Wise Test Wise Wise Business Account Tools 3 — Questions and Answers
Question 1: What happens to a Wise Business balance conversion if you don't have enough funds in the source currency?
- The transfer is cancelled automatically (Correct answer)
- Wise auto-converts from another available currency balance to cover the shortfall
- Wise extends a short-term credit line for the difference
- The transaction is held in escrow until you top up
Correct answer: The transfer is cancelled automatically
If the source currency balance is insufficient and auto-convert is not configured, Wise cancels the transfer rather than overdrafting.
Question 2: Which statement about Wise Business's mid-market exchange rate is accurate?
- It includes a markup that Wise adds for profit
- It is the rate found on Google or Reuters with no hidden markup added by Wise (Correct answer)
- It is fixed monthly by Wise's treasury team
- It applies only to transfers over $10,000
Correct answer: It is the rate found on Google or Reuters with no hidden markup added by Wise
Wise uses the real mid-market rate (the midpoint between buy and sell rates) with no markup; fees are charged separately as a transparent percentage.
Question 3: Which Wise Business tool is designed to help companies manage expenses submitted by employees?
- Wise Expense Manager
- Wise Business debit cards with team spending limits (Correct answer)
- Wise Reimbursement Portal
- Wise Corporate Credit Line
Correct answer: Wise Business debit cards with team spending limits
Wise Business allows businesses to issue debit cards to team members with spending limits, effectively managing employee expenses within the account.
Question 4: How does Wise Business display its fees for international transfers?
- Fees are bundled into the exchange rate spread with no itemized breakdown
- Fees are shown upfront as a percentage plus a fixed component before you confirm the transfer (Correct answer)
- Fees are charged monthly as a flat subscription regardless of usage
- Fees are only revealed on the bank statement after the transfer completes
Correct answer: Fees are shown upfront as a percentage plus a fixed component before you confirm the transfer
Wise shows the exact fee—broken into a percentage of the transfer amount and a fixed fee—before you confirm, so there are no surprises.
Question 5: What is the function of Wise Business's 'Jar' or savings feature for businesses holding currency balances?
- It locks funds in a time deposit earning guaranteed interest
- It lets businesses set aside funds in a separate pot within their account for budgeting purposes (Correct answer)
- It automatically invests idle balances in money market funds
- It freezes the exchange rate on held funds for up to 30 days
Correct answer: It lets businesses set aside funds in a separate pot within their account for budgeting purposes
Wise's pot/jar-like feature lets businesses ring-fence money within their account for specific purposes, aiding cash flow management without locking funds.
Question 6: Which US-specific local account detail does Wise Business provide to receive domestic payments?
- A US SSN for identity verification only
- A US routing number and account number (Correct answer)
- A US EIN registration certificate
- A US SWIFT/BIC code
Correct answer: A US routing number and account number
Wise Business provides US businesses with a routing number and account number so they can receive ACH and wire payments like a local bank account.
Question 7: What does Wise Business's 'Receive' feature enable that a traditional US bank wire does NOT typically offer for free?
- Free inbound domestic ACH credits
- Free or low-cost inbound international payments in foreign currencies to local account details (Correct answer)
- Instant credit card acceptance with no processing fee
- Zero-fee SWIFT wires from any country
Correct answer: Free or low-cost inbound international payments in foreign currencies to local account details
Wise provides local account details in multiple countries so international payers can send money domestically (avoiding SWIFT fees), which traditional banks rarely offer for free.
Wise Test Wise Wise Business Account Tools 3
What happens to a Wise Business balance conversion if you don't have enough funds in the source currency?