Wise Sending International Transfers Questions and Answers 1

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?

Accepted Answer

Completing their identity and address verification with Wise in advance.

Answer

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?

Accepted Answer

An exchange rate that is locked in for a specific period, provided Wise receives the funds in time.

Answer

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?

Accepted Answer

ACH Bank Debit

Answer

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?

Accepted Answer

The purpose of the transfer

Answer

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?

Accepted Answer

The transfer will be significantly delayed or rejected because Wise cannot match the payment to the user's account.

Answer

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.

Wise Practice Test

Wise Practice Test

Wise Sending International Transfers Questions and Answers 1