Foreign exchange cashier

A foreign exchange cashier

Description

Foreign exchange cashiers process cash transactions from clients in national and foreign currencies. They provide information on the conditions and exchange rates for buying and selling foreign currencies, make deposits of money, record all foreign exchange transactions and check for money validity.

Foreign exchange cashiers typically do the following:

  • Ensure transactions are completed in an efficient manner with a high level of accuracy
  • Open / close branches as required and ensure all tasks and checks are completed
  • Follow compliance procedures, company policies and abide by all health and safety guidelines as per company standards
  • Perform administrative tasks such as filing, generating reports and maintaining mail correspondence
  • Provide support and information to customers, over the counter and by phone
  • Maintain a cash float and follows balancing and reconciling procedures
  • Prepare daily ‘End of Day’ sheet at the close of each business day

Other titles

The following job titles also refer to foreign exchange cashier:

money exchanger
foreign exchange office clerk
bank foreign exchange office clerk
forex cashier
foreign exchange clerk
foreign exchange teller
bank foreign exchange cashier

Minimum qualifications

A high school diploma or equivalent is generally the minimum required to work as a foreign exchange cashier.

ISCO skill level

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

  • the nature of the work performed in an occupation in relation to the characteristic tasks and duties
  • the level of formal education required for competent performance of the tasks and duties involved and
  • the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Foreign exchange cashier is a Skill level 2 occupation.

Foreign exchange cashier career path

Similar occupations

These occupations, although different, require a lot of knowledge and skills similar to foreign exchange cashier.

financial markets back office administrator
investment clerk
bank teller
insurance clerk
back office specialist

Long term prospects

These occupations require some skills and knowledge of foreign exchange cashier. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of foreign exchange cashier with a significant experience and/or extensive training.

foreign exchange broker
securities broker
foreign exchange trader
financial broker
commodity broker

Essential knowledge and skills

Essential knowledge

This knowledge should be acquired through learning to fulfill the role of foreign exchange cashier.

  • Customer service: Processes and principles related to the customer, client, service user and to personal services; these may include procedures to evaluate customer’s or service user’s satisfaction.
  • Foreign valuta: The currencies of different countries such as the euro, dollar or yen including their exchange rate and the methods of currency conversion.
  • Banking activities: The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.
  • Electronic communication: Data communication performed through digital means such as computers, telephone or e-mail.

Essential skills and competences

These skills are necessary for the role of foreign exchange cashier.

  • Maintain records of financial transactions: Collate all the financial transactions done in the daily operations of a business and record them in their respective accounts.
  • Trade foreign currencies: Buy or sell foreign currencies or valuta on the foreign exchange market on your own account or on behalf of a customer or institution in order to make a profit.
  • Perform clerical duties: Perform administrative tasks such as filing, typing up reports and maintaining mail correspondence.
  • Provide financial product information: Give the customer or client information about financial products, the financial market, insurances, loans or other types of financial data.
  • Handle financial transactions: Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.
  • Maintain financial records: Keep track of and finalise all formal documents representing the financial transactions of a business or project.

Optional knowledge and skills

Optional knowledge

This knowledge is sometimes, but not always, required for the role of foreign exchange cashier. However, mastering this knowledge allows you to have more opportunities for career development.

  • Statistics: The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
  • Financial markets: The financial infrastructure which permits trading securities offered by companies and individuals govern by regulatory financial frameworks.
  • Commercial law: The legal regulations that govern a specific commercial activity.
  • Financial jurisdiction: Financial rules and procedures applicable to a certain location, whose regulatory bodies decide on its jurisdiction

Optional skills and competences

These skills and competences are sometimes, but not always, required for the role of foreign exchange cashier. However, mastering these skills and competences allows you to have more opportunities for career development.

  • Trace financial transactions: Observe, track and analyse financial transactions made in companies or in banks. Determine the validity of the transaction and check for suspicious or high-risk transactions in order to avoid mismanagement.
  • Communicate with customers: Respond to and communicate with customers in the most efficient and appropriate manner to enable them to access the desired products or services, or any other help they may require.
  • Provide customers with order information: Provide order information to customers by telephone or e-mail; clearly communicate about price ratings, shipping dates and possible delays.
  • Communicate with banking professionals: Communicate with professionals in the field of banking in order to obtain information on a specific financial case or project for personal or business purposes, or on behalf of a client.
  • Apply technical communication skills: Explain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.
  • Provide customers with price information: Provide customers with accurate and up-to-date information about charges and price rates.
  • Process order forms with customer’s information: Obtain, enter and process customers’ names, addresses and billing information.
  • Offer financial services: Provide a broad range of financial services to clients such as assistance with financial products, financial planning, insurances, money and investment management.
  • Use IT tools: Application of computers, computer networks and other information technologies and equipment to storing, retrieving, transmitting and manipulating data, in the context of a business or enterprise.

ISCO group and title

4312 – Statistical, finance and insurance clerks


References
  1. Foreign exchange cashier – ESCO
  2. Featured image: By Tomasz Sienicki [user: tsca, mail: tomasz.sienicki at gmail.com] – Photograph by Tomasz Sienicki, CC BY 3.0
Last updated on December 9, 2022

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