Wise Test Wise Understanding Fees & Rates 2 — Questions and Answers
Question 1: What type of exchange rate does Wise use for currency conversions?
- The mid-market rate (Correct answer)
- A rate set 2% above mid-market
- The bank's buying rate
- A fixed daily rate
Correct answer: The mid-market rate
Wise uses the mid-market exchange rate, which is the midpoint between the buy and sell prices on global currency markets.
Question 2: How does Wise typically structure its transfer fee?
- A flat fee only, regardless of amount
- A percentage-based fee plus a small fixed fee (Correct answer)
- A percentage-based fee only
- No fee — profit comes from the exchange rate markup
Correct answer: A percentage-based fee plus a small fixed fee
Wise charges a combination of a small fixed fee and a variable percentage fee based on the amount being transferred.
Question 3: Which of the following is TRUE about receiving money into a Wise account (USD)?
- Wise charges a flat $5 fee per incoming wire
- Domestic ACH transfers are received free (Correct answer)
- All incoming transfers cost 1% of the received amount
- Receiving USD always requires a fee of at least $1
Correct answer: Domestic ACH transfers are received free
Wise provides free US account details for ACH transfers, so domestic bank transfers to your Wise USD balance are typically free to receive.
Question 4: What happens to Wise's percentage fee as the transfer amount increases significantly?
- The percentage fee increases to cover currency risk
- The percentage fee stays exactly the same regardless of amount (Correct answer)
- The percentage fee decreases because Wise offers volume discounts
- The fixed portion disappears, leaving only the percentage
Correct answer: The percentage fee stays exactly the same regardless of amount
Wise's percentage fee remains constant — it does not offer volume discounts for larger transfers, though the fixed component becomes proportionally smaller.
Question 5: A customer wants to send money from the US to the UK. Where can they see the exact fee BEFORE confirming the transfer?
- Only in the confirmation email after payment
- On the Wise fee calculator on the website or app before initiating (Correct answer)
- Fees are only disclosed after the transfer is processed
- Customers must call Wise support to get a fee quote
Correct answer: On the Wise fee calculator on the website or app before initiating
Wise displays the full fee breakdown upfront in its fee calculator, so users see exactly what the recipient will receive before confirming.
Question 6: Which payment method in the US typically results in the LOWEST Wise transfer fee?
- Credit card payment
- Debit card payment
- Bank transfer (ACH) (Correct answer)
- Wire transfer
Correct answer: Bank transfer (ACH)
Paying via ACH bank transfer usually carries the lowest fee because processing costs are minimal compared to card payments.
Question 7: If Wise lists a fee of '0.43% + $0.79' for a USD to EUR transfer, what is the total fee on a $500 transfer?
- $2.15
- $2.94 (Correct answer)
- $3.50
- $1.36
Correct answer: $2.94
0.43% of $500 = $2.15, plus the fixed $0.79 = $2.94 total fee.
Wise Test Wise Understanding Fees & Rates 2
What type of exchange rate does Wise use for currency conversions?