Wise Test Wise Multi-Currency Account Features 4

Question 1

How does a Wise multi-currency account differ from a traditional bank's multi-currency account?

Accepted Answer

Wise uses the mid-market rate with transparent fees, while banks often use marked-up rates with hidden fees

Answer

The key difference is that Wise charges a transparent fee at the mid-market rate, whereas banks typically embed profit in a less favorable exchange rate.

Question 2

What is a Wise 'borderless' account now officially called?

Accepted Answer

Wise Multi-Currency Account

Answer

Wise rebranded its 'borderless account' to the 'Wise multi-currency account' to better reflect its core features.

Question 3

When using Wise to send money abroad, what determines whether the recipient receives funds via local payment rails or SWIFT?

Accepted Answer

Whether Wise has local banking infrastructure in the recipient's country

Answer

Wise uses local payment networks where it has infrastructure, and falls back to SWIFT only when local rails are unavailable in the destination country.

Question 4

Which of the following correctly describes Wise's fee structure for sending money internationally?

Accepted Answer

A percentage-based fee plus a small fixed fee, shown before confirming

Answer

Wise charges a combination of a percentage of the transfer amount and a small fixed fee, always displayed transparently before the user confirms.

Question 5

A US freelancer working for a UK client wants to receive GBP payments. Which Wise feature enables this?

Accepted Answer

UK local bank details (sort code and account number) provided by Wise

Answer

Wise provides UK sort code and account number details to eligible users, allowing them to receive GBP as if they had a local UK bank account.

Wise Practice Test

Wise Practice Test

Wise Test Wise Multi-Currency Account Features 4