ASSESSMENT CRITERION 3 
3. Interest payable or accrued monthly is processed in terms of client instructions, bank procedure and exchange control regulations. 

ASSESSMENT CRITERION 4 
4. Charges associated with the transactions are calculated and processed in line with banking procedure. 

ASSESSMENT CRITERION 5 
5. The client is provided with information on the account on request, statements on the account are provided in line with bank policy. 

ASSESSMENT CRITERION 6 
6. Foreign funds paid from the account and deposited into the account are correctly applied to corresponding transactions in the manner required by the bank and are processed in line with exchange control regulations. 

ASSESSMENT CRITERION 7 
7. Import payments are made in terms of the client's instructions, review of original import documents and in line with exchange control requirements. 

ASSESSMENT CRITERION 8 
8. The account balance is monitored in line with the credit limit on the account. 

ASSESSMENT CRITERION 9 
9. The term for which foreign funds are held in the account is monitored in line with exchange control requirements. 

ASSESSMENT CRITERION 10 
10. The account is monitored to ensure it does not become dormant in line with exchange control regulations. 

ASSESSMENT CRITERION 11 
11. The client is notified of any activity, transaction, dormancy that does not comply with exchange control regulations, and corrective action is taken in terms of the client's instruction. 

ASSESSMENT CRITERION 12 
12. The client is notified of foreign funds held in the account that are close to the exchange control expiry. 

ASSESSMENT CRITERION 13 
13. Disposal instructions for transfer of foreign funds into Rand accounts are obtained for foreign funds held longer than allowed by exchange control regulations. 

SPECIFIC OUTCOME 4 
Close the account. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. The instruction to close the account is received from the client and checked in line with authorised signatures held according to banking policy and procedure. 

ASSESSMENT CRITERION 2 
2. Disposal or repayment instructions for funds and interest in the account are obtain in writing from the client as required by the bank. 

ASSESSMENT CRITERION 3 
3. The account is closed according to standard banking procedures. 

ASSESSMENT CRITERION 4 
4. The disposal or repayment instructions are processed according to standard banking procedures. 

ASSESSMENT CRITERION 5 
5. Details of disposal or repayment are checked for accuracy, compliance with exchange control and the client's instructions. 

ASSESSMENT CRITERION 6 
6. Revenue associated with the closing of the account is recovered according to the bank's policy and procedures. 

SPECIFIC OUTCOME 5 
Attend to queries. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. The nature of the query received is identified according to the bank's procedures. 

ASSESSMENT CRITERION 2 
2. Queries are attended to as required by the nature of the query and the bank's procedures. 

ASSESSMENT CRITERION 3 
3. All queries are handled in a timely manner that promotes customer service. 

ASSESSMENT CRITERION 4 
4. Administrative tasks related to the query are completed according to the bank's procedures. 

ASSESSMENT CRITERION 5 
5. Unresolved queries are escalated to the appropriate authority as required by the bank's policy. 


UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
1. Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA.
2. Any institution offering learning that will enable achievement of this unit standard or assessing this unit standard must be accredited as a provider with the relevant ETQA.
3. Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines in the relevant qualification and the agreed ETQA procedures.

Therefore anyone wishing to be assessed against this unit standard may apply to be assessed by any assessment agency, assessor or provider institution which is accredited by the relevant ETQA. 

UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • Detailed knowledge of specific banking policy and procedures relating to the task/function performed.
  • Working knowledge of internal and international payment systems.
  • Working knowledge of internal controls.
  • Thorough knowledge of appropriate SWIFT message formats.
  • Thorough knowledge of exchange rates and treasury procedures.
  • Thorough knowledge of relevant exchange control regulations.
  • Thorough knowledge of trade finance.
  • Operating and computer systems knowledge sufficient to locate necessary information and complete the task.
  • General understanding of the specific risks, relevant policies and laws relating to foreign exchange transactions.
  • General knowledge of the requirements of the Banks Act.
  • Working knowledge of the Code of Banking Practice. 


  • Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to monitor foreign amount received for compliance with exchange control regulations. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate information effectively to the client. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is able to use technology effectively. 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  20185   Further Education and Training Certificate: Banking  Level 4  NQF Level 04  Reregistered  2023-06-30  BANKSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Absa Learning & Development 
    2. Bidvest Bank 
    3. Chartall Business College 
    4. Cornerstone Performance Solutions (Pty) Ltd 
    5. Felix Risk Training Consultants 
    6. Firstrand Bank - Benmore 
    7. Nedbank Ltd 
    8. The Facilitation Workshop 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.