Wise Sending International Transfers Questions and Answers 1 — Questions and Answers
Question 1: A user is sending a large international transfer and is concerned about potential delays. Which of the following is the MOST effective step they can take beforehand to minimize the risk of delays related to their account?
- Contacting their bank to pre-authorize the transaction.
- Completing their identity and address verification with Wise in advance. (Correct answer)
- Sending several smaller transfers instead of one large one.
- Choosing to fund the transfer with a credit card for faster payment.
Correct answer: Completing their identity and address verification with Wise in advance.
Wise is required to verify the identity of its users, especially for large transfers. Completing the verification process, which can take a couple of business days, before initiating the transfer ensures that this regulatory step doesn't become a source of delay once the transfer is in motion.
Question 2: When sending money internationally with Wise, what is the 'guaranteed rate' feature?
- A feature that ensures the recipient receives the money within a guaranteed timeframe.
- A promotional exchange rate offered to first-time users.
- An exchange rate that is locked in for a specific period, provided Wise receives the funds in time. (Correct answer)
- The best possible exchange rate of the day, applied automatically at the time of conversion.
Correct answer: An exchange rate that is locked in for a specific period, provided Wise receives the funds in time.
The 'guaranteed rate' feature locks in the exchange rate you see when you set up your transfer for a specified period. To get this rate, your money must arrive at Wise within that time frame. If it arrives late, the live mid-market rate at the time of receipt will be used instead.
Question 3: A customer is funding their international transfer from their USD bank account. Which payment method is generally the SLOWEST for getting the money to Wise?
- Debit or credit card
- Wire transfer
- ACH Bank Debit (Correct answer)
- Paying from their Wise Account balance
Correct answer: ACH Bank Debit
According to Wise's help documentation, an ACH Bank Debit can take 0-4 working days for the funds to reach Wise. In contrast, card payments are nearly instant, wire transfers often arrive the same or next day, and paying from an existing Wise balance is instant.
Question 4: Which of the following pieces of information about the recipient is NOT always required when setting up a standard international bank transfer to a US dollar account?
- Recipient's full name and address
- Recipient's bank account number and routing number
- The purpose of the transfer (Correct answer)
- Recipient's bank name and account type
Correct answer: The purpose of the transfer
While it can be helpful, stating the purpose of the transfer is often optional for standard transfers. However, the recipient's full name, address, account number, routing number, bank name, and account type are essential details required to ensure the funds are routed correctly to a USD account.
Question 5: A user sets up a transfer of 1,000 EUR to a friend in the UK. They choose to fund the transfer via a bank transfer but forget to include the unique reference number provided by Wise. What is the most likely outcome?
- The transfer will be processed as normal but may take an extra day.
- The transfer will be cancelled and the money automatically refunded.
- The transfer will be significantly delayed or rejected because Wise cannot match the payment to the user's account. (Correct answer)
- Wise will contact the user's bank to obtain the reference number.
Correct answer: The transfer will be significantly delayed or rejected because Wise cannot match the payment to the user's account.
The unique reference number is crucial for Wise to correctly associate an incoming bank transfer with the specific user and their intended transfer. Without it, the payment cannot be automatically processed, leading to significant delays or the money being returned because it can't be identified.
Question 6: What exchange rate does Wise use as the basis for its international transfers?
- A fixed daily rate set by Wise each morning.
- The mid-market exchange rate. (Correct answer)
- The wholesale rate available only to large financial institutions.
- An average rate calculated from various retail currency providers.
Correct answer: The mid-market exchange rate.
Wise prides itself on transparency and uses the mid-market exchange rate for conversions. This is the real exchange rate, the midpoint between the buy and sell rates on the global currency markets, and is the same rate you might find on independent sources like Google or Reuters.
Wise Sending International Transfers Questions and Answers 1
A user is sending a large international transfer and is concerned about potential delays.
Which of the following is the MOST effective step they can take beforehand to minimize the risk of delays related to their account?