Wise Sending International Transfers Flashcards

What is a Wise 'balance transfer' as opposed to a standard Wise send?

Answer: Sending money from your Wise multi-currency balance directly to a recipient's bank account

A balance transfer sends funds held in your Wise multi-currency balance to an external recipient bank account.

When sending an international transfer via Wise, what does SWIFT/BIC code identify?

Answer: The recipient's specific bank institution globally

A SWIFT/BIC code is an internationally standardized code that uniquely identifies a specific bank or financial institution.

Which best practice should you follow when entering a recipient's IBAN for a Wise transfer?

Answer: Copy-paste the IBAN directly to avoid manual entry errors

Copying the IBAN directly from the recipient's official statement reduces transcription errors that can misdirect funds.

Wise requires identity verification before allowing international transfers primarily because of:

Answer: Know Your Customer (KYC) and anti-money-laundering (AML) regulations

KYC and AML regulations require money transfer operators to verify the identity of their customers before processing international payments.

If you use a credit card to fund a Wise international transfer, which additional cost might you face beyond the Wise fee?

Answer: A cash advance fee from your credit card issuer

Many credit card issuers treat Wise payments as cash advances, triggering a separate cash advance fee and higher interest rate.

You need to send money to a recipient in Japan. Which piece of information is specific to Japanese bank transfers that Wise will ask for?

Answer: Zengin bank code and branch code

Japan's Zengin interbank system uses a bank code and branch code instead of IBANs or routing numbers.

After a Wise international transfer is marked 'Completed,' how long should you advise a recipient to wait before contacting Wise if funds have not appeared?

Answer: 1 business day — local processing may add a short delay

Once Wise marks a transfer complete, funds have been sent to the receiving bank, but local processing can add up to 1 business day before the recipient sees the credit.