Wise Test Wise Receiving Global Payments 3 — Questions and Answers
Question 1: What information must you provide to a payer sending you money via SEPA bank transfer to your Wise EUR account?
- IBAN and BIC (Correct answer)
- Sort code and account number
- Routing number and account number
- BSB and account number
Correct answer: IBAN and BIC
SEPA transfers within Europe require an IBAN (International Bank Account Number) and BIC (Bank Identifier Code).
Question 2: Which Wise feature allows you to receive payments from platforms like Amazon, Fiverr, or Upwork in multiple currencies?
- Wise account details for supported currencies (Correct answer)
- Wise Business debit card
- Wise interest-bearing savings account
- Wise international wire transfer service
Correct answer: Wise account details for supported currencies
Wise account details can be submitted to freelance or marketplace platforms as your payout bank account for supported currencies.
Question 3: When receiving a payment via ACH into your Wise USD balance, what is the typical settlement time?
- 1–3 business days (Correct answer)
- Instant (same second)
- 7–10 business days
- Same day if sent before noon EST
Correct answer: 1–3 business days
ACH transfers typically settle within 1–3 business days depending on the sending bank's processing schedule.
Question 4: If a payer mistakenly sends funds to your Wise account that were intended for someone else, what should you do?
- Contact Wise support to initiate a return of funds (Correct answer)
- Keep the funds as Wise cannot reverse transfers
- Transfer the funds back directly from your balance
- File a police report before contacting Wise
Correct answer: Contact Wise support to initiate a return of funds
You should contact Wise support, who can coordinate with the sending bank to return misdirected funds.
Question 5: Which type of Wise account provides access to account details in the most currencies for receiving payments?
- Wise Business account (Correct answer)
- Wise Personal account
- Both offer identical receiving capabilities
- Wise Borderless account (discontinued)
Correct answer: Wise Business account
Wise Business accounts typically offer account details in more currencies and higher receiving limits compared to personal accounts.
Question 6: What happens to funds received in a currency for which you have not yet opened a balance in Wise?
- Wise may auto-convert them to your default currency or hold them pending balance creation (Correct answer)
- The transfer is rejected and returned to sender
- Wise holds the funds indefinitely at no charge
- Funds are donated to charity after 30 days
Correct answer: Wise may auto-convert them to your default currency or hold them pending balance creation
Wise's behavior varies, but it may auto-convert incoming funds or prompt you to open the relevant balance; always open the balance first to avoid auto-conversion.
Question 7: A US-based user receives £500 GBP from a UK client via Wise account details. What does Wise charge the recipient for receiving this payment?
- Nothing — receiving money via local bank transfer is free (Correct answer)
- A flat £2.50 fee
- 0.5% of the received amount
- A fee that varies by the sender's country
Correct answer: Nothing — receiving money via local bank transfer is free
Wise does not charge recipients for receiving money via local bank transfer into their account details.
Wise Test Wise Receiving Global Payments 3
What information must you provide to a payer sending you money via SEPA bank transfer to your Wise EUR account?