Foreign Exchange Clerk is a professional whose task is to provide foreign exchange services to clients and process cash transactions in the national and foreign currencies.
Their main work is to deal with foreign exchange operations both in the domestic and foreign currencies, based on customers' wishes such as informing clients about the possibilities and conditions for buying and selling foreign currencies; handling cash in the exchange office; recording all foreign exchange transactions and comparing records with the actual state of cash, keeping prescribed records about the operations carried out, making deposits of money and documents entrusted to him/her as prescribed; checking whether the money being accepted is genuine, valid and intact. If he/she has the ability, may also be a manager or the owner of the company, and run his/her own foreign exchange office.
Foreign Exchange Clerk Eligibility
Candidates must have been passed their Bachelor’s Degree preferably in Commerce stream with good arithmetical skills.
Foreign Exchange Clerk Required Skills
- Foreign Exchange Clerks should possess skills like to obtain and process information required for the provision of services such as opening accounts, savings plans and purchasing bonds.
- They should be able to compose, type and mail customer statements and other correspondence related to issues such as discrepancies and outstanding unpaid items.
- They also possess skills that how to enter customers' transactions into computers to record transactions and issue computer-generated receipts.
- Other expected skills are such as to perform clerical tasks like typing, filing and microfilm photography.
Institutes offering Courses for Foreign Exchange Clerk
- Ahmedabad Management Association, Ahmedabad
- Annex College of Management Studies, Kolkata
- Innovative School of Business and Management (ISBM), Ahmedabad
- Institute of Computer Accountants, Thane
How to become a Foreign Exchange Clerk?
One has to follow the given steps for becoming a Foreign Exchange Clerk-
Step 1
Candidates having good knowledge and likings for digits/ arithmetic starting from their school days are well suitable for this profession. After completing their 12th class in Commerce stream they have to go for further graduate courses in the very field. There are many colleges/ institutes which offering courses in this field such as Diploma/ Degree courses.
Diploma/Degree Courses
Step 2
After this passing Degree courses, they can apply for the banking post related to currency exchange both inside and outside the country. In some of the cases, the employers offer the job to Master Degree holders. These posts are higher level or the research jobs in the very field.
Foreign Exchange Clerk Job Description
- Foreign Exchange Clerk Job description includes dealing with foreign exchange operations of domestic as well s foreign currencies.
- They are responsible for informing their clients about the terms and conditions for buying and selling foreign currencies, handling cash in the exchange office, recording all foreign exchange transactions and comparing records with the actual state of cash.
- Their work also includes safeguarding the prescribed records about the operations carried out, making deposits of money and documents entrusted to him/her as prescribed; checking whether the money being accepted is genuine, valid and intact.
Foreign Exchange Clerk Career Prospects
Banking as a career provides a great challenge and it helps to develop analytical skills useful in a company's strategies. It is one of the fastest growing sectors which every individual wants to opt. Performance and potential are key elements which determine this career progression. Foreign Exchange Clerks work on international accounts, translating foreign currency into pounds sterling and vice versa.
Foreign Exchange Clerk Salary
Banking and Finance is a highly lucrative field in terms of scope and salary. In public sector banks, foreign Exchange clerks can take home between Rs.30,000 to Rs.35,000 whereas officers can get around Rs. 50,000 to Rs.60,000 every month. Skilled professionals such as CFAs, MBAs and CAs hired by public sector banks can earn a handsome income.
Professionals working in a private and foreign bank-scan earn around Rs.70,000 to Rs.80,000 per month.
