Wise Test Wise Receiving Global Payments 2 — Questions and Answers
Question 1: What does Wise's 'account details' feature provide to users who want to receive USD from US payers?
- A Wise-owned bank account number routed through ACH/wire (Correct answer)
- A virtual debit card number
- A PayPal-linked account
- A cryptocurrency wallet address
Correct answer: A Wise-owned bank account number routed through ACH/wire
Wise issues local account details (routing + account number) so US payers can send ACH or wire transfers directly to you.
Question 2: When a client sends you a SWIFT wire in USD to your Wise account details, who typically pays the SWIFT intermediary fees?
- The sender's bank deducts them from the transfer amount (Correct answer)
- Wise absorbs all SWIFT fees
- The recipient pays a flat $5 fee
- No fees apply to SWIFT transfers on Wise
Correct answer: The sender's bank deducts them from the transfer amount
SWIFT intermediary bank fees are usually deducted from the transfer amount by the sending or intermediary bank, reducing what you receive.
Question 3: Which of the following currencies does Wise NOT currently support for receiving local account details?
- Venezuelan Bolivar (VES) (Correct answer)
- British Pound (GBP)
- Euro (EUR)
- Australian Dollar (AUD)
Correct answer: Venezuelan Bolivar (VES)
Wise does not offer local account details for VES; it supports major currencies like GBP, EUR, USD, AUD, and others.
Question 4: If you receive EUR via your Wise EUR account details, how is the money held by default?
- In EUR in your Wise EUR balance (Correct answer)
- Automatically converted to USD
- Held in a Wise escrow account for 3 days
- Split equally across all your Wise balances
Correct answer: In EUR in your Wise EUR balance
Funds received in EUR are credited to your EUR balance and remain in EUR until you choose to convert or send them.
Question 5: What is the main advantage of sharing your Wise local account details instead of your personal bank's SWIFT/BIC details?
- Senders pay lower or no international transfer fees (Correct answer)
- You receive funds faster than any other method
- Wise guarantees same-day settlement for all currencies
- You get a higher exchange rate on incoming funds
Correct answer: Senders pay lower or no international transfer fees
When senders use Wise local account details, the payment travels as a domestic transfer in the sender's country, avoiding costly international wire fees.
Question 6: A freelancer in the US wants to receive GBP payments from UK clients into their Wise account. What must they do first?
- Open a GBP balance and obtain UK account details (Correct answer)
- Apply for a UK bank license through Wise
- Convert USD to GBP before sharing details
- Enable two-factor authentication on the Wise app
Correct answer: Open a GBP balance and obtain UK account details
To receive GBP, you must open a GBP balance in Wise, which then generates UK sort code and account number details to share.
Question 7: How does Wise notify you when an incoming payment has been credited to your account?
- Push notification and email (Correct answer)
- Only via monthly statement
- SMS only, no email
- No notification — you must check manually
Correct answer: Push notification and email
Wise sends both a push notification (in-app) and an email alert when funds arrive in your account.
Wise Test Wise Receiving Global Payments 2
What does Wise's 'account details' feature provide to users who want to receive USD from US payers?