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 QUALIFICATION: 

Occupational Certificate: Foreign Exchange Officer 
SAQA QUAL ID QUALIFICATION TITLE
118229  Occupational Certificate: Foreign Exchange Officer 
ORIGINATOR
Development Quality Partner - BANKSETA 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
-   OQSF - Occupational Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Occupational Certificate  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  243  Not Applicable  NQF Level 06  Regular-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Registered  EXCO 0522/24  2021-06-22  2025-12-31 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-12-31   2029-12-31  

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 qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose
The purpose of this qualification is to prepare a learner to operate as a Foreign Exchange Officer. A Foreign Exchange Officer processes the transfer of all types of foreign transactions in accordance with organisation requirements including domestic and international legislative prescripts. This includes the operation of all foreign products and the arrangement of foreign exchange deals for entities/individual customers. The Foreign Exchange Officer utilises a variety of different payment methods for the transmission of cross-border inward and outward funds. This includes processing and the verification of the accuracy of latest available exchange and interest rates. Foreign Exchange Officers also manage the various departments - dealing with foreign exchange - in financial institutions like banks. Learners who qualify shall be able to demonstrate the following attributes: punctuality, integrity, honesty, discipline, professionalism, interpersonal relations, principled, etc.

A qualified learner will be able to:
  • Process inward and outward transactions.
  • Perform middle office functions.
  • Process Foreign Bill for Collection Inward (FBCIs), Foreign Bill for Collection Outward (FBCOs) and guarantees.
  • Process import and export letters of credit.
  • Manage the processing of inward and outward transactions.
  • Manage the middle office.
  • Manage the processing of FBCIs, FBCOs and guarantees.
  • Manage the processing of import and export letters of credit.

    Rationale
    Foreign exchange (also known as 'forex') is crucial to the South African economy. It facilitates travel to foreign countries, and the export and import of goods and services, within national and international regulatory frameworks. With the globalisation of South African markets there has been a greater demand for Foreign Exchange Officers. Foreign currency exchange is a market of continual upheaval. Individual currencies fluctuate daily according to a variety of local economic and social events. Foreign Exchange Officers manage many processes that constitute the foreign exchange sector. Foreign Exchange Officers sift through data using software suites programmed for financial market analysis which impact on the currencies.

    The institutions/organisations consulted on this qualification include the South African Reserve Bank (SARB), some foreign banks, the Institute of Bankers (IoB), the major banks in South Africa, and training providers.

    Typical learners will be matriculants who meet the requirements or those already working in the banking/foreign exchange environments. Qualifying learners will make a positive contribution to the foreign exchange field and manage the provision of high-quality and efficient service to customer/clients. The services rendered will assist them to make well-informed decisions pertaining to foreign exchange. Learners acquiring this qualification will be able to pursue higher qualifications in foreign exchange. The part qualification attached to this qualification will create more employment.

    This qualification will increase employment within this sector as employers will have access to individuals who are well-trained to deliver a variety of foreign exchange-related services. This in turn will benefit the South African economy. Through the management of products and transactions related to foreign exchange, Foreign Exchange Officers will also promote entrepreneurship, thereby benefitting the people of the country.

    There are no qualifications on foreign exchange, foreign currency or just currency on the NQF. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Recognition of Prior Learning (RPL):
    Learners will gain access to the qualification through RPL for Access as provided for in the QCTO RPL Policy. RPL for access is conducted by accredited education institution, skills development provider or workplace accredited to offer that specific qualification/part qualification.

    Learners who have acquired competencies of the modules of a qualification or part qualification will be credited for modules through CAT.

    RPL for access to the external integrated summative assessment: Accredited providers and approved workplaces must apply the internal assessment criteria specified in the related curriculum document to establish and confirm prior learning. Accredited providers and workplaces must confirm prior learning by issuing a statement of result.

    Entry Requirements:
    The minimum entry requirement for this qualification is:
  • NQF Level 4 qualification with Mathematics. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    This qualification consists of the following compulsory Knowledge, Practical Skill and Work Experience Modules:

    Knowledge Modules:
  • 421103-001-00-KM-01, Introduction to Foreign Exchange, Exchange Control and Ethics, Level 5, 3 Credits.
  • 421103-001-00-KM-02, Basic Forex Market Calculations and Forward Exchange Contracts, Level 5, 3 Credits.
  • 421103-001-00-KM-03, Inward Payment Transactions (Purchase of Exchange), Level 5, 4 Credits.
  • 421103-001-00-KM-04, Outward Payment Transactions (Sales of Exchange), Level 5, 4 Credits.
  • 421103-001-00-KM-05, Managing Inward Payment Transactions (Purchase of Exchange), Level 6, 3 Credits.
  • 421103-001-00-KM-06, Managing Outward Payment Transactions (Sales of Exchange), Level 6, 3 Credits.
  • 421103-001-00-KM-07, Middle Office, Level 5, 4 Credits.
  • 421103-001-00-KM-08, Managing the Middle Office, Level 6, 3 Credits.
  • 421103-001-00-KM-09, International Trade Finance Operations, Level 5, 3 Credits.
  • 421103-001-00-KM-10, Trade Products (Foreign Bills for Collections), Level 5, 6 Credits.
  • 421103-001-00-KM-11, Trade Products (Guarantees), Level 5, 4 Credits.
  • 421103-001-00-KM-12, Trade Products (Letters of Credit), Level 5, 8 Credits.
  • 421103-001-00-KM-13, Managing International Trade Finance Operations, Level 6, 6 Credits.
  • 421103-001-00-KM-14, Interaction with Businesses and Clients, Level 6, 6 Credits.
  • 421103-001-00-KM-15, Ready for Work Standards, Level 4, 5 Credits.

    Total number of credits for Knowledge Modules: 65

    Practical Skill Modules:
  • 421103-001-00-PM-01, Process Inward Transactions, Level 5, 5 Credits.
  • 421103-001-00-PM-02, Process Outward Transactions, Level 5, 5 Credits.
  • 421103-001-00-PM-03, Manage The Processing of Inward Transactions, Level 6, 4 Credits.
  • 421103-001-00-PM-04, Manage The Processing of Outward Transactions, Level 6, 4 Credits.
  • 421103-001-00-PM-05, Perform Middle Office Functions, Level 5, 5 Credits.
  • 421103-001-00-PM-06, Manage the Middle Office, Level 6, 4 Credits.
  • 421103-001-00-PM-07, Process FBCIS, Level 5, 5 Credits.
  • 421103-001-00-PM-08, Process FBCOS, Level 5, 5 Credits.
  • 421103-001-00-PM-09, Adhere to the Legal and Ethical Requirements Relating to Negotiable Instruments, Level 5, 2 Credits.
  • 421103-001-00-PM-10, Manage the Processing of FBCIS, Level 6, 4 Credits.
  • 421103-001-00-PM-11, Manage the Processing of FBCOS, Level 6, 4 Credits.
  • 421103-001-00-PM-12, Process Import Letters of Credit, Level 5, 5 Credits.
  • 421103-001-00-PM-13, Process Export Letters of Credit, Level 5, 5 Credits.
  • 421103-001-00-PM-14, Manage the Processing of Import Letters of Credit, Level 6, 4 Credits.
  • 421103-001-00-PM-15, Manage the Processing of Export Letters of Credit, Level 6, 4 Credits.
  • 421103-001-00-PM-16, Process Guarantees, Level 5, 5 Credits.
  • 421103-001-00-PM-17, Manage the Processing of Guarantees, Level 6, 4 Credits.

    Total number of credits for Practical Skill Modules: 74

    Work Experience Modules:
  • 421103-001-00-WM-01, Processes to Handle/Deal with Inward Transactions, Level 5, 6 Credits.
  • 421103-001-00-WM-02, Processes to Manage Inward Transactions, Level 6, 7 Credits.
  • 421103-001-00-WM-03, Processes to Handle/Deal with Outward Transactions, Level 5, 6 Credits.
  • 421103-001-00-WM-04, Processes to Manage Outward Transactions, Level 6, 7 Credits.
  • 421103-001-00-WM-05, Middle Office Processes, Level 5, 6 Credits.
  • 421103-001-00-WM-06, Processes to Manage the Middle Office, Level 6, 7 Credits.
  • 421103-001-00-WM-07, Processes to Handle/Deal with FBCIS, Level 5, 6 Credits.
  • 421103-001-00-WM-08, Processes to Handle/Deal with FBCOS, Level 5, 6 Credits.
  • 421103-001-00-WM-09, Processes to Manage FBCIS, Level 6, 7 Credits.
  • 421103-001-00-WM-10, Processes to Manage FBCOS, Level 6, 7 Credits.
  • 421103-001-00-WM-11, Processes to Handle/Deal with Import Letters of Credit (IMLC), Level 5, 6 Credits.
  • 421103-001-00-WM-12, Processes to Handle/Deal with Export Letters of Credit (EXLC), Level 5, 6 Credits.
  • 421103-001-00-WM-13, Processes to Manage Import Letters of Credit (IMLC), Level 6, 7 Credits.
  • 421103-001-00-WM-14, Processes to Manage Export Letters of Credit (EXLC), Level 6, 7 Credits.
  • 421103-001-00-WM-15, Processes to Handle/Deal with Guarantees, Level 5, 6 Credits.
  • 421103-001-00-WM-16, Processes to Manage Guarantees, Level 6, 7 Credits.

    Total number of credits for Work Experience Modules: 104 
    		•

    EXIT LEVEL OUTCOMES 
    1. Process inward and outward transactions.
    2. Perform middle office functions.
    3. Process FBCIs, FBCOs and guarantees.
    4. Process import and export letters of credit.
    5. Manage the processing of inward and outward transactions.
    6. Manage the middle office.
    7. Manage the processing of FBCIs, FBCOs and guarantees.
    8. Manage the processing of import and export letters of credits. 

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • Read and interpret the incoming foreign currency through Interbank- Computerised Electronic Financial Transfer (SWIFT MT103) messages type as per requirements of the transactions.
  • Check and verify details relevant to the inward transactions.
  • Apply conversions of foreign exchange rates to inward transactions.
  • Obtain confirmation regarding where cover has been placed for inward transactions.
  • Indicate the value dates of the transactions and the correct Balance of Payment (BoP) categories.
  • Confirm compliance of the inward transactions to Financial Surveillance Department (FINSURV) exchange control requirements.
  • Vet the outgoing transfer application forms for a SWIFT MT103 in accordance with business specific risk evaluation and SARB exchange control rulings and regulations.
  • Use the appropriate exchange rate/s (if applicable).
  • Indicate the relevant customers' accounts to be debited for settlement purposes.
  • Indicate the correct BoP categories and relevant exchange control sections.
  • Comply with regulatory requirements for outward transactions.
  • Demonstrate theoretical knowledge pertaining to inward and outward transactions in the performance of the tasks.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • Resolve rejected foreign exchange items and SWIFT messages.
  • Scrutinise and reconcile Nostro accounts (SWIFT MT950 [foreign bank statement of our account in their books (Foreign Currency - CCY)]) and manual procedures are performed where required.
  • Scrutinise and reconcile Vostro accounts (SWIFT MT950 [foreign bank statement of their accounting books (ZAR)]).
  • Balance control accounts used by internal accounting entities against currency accounts.
  • Balance manual entries for incidental charges for Nostro and Vostro accounts are written-up and processed, and the accounts.
  • Calculate, claim, receive and report on be charged on the mismatch for Nostro and Vostro accounts.
  • Identify, resolve, record and file outstanding items pertaining to Nostro and Vostro/LORO accounts.
  • Handle queries related to Nostro and Vostro accounts.

    Associated Assessment Criteria for Exit Level Outcome 3:
  • Perform a range of verification checks on Foreign bills for collection inward (FBCI) and Foreign bills for collection outwards (FBCO) documents for technical correctness, consistency and compliance.
  • Check the reasons for the FBCI and FBCO-related transactions to ensure compliance with exchange control rulings and/or regulations.
  • Process FBCI and FBCO-related documents and payments according to relevant procedures per International Chamber of Commerce - Uniform Rules for Collections (ICC - URC 525 Publication).
  • Generate and process the relevant entries in accordance with banking industry requirements and risk evaluation.
  • Complete and report FBCI and FBCO documentation in accordance with SARB rulings.
  • Apply legal requirements relating to FBCIs and FBCOs.
  • Identify the type of guarantee and the parties to guarantees.
  • Identify risks associated with guarantees.
  • Process guarantee documents according to banking industry standards.
  • Apply exchange control regulations and rulings when processing guarantees.

    Associated Assessment Criteria for Exit Level Outcome 4:
  • Verify the application for an import letter of credit/amendment for compliance to exchange control Regulations and scrutinised for completeness, logical consistency and compliance with The Uniform Customs and Practice for Documentary Credits (UCP) 600.
  • Prepare an import letter of credit for issue/amendment according to procedures.
  • Process drawing documents and payment instructions related to an import letter of credit.
  • Interpret a SWIFT MT 700/MT 707 message for export letter of credit.
  • Prepare and issue an advice.
  • Receive, scrutinise and negotiate documents related to export letter of credit
  • Require discrepant and clean documents are handled.
  • Obtain credit authority for the release of payment prior to the receipt of reimbursement and documents are couriered to issuing bank.
  • Handle queries related to import and export letters of credit, and reimbursement authorisation.

    Associated Assessment Criteria for Exit Level Outcome 5:
  • Verify inward and outward transfers in terms of banking industry policies and regulatory requirements.
  • Open, close and managed foreign currency accounts in terms of regulatory requirements, where required.
  • Authorise the release of foreign exchange payments.
  • Authorise the release of an established forward exchange contract.
  • Authorise the release of drawings under the forward exchange contract.
  • Authorise the release of funds in inward transactions.
  • Apply accounting processes to the various types of settlements accounts for inward transactions.
  • Allocate duties and responsibilities to team members in incoming and outgoing transfer departments and manage their productivity.
  • Manage rework and losses within incoming and outgoing transfer departments.
  • Prepare reports on losses, regulatory and sanctions contraventions.
  • Adhere to cut-off times and cash management procedures of the outgoing SWIFT message.
  • Mitigate and manage risks associated with inward and outward transactions.
  • Manage queries in incoming and outgoing transfer departments.
  • Manage stakeholder expectations to promote service and customer relations.

    Associated Assessment Criteria for Exit Level Outcome 6:
  • Identify and manage the bank's risks to foreign exchange exposure.
  • Develop and manage the relationships with corresponding banks.
  • Manage cash management and liquidity to ensure that "the books balance".
  • Deal with escalated exceptions and monitor over-ridden charges.
  • Manage the reconciliation of Nostro and Vostro accounts.
  • Manage the processes to resolve rejected foreign exchange items and SWIFT messages.

    Associated Assessment Criteria for Exit Level Outcome 7:
  • Perform a range of verification checks on FBCI, FBCO and guarantee documents for technical correctness, consistency and compliance.
  • Verify and authorise payment messages for FBCIs and FBCOs.
  • Report documentation is verified in accordance with SARB rulings.
  • Monitor the diarised process for each FBCO and check the BOP category for each FBCO.
  • Authorise guarantees within limits.
  • Mitigate and manage risks associated with FBCIs, FBCOs and guarantees.
  • Manage queries pertaining to FBCIs, FBCOs and guarantees.
  • Manage the rework and losses within FBCI, FBCO and guarantee departments.
  • Prepare reports on losses, regulatory and sanctions contraventions.
  • Verify cut-off times and cash management procedures for FBCOs and FBCIs.
  • Manage duties and responsibilities are allocated to team members in FBCI, FBCO and guarantee departments and their members' productivity.
  • Manage stakeholder expectations to promote service and customer relations.

    Associated Assessment Criteria for Exit Level Outcome 8:
  • Perform a range of verification checks on applications for import letters of credit for technical correctness, consistency and compliance.
  • Authorise the release of the import letter of credit/amendments/reimbursement within limits.
  • Perform a range of verification checks on documents for payment of drawings (in the case of an import letter of credit).
  • Authorise and release payment of drawings (import letter of credit).
  • Perform the processing of the export letter of credit is assessed for compliance and a range of verification checks.
  • Perform verification checks on drawing documents for export letter of credit.
  • Authorise and release or refer drawing documents for export letter of credit for further authorisation.
  • Check documents for reimbursement authorisation before processing.
  • Authorise and release reimbursement payments for export letter of credit.
  • Manage queries related to import and export letters of credit and reimbursement authorisation.
  • Manage duties and responsibilities are allocated to team members in departments dealing with import and export letters of credit and their productivity.
  • Prepare reports on losses, regulatory and sanctions contraventions.
  • Mitigate and manage risks associated with import and export letters of credit.
  • Manage stakeholder expectations to promote service and customer relations.

    INTEGRATED ASSESSMENT
    Integrated Formative Assessment:
    The skills development provider will use the curriculum to guide them on the stipulated internal assessment criteria and weighting. They will also apply the scope of practical skills and applied knowledge as stipulated by the internal assessment criteria. This formative assessment together with work experience leads to entrance in the integrated external summative assessment.

    Integrated Summative Assessment:
    An external integrated summative assessment, conducted through the relevant QCTO Assessment Quality Partner is required for the issuing of this qualification. The external integrated summative assessment will focus on the exit level outcomes and associated assessment criteria.

    The assessment will be conducted through written assessment and the evaluation of practical tasks at decentralised approved assessment sites by a panel of assessors evaluated by assessor(s) registered with the AQP within a period of 1 day. 
    		•

    INTERNATIONAL COMPARABILITY 
    Comparisons were made with qualifications in India and England.

    India
    The Institute of Finance Banking and Insurance offers the "Advanced Program in Trade Finance & Foreign Exchange". The course content, listed below, resonates with the South African qualification. The qualification covers the following: Introduction to Foreign Exchange and International Trade; Foreign Trade Policy; Foreign Exchange Remittances; Letter of Credit; UCP600 / Uniform Customs of Practices; URC525 / Uniform Rules for Collections; International Standard Banking Practice - ISBP 745; Export Credit Guarantee Corp. of India - Guarantee & Shippers Policies; Incoterms; Marine Insurance; Export Finance; External Commercial Borrowings; Trade Credit; Exchange Rate Mechanism; Forward Contracts; Non Resident Accounts - NRO, NRE & FCNR; Statutory Returns to RBI.

    Most aspects of this qualification are covered by the South African qualification. However, aspects such as Marine Insurance and External Commercial Borrowings are not covered. But the rest of the aspects are covered in much greater detail.

    Admission requirements involve an aptitude test, personal interview and final selection. The duration and extent is not specified.

    The South African qualification is a much deeper, more expanded and comprehensive version of the above-mentioned qualification.

    England
    In England, the London Institute of Banking and Finance offers the Certificate in International Trade and Finance (CITF). The qualification covers the following areas: trade environment and the role of the International Chamber of Commerce (ICC); ICC international model contracts; an introduction to trade terms and Incoterms; the nature of financial, commercial and transport documents used in international trade; risk and mitigation including foreign exchange hedging; methods of payment including open account, collections, documentary credits and bank payment obligations; short, medium and long-term trade finance; Islamic trade finance; dispute handling, arbitration and resolution; prevention of both fraud and money laundering.

    Similarities
    Similarities have been noted in terms of course content, scope of work and targeted learners.

    Aspects not covered by the South African qualification include ICC international model contracts, Islamic trade finance, and dispute handling, arbitation and resolution. While this qualification will take six months to complete, the South African qualification takes far longer as it is more detailed and has the practical skills and work experience components.

    Differences are in terms of credits allocated to internationally qualifications - all the international qualifications have a narrower scope than this qualification and are much shorter in duration than this qualification. In addition, the South African qualification also comprises a significant management function not covered significantly by any of the international qualifications. The management in this qualification relates to managing the various transactions and trade finance operations. Lastly the South African qualification comprises a major work experience component not contained in the international qualifications.

    Conclusion
    The South African Foreign Exchange Officer occupational qualification compares favourably with qualifications offered in other countries in terms of content and competencies, especially that offered by the Institute of Banking and Finance in England. 

    ARTICULATION OPTIONS 
    This qualification allows possibilities for both vertical and horizontal articulation.

    Horizontal Articulation:
  • Advanced Certificate in Financial Planning, NQF Level 6.

    Vertical Articulation:
  • Occupational Certificate: Financial Markets Practitioner, NQF Level 7. 
    		•

    NOTES 
    Qualifying for External Assessment
    In order to qualify for an external assessment, learners must provide proof of completion of all required modules by means of a statement of results and statement of work experience as well as proof of successful completion of the following subjects and modules or alternative programmes where applicable.


    Additional Legal or Physical Entry Requirements
    None.

    Criteria for the Accreditation of Providers
    Accreditation of providers will be done against the criteria as reflected in the relevant curriculum on the QCTO website.

    The curriculum title and code are: Foreign Exchange Officer: 421103-001-00-00.

    Encompassed Trades
    This qualification encompasses the following trades as recorded on the NLRD:
    Not applicable.

    Assessment Quality Partner
    BANKSETA. 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    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.
     
    NONE 


    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.