Wise Test Wise Multi-Currency Account Features 2 — Questions and Answers
Question 1: How many currencies can a Wise multi-currency account hold simultaneously?
- Up to 10 currencies
- Up to 20 currencies
- Over 40 currencies (Correct answer)
- Up to 5 currencies
Correct answer: Over 40 currencies
Wise allows you to hold and manage balances in over 40 different currencies within a single account.
Question 2: Which of the following best describes the Wise mid-market exchange rate?
- A rate slightly worse than the interbank rate
- The midpoint between buy and sell rates with no markup (Correct answer)
- A fixed rate set weekly by Wise
- The rate charged by retail banks for wire transfers
Correct answer: The midpoint between buy and sell rates with no markup
The mid-market rate is the midpoint between global buy and sell prices for a currency, and Wise applies it without adding a markup.
Question 3: What happens to your Wise balance when you convert currency within the app?
- It is held in escrow for 24 hours
- The source currency balance decreases and the target currency balance increases instantly (Correct answer)
- A new sub-account is created automatically
- Conversion requires approval from a Wise agent
Correct answer: The source currency balance decreases and the target currency balance increases instantly
Converting currency in Wise immediately debits the source balance and credits the target currency balance in your account.
Question 4: Can a Wise multi-currency account receive international wire transfers (SWIFT) in USD?
- No, Wise does not support SWIFT for USD
- Yes, but only from other Wise accounts
- Yes, using Wise's US bank details including a routing and account number (Correct answer)
- Yes, but only transfers under $500
Correct answer: Yes, using Wise's US bank details including a routing and account number
Wise provides local US bank details (routing number and account number) so you can receive USD via domestic ACH or wire transfers.
Question 5: Which statement about Wise account balances and interest is correct?
- All currency balances earn a fixed 2% annual interest
- Standard Wise balances do not earn interest unless placed in Assets (Correct answer)
- Wise pays interest automatically on balances over $1,000
- Wise balances earn interest only in EUR and GBP
Correct answer: Standard Wise balances do not earn interest unless placed in Assets
Standard Wise currency balances do not earn interest; to earn returns, users must opt into Wise Assets (available in select regions).
Question 6: What is the primary purpose of Wise's 'jar' or 'balance' feature for each currency?
- To lock funds from being spent for a fixed term
- To segregate funds by currency so you can spend, send, or convert each separately (Correct answer)
- To automatically invest surplus funds in stocks
- To create a shared wallet with another Wise user
Correct answer: To segregate funds by currency so you can spend, send, or convert each separately
Each currency balance acts as a separate pot, letting you manage, spend, send, or convert that specific currency independently.
Question 7: When Wise states it charges a 'small, transparent fee' for currency conversion, where is this fee typically shown?
- Only on the monthly statement
- Upfront before you confirm the transaction (Correct answer)
- Hidden within the exchange rate spread
- After the transaction completes
Correct answer: Upfront before you confirm the transaction
Wise displays the exact fee in the local currency before you confirm any conversion, ensuring full transparency.
Wise Test Wise Multi-Currency Account Features 2
How many currencies can a Wise multi-currency account hold simultaneously?