Wise Sending International Transfers Flashcards

What exchange rate does Wise use when converting currency for international transfers?

Answer: The mid-market exchange rate

Wise uses the mid-market rate (the midpoint between buy and sell rates), which is the fairest rate available.

Which of the following is NOT a payment method typically accepted by Wise for sending an international transfer?

Answer: Personal check

Wise does not accept personal checks; it supports bank transfers, debit cards, and credit cards.

When you send money with Wise, the transfer fee is displayed:

Answer: Before you confirm the transfer

Wise shows the exact fee upfront before you confirm, so there are no surprises.

If a Wise transfer is delayed, what is the most common reason?

Answer: Additional identity verification or compliance checks are required

Transfers are most commonly delayed when compliance checks or identity verification are needed by Wise or an intermediary.

What happens to the exchange rate lock when you initiate a Wise transfer?

Answer: The rate is locked at the moment you confirm and pay

Wise locks the exchange rate at the moment you confirm and your payment is received, protecting you from rate fluctuations.

Which document might Wise request to verify the purpose of a large international transfer?

Answer: An invoice or proof of purpose

For large or unusual transfers, Wise may ask for an invoice or other document explaining the transfer's purpose.

In the Wise app, where can you find the real-time status of an outgoing international transfer?

Answer: In the 'Transfers' or 'Activity' section of your account

The Wise app and website show real-time transfer status under the Transfers or Activity section.