Wise Wise Debit Card Usage Flashcards

A Wise user is traveling in Japan and wants to withdraw JPY from an ATM. They do not hold a JPY balance in their Wise account, but have sufficient funds in their EUR and USD balances. How will the Wise debit card handle this transaction?

Answer: Wise's Smart Conversion technology will automatically convert the required amount from the balance with the lowest conversion fee.

Wise uses a feature called Smart Conversion. If you make a payment in a currency you don't hold, it automatically converts the necessary funds from the balance that has the lowest conversion fee at that moment, ensuring the user gets the most for their money.

A user misplaces their Wise debit card and is concerned about unauthorized transactions. Which of the following is the most appropriate immediate action to take within the Wise app?

Answer: Freeze the card to temporarily block all transactions.

Freezing the card is the best first step as it instantly and temporarily blocks any new payments, including in-store, online, and ATM withdrawals. This provides immediate security while the user searches for the card. Ordering a replacement is a permanent action that should be taken if the card is confirmed to be lost or stolen.

Regarding ATM cash withdrawals with the Wise debit card, which statement is accurate for most users (fees may vary by region)?

Answer: A certain number of withdrawals up to a specific cumulative amount are free each month, after which fees apply.

Wise allows users a set number of free ATM withdrawals per calendar month up to a certain total amount (e.g., 2 free withdrawals up to 200 EUR/100 USD). Once either the number of withdrawals or the total amount is exceeded, a fixed fee and/or a variable percentage fee is charged on subsequent withdrawals for that month.

A user is making an online purchase from a European website priced in EUR. They hold a sufficient balance in their EUR wallet. What fee will Wise charge for this transaction?

Answer: Zero transaction fee.

If a Wise cardholder has the currency they are spending in their account, it is free to use the card for that transaction. Since the user has a sufficient EUR balance for the EUR purchase, Wise does not charge a transaction or conversion fee.

Which of the following is a recommended security practice for using the Wise debit card for online shopping?

Answer: Using a disposable digital card for new or unfamiliar merchants.

Wise offers digital (virtual) cards that can be generated for online payments. Using a digital card for online shopping, especially with new merchants, adds a layer of security because the details are separate from the physical card and can be frozen or deleted after use without affecting the main card.

A user plans to travel to a country where they will need to use their Wise debit card. However, they are unsure if the card will work there. In which of the following countries are Wise cards universally restricted, regardless of where the card was issued?

Answer: North Korea

Wise explicitly states a list of countries where its cards will not work due to regulations and sanctions. This list includes countries like North Korea, Iran, Syria, and Russia, among others. Cards issued in specific regions may have additional restrictions.