Wise Test Wise Multi-Currency Account Features 3 — Questions and Answers
Question 1: Which of the following countries does NOT currently offer Wise local bank account details for receiving payments?
- United States
- United Kingdom
- North Korea (Correct answer)
- Australia
Correct answer: North Korea
North Korea is a sanctioned country, and Wise cannot provide services or local bank details there.
Question 2: What does 'auto-convert' functionality in Wise allow users to do?
- Automatically send money to a recipient when a rate target is reached
- Set a desired exchange rate and have Wise execute the conversion when that rate is hit (Correct answer)
- Automatically convert all incoming payments to USD
- Schedule daily micro-conversions to average the exchange rate
Correct answer: Set a desired exchange rate and have Wise execute the conversion when that rate is hit
Wise's rate alert and auto-convert feature lets you specify a target rate, and the conversion executes automatically when the market reaches it.
Question 3: What type of account verification is required to open a Wise multi-currency account in the US?
- A US Social Security Number only
- Proof of address and government-issued photo ID (Correct answer)
- A referral from an existing Wise customer
- A minimum deposit of $500
Correct answer: Proof of address and government-issued photo ID
Wise requires identity verification through a government-issued photo ID and proof of address to comply with US financial regulations.
Question 4: Which Wise feature allows businesses to pay multiple international employees or suppliers in a single batch?
- Wise Payouts API or batch payments (Correct answer)
- Wise Payroll Hub
- Wise Multi-Send (limited to 5 recipients)
- Wise Business Sweep
Correct answer: Wise Payouts API or batch payments
Wise's batch payment tool and Payouts API allow businesses to send money to multiple recipients in multiple currencies from a single upload or API call.
Question 5: If you hold a GBP balance in your Wise account and use the Wise debit card to pay in EUR at a European store, what happens?
- The transaction is declined because currencies don't match
- Wise automatically converts GBP to EUR at the mid-market rate plus a small fee (Correct answer)
- You are charged a flat $5 foreign transaction fee
- The EUR amount is held in a pending status for 48 hours
Correct answer: Wise automatically converts GBP to EUR at the mid-market rate plus a small fee
Wise auto-converts from your held balance to the local payment currency at the mid-market rate plus a small conversion fee.
Question 6: What is the significance of Wise being regulated by FinCEN in the United States?
- It means Wise is insured by the FDIC up to $250,000
- It classifies Wise as a money services business subject to AML compliance requirements (Correct answer)
- It grants Wise a banking license to offer savings accounts
- It allows Wise to issue credit cards
Correct answer: It classifies Wise as a money services business subject to AML compliance requirements
FinCEN registration classifies Wise as a money services business (MSB), requiring it to maintain anti-money-laundering (AML) programs and report suspicious activity.
Question 7: Which of the following is NOT a feature of the Wise multi-currency account?
- Receiving payments with local bank details
- Holding balances in multiple currencies
- Earning a guaranteed fixed interest rate on all balances (Correct answer)
- Converting currencies at the mid-market rate
Correct answer: Earning a guaranteed fixed interest rate on all balances
Wise does not offer a guaranteed fixed interest rate on standard balances; interest-bearing options are optional and available only through Wise Assets.
Wise Test Wise Multi-Currency Account Features 3
Which of the following countries does NOT currently offer Wise local bank account details for receiving payments?