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

The conversion feature lets businesses exchange funds between currency balances held in their Wise account at the mid-market rate with a transparent fee.

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

With Wise's UK local GBP account details, a UK client pays domestically (cheap for them), and the freelancer receives GBP in their Wise balance without SWIFT fees.

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

Wise transfer speed varies by currency pair and receiving bank; many transfers arrive within hours or even instantly, while others may take 1-2 business days.

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

Wise Business team roles include a read-only viewer role, allowing accountants to review transactions and statements without the ability to send payments.

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

Wise Business lets you schedule a one-time payment for a future date, useful for planned invoices or payroll runs, though recurring auto-repeat may vary by feature availability.

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Wise Test Wise Wise Business Account Tools 5