Wise Test Wise Sending International Transfers 2 — Questions and Answers
Question 1: What exchange rate does Wise use when converting currency for international transfers?
- The bank's internal rate with a markup
- The mid-market exchange rate (Correct answer)
- A rate set by the receiving bank
- A fixed rate updated weekly
Correct answer: The mid-market exchange rate
Wise uses the mid-market rate (the midpoint between buy and sell rates), which is the fairest rate available.
Question 2: Which of the following is NOT a payment method typically accepted by Wise for sending an international transfer?
- Bank transfer (ACH)
- Debit card
- Credit card
- Personal check (Correct answer)
Correct answer: Personal check
Wise does not accept personal checks; it supports bank transfers, debit cards, and credit cards.
Question 3: When you send money with Wise, the transfer fee is displayed:
- Only after the transfer is completed
- Before you confirm the transfer (Correct answer)
- In the recipient's account statement
- As a percentage hidden in the exchange rate
Correct answer: Before you confirm the transfer
Wise shows the exact fee upfront before you confirm, so there are no surprises.
Question 4: If a Wise transfer is delayed, what is the most common reason?
- Wise is processing too many transfers
- Additional identity verification or compliance checks are required (Correct answer)
- The recipient's bank rejected the currency
- Wise does not support weekend transfers
Correct answer: Additional identity verification or compliance checks are required
Transfers are most commonly delayed when compliance checks or identity verification are needed by Wise or an intermediary.
Question 5: What happens to the exchange rate lock when you initiate a Wise transfer?
- The rate is locked for 24 hours after payment is received
- The rate is locked at the moment you confirm and pay (Correct answer)
- The rate floats until the recipient collects the funds
- There is no rate lock — Wise uses the rate at delivery
Correct answer: The rate is locked at the moment you confirm and pay
Wise locks the exchange rate at the moment you confirm and your payment is received, protecting you from rate fluctuations.
Question 6: Which document might Wise request to verify the purpose of a large international transfer?
- Your credit score report
- An invoice or proof of purpose (Correct answer)
- Your social media profile
- A notarized letter from your bank
Correct answer: An invoice or proof of purpose
For large or unusual transfers, Wise may ask for an invoice or other document explaining the transfer's purpose.
Question 7: In the Wise app, where can you find the real-time status of an outgoing international transfer?
- Only via email notifications
- In the 'Transfers' or 'Activity' section of your account (Correct answer)
- By calling Wise customer support
- On your linked bank's app only
Correct answer: In the 'Transfers' or 'Activity' section of your account
The Wise app and website show real-time transfer status under the Transfers or Activity section.
Wise Test Wise Sending International Transfers 2
What exchange rate does Wise use when converting currency for international transfers?