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Published byBryan Stevenson Modified over 8 years ago
Foreign Currency Check & Traveler’s Check 1.Foreign Currency Check Transaction 1) Outline of Foreign Currency Check Purchase 2) Purchase & Collection Flow Chart of Foreign Currency Check 3) Bills purchased before Collection of Foreign Currency Check (B/P) 4) Distinction between Cashier ’ s Check & Personal Check 2. Traveler ’ s Check Transaction 1) Woori Bank Issued VISA T/C in USD 2) Woori Bank Issued VISA T/C in EU 3) Operation Flow Chart 4) Payment of Woori Bank Issued T/C 5) Accident Report Reception & Refund
2 Foreign Currency Check & Traveler’s Check 1.Foreign Currency Check Transaction 1) Outline of Foreign Currency Check Purchase Foreign Currency Check Purchase It is for foreign exchange bank to purchase foreign currency check from client and pay check amount. Bills purchased before Payment (B/P) Bills purchased before Collection (B/C) Check amount is paid before completion of foreign currency check collection Check amount is paid after completion of foreign currency check collection Outward Collection 2) Purchase & Collection Flow Chart of Foreign Currency Check B. Bills purchased before Collection ◈ Applied Exchange Rate : Subtraction of telegraphic buying rate or exchange commission of the currency A. Bills purchased before payment ◈ Applied Exchange Rate: Telegraphic Buying Rate 대금결제 Collection Requesting Bank Issuing Bank Client for Buying (acceptor) Request for Collection Check Sending Amount Settlement Amount Payment Buying BankIssuing Bank Client for Buying (acceptor) Request for buying Amount Payment Check Sending Amount Settlement
3 3) Bills purchased before collection (B/P) A.Range of bills purchased before collection (Detailed regulation of domestic foreign exchange transaction handling Article 6.) - Traveler ’ s check presented to window of Woori Bank with direct signature of the person - Foreign currency check issued by exchange transaction bank of Woori Bank - Foreign currency check presented by domestic bank - Traveler ’ s check presented currency exchanger - Check issued with government, public organization, foreign affairs institution and relevant institution as acceptor - Foreign currency check received approval of person with discretionary powers for loan B. Inspection in purchase of foreign currency check 4) Distinction between cashier’s check and personal check ◈ Skills to distinct between cashier ’ s check and personal check -Issuer : Although check issued by non-exchange transaction bank is issued by bank, it is processed as personal check -Issuer A/C except ABA No. of MICR factor -Confirmation on acceptor and grasping the whereabouts and address by identification of client for buying - Lapse in Period for Presentation → Based on time of arrival to place of payment - Confirmation on Post Dated Check - Bank Issued Check : Accordance of signature of issuer with signature book placed in our Bank - Endorsement on back of check : Endorsement of acceptor - Confirmation on currency indication : In case there is no separate currency indication on check, it will be in currency in place of payment (Caution for CAD) - Special Statement on Check (Ex : Valid within 90days, Negotiable only in the U.S. and possessions, etc) - Omission of prerequisite on check - Checks in accident - Other appropriate preservation of bond
4 ◈ Skills to distinct between Cashier ’ s Check and Personal Check ◈ Skills to distinct Cashier ’ s Check and Personal Check
5 2. Traveler’s Check Transaction Traveler ’ s Check) Check issued and sold similar to cashier ’ s check to avoid the risk such as loss, victim of robbery, etc for overseas travelers to carry cash Use as Cash Refund in case of loss (Certain Condition) No Expiration Date Certain condition refers to the loss of check in the state when signature is on main signature but not in counter signature 1) Woori Bank issued VISA T/C in USD - Issuance of T/C in USD indication from 1983 - Commission sales by other bank ◎ Sample of VISA T/C 1 2 3 4 5 6 7 ① Column for Issuing & Selling Institution : Write name of T/C issuing or selling institution - Logo of the bank is printed and sold for the T/C for commission sale ② Issuing institution CODE & serial no. indication - Woori Bank T/C certificate type code USD 20 : 132 (Previous form is 102,112,122,142) USD 50 : 135 (Previous form is 105,115,125,145) USD100: 197 (Previous form is 107,117,127,137,147,157,167,177,187,207,217) USD 500 : 128 (Previous form is 108,118,138) USD 1,000 : 149 (Previous form is 109,119,129,139,159) - Issuing institution code :3250 → It is the unique code for each financial institution issuing the VISA T/C and code of Woori Bank - Serial No. : Serial No. of T/C in 6 digits from "000001 “ to "999999" ③ Payment Guarantee by issuing institution to pay T/C purchaser or the designated person according to the condition prescribed on the back. ④ Signature : Column for signature of T/C purchaser at point of purchase ⑤ VISA T/C MARK ⑥ Payment and issuing institution of T/C ⑦ What is counter signature? - Column for signature to acceptor at point of use by T/C purchaser Acceptor confirms the subject comparing to signature of ④
6 2) Woori Bank issued VISA T/C in EU - Issuance of VISA T/C in EU from 2001. 10. 31 - Currency : EUR - Settlement Bank : Paris Branch, Woori Bank - Issuance Certificate Type : EUR500, EUR200, EUR100, EUR50 - Commission Sales by Other Bank 3) Operation Flow Chart Operating Department of Financial Institution Domestic Branch ON-LINE USD: BONY (Payment Bank) EU: Paris Branch (Payment Bank) Transaction Bank ⑧ T/C Bill Confirmation Notification in Next Term ① Request for Purchase (T/C Bill Payment) ⑧ T/C Bill Next-Term Notification ⑥ T/C Presentation ⑦ T/C Bill Payment Traveling Client ② T/C Purchase Department, Hotel, Foreign Exchanger, etc in Foreign Countries ③ Commodities, Service ③ T/C Use ④ T/C Presentation (deposit) ⑤ T/C Bill Payment
7 4) Payment of our bank issuing T/C Debit Account KEB SEOUL A/C Next Term Actual Check Each branch keeps as substitute slip 5) Reception and refund of accident report A. Reception of accident report - Registration of accident check in computer - Draw up “ Loss, Stolen Report for T/C ” and Notify via FAX to Operating Department of Financial Institution B. Document Requested for Application of Refund 1) Application for T/C Refund 2) Refund Guarantee (Select one of Form Ⅰ, Ⅱ, Ⅲ according to the circumstances of accident) - Form Ⅰ : General situation - Form Ⅱ : Loss with signature on both sides of check - Form Ⅲ : Loss with no signature on both sides of check 3) Guarantee (Select one of Form Ⅰ, Ⅱ, Ⅲ according to the circumstances of accident) - Form Ⅰ : General situation - Form Ⅱ : Loss with signature on both sides of check - Form Ⅲ : Loss with no signature on both sides of check 4) P/A for Client (Exemption in case of loss) 5) Copy of Passport or Other Identification C. Refund Request for Refund=> Review on Refund=> Refund - Immediate Refund System * It is the system for immediate refund within USD 2,000 through VISA GRS or overseas branch when certain conditions are fulfilled for the convenience of one who lost T/C.
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