Wise Test Wise Currency Exchange and Conversion

Question 1

Which exchange rate does Wise use when converting currency?

Accepted Answer

The mid-market exchange rate

Answer

The bank's retail exchange rate

Answer

A proprietary Wise exchange rate

Answer

The rate set by the destination country's central bank

Question 2

What is the mid-market exchange rate?

Accepted Answer

The midpoint between currency buy and sell prices on global markets

Answer

The rate banks charge retail customers

Answer

The rate set by the World Bank

Answer

The average rate across all US banks

Question 3

How do traditional banks typically make money on currency exchange compared to Wise?

Accepted Answer

Banks add a hidden markup to the exchange rate

Answer

Banks charge higher fixed fees

Answer

Banks require minimum transfer amounts

Answer

Banks use slower processing to earn interest

Question 4

Approximately how many currencies does Wise support for conversion?

Accepted Answer

40+ currencies

Answer

10 currencies

Answer

20 currencies

Answer

100+ currencies

Question 5

When you initiate a conversion on Wise, how long is the exchange rate typically guaranteed?

Accepted Answer

For a short window (usually a few seconds to minutes) at the time of confirmation

Answer

24 hours

Answer

Until the funds arrive

Answer

1 hour

Question 6

What does Wise charge on top of the mid-market rate for a currency conversion?

Accepted Answer

A small transparent percentage or fixed fee disclosed upfront

Answer

A percentage of the exchange rate markup

Answer

No fee — Wise is completely free

Answer

A monthly subscription that covers all conversions

Question 7

What feature allows Wise users to hold multiple currencies and convert between them without initiating a new transfer?

Accepted Answer

Wise Balance

Answer

Currency Vault

Answer

Exchange Reserve

Answer

Global Wallet