Wise Test Wise Wise Business Account Tools 5

Question 1

What is the Wise Business 'conversion' feature used for within the platform?

Accepted Answer

Exchanging one currency balance for another at the mid-market rate

Answer

Converting business account types from starter to premium

Answer

Converting invoices from PDF to editable formats

Answer

Switching the account's base reporting currency

Question 2

Which scenario best illustrates the advantage of Wise Business local account details for a US freelancer with international clients?

Accepted Answer

A UK client can pay by local bank transfer in GBP without triggering international wire fees on either side

Answer

The freelancer can charge clients in USD only to avoid currency risk

Answer

The freelancer automatically receives payments in gold-backed stablecoins

Answer

All foreign payments are converted to USD before the freelancer can access them

Question 3

How does Wise Business handle transfer speed, and which option typically arrives fastest?

Accepted Answer

Some transfers arrive instantly or within hours; speed depends on currency, amount, and receiving bank

Answer

All transfers take exactly 3-5 business days with no expedite option

Answer

Wise guarantees same-day delivery for an additional express fee on all currencies

Answer

Wire transfers via Wise always take longer than ACH regardless of destination

Question 4

A business owner wants to give their accountant read-only access to Wise Business. Which feature enables this?

Accepted Answer

Creating a team member account with a 'viewer' role that has no payment initiation rights

Answer

Sharing the main account login credentials with the accountant

Answer

Exporting a one-time access token for the accountant's bookkeeping software

Answer

Adding the accountant as a second business owner with full permissions

Question 5

What does Wise Business's 'scheduled payments' feature allow a company to do?

Accepted Answer

Set up a transfer to be sent automatically on a specific future date

Answer

Lock in today's exchange rate for a payment to be sent in the future

Answer

Create standing orders that repeat indefinitely without any user action after setup

Answer

Schedule payments only for transfers within the same country

Question 6

Which report does Wise Business provide that is especially useful for US businesses calculating foreign exchange gains and losses?

Accepted Answer

A transaction history export showing exchange rates applied on each transfer

Answer

A real-time options pricing report

Answer

An IRS Schedule C pre-filled tax form

Answer

A daily mark-to-market portfolio valuation report

Question 7

What is the significance of Wise Business being regulated by FinCEN in the United States?

Accepted Answer

It means Wise is registered as a Money Services Business and must comply with AML and KYC regulations

Answer

It means Wise is FDIC-insured up to $250,000 per account

Answer

It grants Wise the right to issue loans and credit lines to businesses

Answer

It means all Wise Business accounts are audited annually by the Federal Reserve