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: 

Sell Foreign Instruments to a customer in a banking environment 
SAQA US ID UNIT STANDARD TITLE
117814  Sell Foreign Instruments to a customer in a banking environment 
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  10 
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 replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
7311  Sell Foreign Instruments to a customer in a banking environment  Level 5  Level TBA: Pre-2009 was L5  17  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for a person who sells foreign instruments to a customer.

A person credited with this Unit Standard will be able to:
  • Sell a draft
  • Sell Foreign Notes, Travellers Cheques and Drafts for travel purposes
  • Process Outward Transfers 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in:
  • Communications at NQF Level 3
  • Mathematical Literacy at NQF level 3
  • Computer Literacy at NQF Level 3. 

  • UNIT STANDARD RANGE 
    Travellers Cheques, Foreign Notes, Bank Drafts and Process Outward Transfers 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Sell a Draft. 
    OUTCOME RANGE 
    Rand and Foreign Drafts. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The Customer's application for a draft is accepted in accordance with business specific risk evaluation & SARB Exchange Control Rulings & Regulations. 
    ASSESSMENT CRITERION RANGE 
    Identification, Signature Verification, Documents, Advance Aspects
     

    ASSESSMENT CRITERION 2 
    A Form A is completed correctly and reported in accordance with the SARB Exchange Control Rulings and Regulations 

    ASSESSMENT CRITERION 3 
    The appropriate exchange rate and formula is used to convert the currency correctly. 
    ASSESSMENT CRITERION RANGE 
    FEC, Selling, Spot price
     

    ASSESSMENT CRITERION 4 
    The draft is completed accurately and in terms of the correct reimbursement arrangements. 

    ASSESSMENT CRITERION 5 
    The transaction is processed correctly as per the customer's request and according to business specific procedures. 
    ASSESSMENT CRITERION RANGE 
    Commission, Customer accounts, Confirmation of over currency limit, Vostro/Nostro
     

    ASSESSMENT CRITERION 6 
    The transaction is finalised as per business specific procedures & Exchange Control Rulings and Regulations 

    SPECIFIC OUTCOME 2 
    Sell Foreign Notes, Travellers Cheques and Drafts for travel purposes. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The customer's application for foreign notes and Travellers Cheques is accepted in accordance with the business specific risk evaluation. 

    ASSESSMENT CRITERION 2 
    The transaction complies with SARB rulings and regulations and the customer is advised of his/her obligations 

    ASSESSMENT CRITERION 3 
    BoP is completed correctly and reported in accordance with the SARB Rulings. 

    ASSESSMENT CRITERION 4 
    The appropriate exchange rate and formula is used to convert the currency correctly if applicable. 
    ASSESSMENT CRITERION RANGE 
    Selling, Spotprice
     

    ASSESSMENT CRITERION 5 
    The transactions are processed and finalised in accordance with business specific procedures and SARB requirements. 
    ASSESSMENT CRITERION RANGE 
    Customer Accounts, Commissions, Nostros, Vostros, copies of passport and tickets are field
     

    ASSESSMENT CRITERION 6 
    All Travellers Cheques are signed in accordance with business specific requirements & SARB rules and regulations. 

    ASSESSMENT CRITERION 7 
    The customer is provided with the completed Travellers Cheque purchase agreement form and advised to take the necessary precautions 

    SPECIFIC OUTCOME 3 
    Process Outward Transfers. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The customer's application for the transfer is accepted in accordance with business specific risk evaluation and SARB Exchange Control Rulings & Regulations. 

    ASSESSMENT CRITERION 2 
    BoP is completed correctly and reported in accordance with the SARB Rulings and Regulations. 

    ASSESSMENT CRITERION 3 
    The appropriate exchange rate and formula is used to convert the currency correctly. 
    ASSESSMENT CRITERION RANGE 
    FEC, Selling, Spotprice
     

    ASSESSMENT CRITERION 4 
    The Transfer data is captured correctly, 
    ASSESSMENT CRITERION RANGE 
    Message type, Currency, Nostro/Vostro, Value date, Reimbursing Instructions, Beneficiary details, details of payments.
     

    ASSESSMENT CRITERION 5 
    The transactions are processed correctly. 
    ASSESSMENT CRITERION RANGE 
    Nostro/Vostro, Customer accounts, commission.
     


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • An individual wishing to be assessed (including through RPL) against this Unit Standard may apply to an assessment agency, assessor or provider institution accredited by the relevant ETQA, or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Anyone assessing a learner against this Unit Standard must be registered as an assessor with the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA
  • 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 or with an ETQA that has a Memorandum of Understanding with the relevant ETQA
  • Moderation of assessment will be conducted by the relevant ETQA at its discretion. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • Reimbursement arrangements
  • The different types of drafts
  • Rates of exchange
  • The different currencies for different countries
  • Value dating
  • The Exchange Control Rulings 

  • UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO WORKING 
    To work effectively with others as a member of an organisation when completing a Form A according to the rules and regulations laid down by the SARB. 

    UNIT STANDARD CCFO COLLECTING 
    To critically evaluate information when the covering schedule is checked to ensure that complete information is provided, the reason for the transaction is checked for compliance with the exchange control rulings and regulations, the Bill of Exchange is checked for technical correctness in terms of the Bills of Exchange Act and the Bill is checked on acceptance for the customer in terms of the Bills of Exchange Act for material alterations, date, signature, etc. 

    UNIT STANDARD CCFO COMMUNICATING 
    To communicate effectively using visual and language skills in oral and written presentations when messages are sent correctly at the appropriate stages in the life cycle of the collection, an advice is prepared for the customer in accordance with company specific requirements, the Bill is prepared and presented for payment or acceptance in terms of the remitting bank's instructions and payment messages are sent correctly to the remitting bank or the destination bank 

    UNIT STANDARD CCFO SCIENCE 
    To use technology effectively when using the computer to send messages correctly at the appropriate stages in the life cycle of the collection 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

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

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 7311, "Sell Foreign Instruments to a customer in a banking environment", Level 5, 6 credits

    Legal:
  • South African Reserve Bank Exchange Control Rulings
  • Compliance to Code of Banking Practice

    Terminology:
  • SARB - South African Reserve Bank
  • FEC - Forward Exchange Contracts
  • BoP - Balance of Payments
  • Nostro - Our (South African) accounts in foreign banks' books
  • Vostro - Foreign banks' accounts in South African banks' books
  • Spot - Settlement process over the time zones (two days value transaction) 

  • 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.