Wise Test Wise Receiving Global Payments 4

Question 1

What is the purpose of the Wise 'reference' or 'memo' field when receiving a bank transfer?

Accepted Answer

It helps you identify which client or invoice the payment corresponds to

Answer

It is required by Wise to process the transfer

Answer

It determines the exchange rate applied

Answer

It sets the priority level of the incoming transfer

Question 2

Can you use Wise account details to receive payments from US payroll systems (e.g., Gusto, ADP) as a contractor?

Accepted Answer

Yes, by providing your Wise USD routing and account number

Answer

No, Wise accounts are not accepted by payroll processors

Answer

Only if you have a Wise Business account

Answer

Only if the employer is also a Wise user

Question 3

What does it mean when Wise shows an incoming payment status as 'Processing'?

Accepted Answer

The funds have been sent but not yet credited to your balance

Answer

Wise is converting the currency before crediting

Answer

Your account has been flagged for review

Answer

The payment has been cancelled

Question 4

Which of the following best describes how Wise protects funds held in your account balances?

Accepted Answer

Customer funds are safeguarded in segregated accounts separate from Wise's operational funds

Answer

Funds are insured by the FDIC up to $250,000

Answer

Funds are backed by government bonds held by Wise

Answer

Wise holds funds in its own operating bank account

Question 5

If you share your Wise CAD account details, which payment network will Canadian payers use to send you money domestically?

Accepted Answer

Interac or EFT

Answer

SWIFT

Answer

ACH

Answer

SEPA

Question 6

What is a key limitation of Wise account details compared to a traditional bank account?

Accepted Answer

You cannot receive cash deposits or checks

Answer

Wise charges monthly maintenance fees

Answer

You cannot hold more than 3 currencies simultaneously

Answer

Wise account details expire every 12 months

Question 7

How can a Wise user verify that their account details are correct before sharing them with a payer?

Accepted Answer

By viewing the account details in the Wise app or website under the relevant currency balance

Answer

By calling Wise customer support to confirm

Answer

By making a test transfer to themselves first

Answer

Account details are confirmed via postal mail