Wise Understanding Fees & Rates Questions and Answers

Question 1

A user is sending 1,000 USD to a recipient in Japan (JPY).
The total cost of the transfer is composed of several elements.
Which of the following BEST describes the two main components of the fee that Wise charges for this currency conversion transfer?

Accepted Answer

A variable fee based on a percentage of the amount sent, plus a small fixed fee.

Answer

A flat transaction fee plus a variable percentage of the exchange rate.

Answer

A single, all-inclusive fee that is a fixed percentage of the total amount.

Answer

A receiving fee charged to the recipient and a SWIFT network fee.

Question 2

A freelancer in the US receives payments from a client in the UK. To avoid high bank fees, the client pays 500 GBP directly into the freelancer's Wise account using the provided GBP account details. What fee does Wise charge the freelancer for receiving this domestic GBP transfer?

Accepted Answer

No fee.

Answer

A small percentage of the received amount.

Answer

A fixed fee of £2.16.

Answer

A standard SWIFT receiving fee.

Question 3

A business owner plans to send more than 100,000 EUR to various suppliers in the USD zone over the course of a single month. How does Wise adjust its fees for such large volumes?

Accepted Answer

A tiered discount is automatically applied to the variable fee for amounts sent above certain thresholds.

Answer

The exchange rate is improved with a more favorable markup.

Answer

All fixed fees are waived for any transfer over 25,000 EUR.

Answer

The user must subscribe to a premium plan to access lower fees.

Question 4

When a user sends money internationally with Wise, what does the term 'mid-market rate' refer to?

Accepted Answer

The midpoint between the 'buy' and 'sell' rates on the global currency markets, with no hidden markup.

Answer

The average exchange rate offered by major retail banks, including a small markup.

Answer

A promotional rate offered to new Wise customers for their first transfer.

Answer

The exchange rate set by Wise at the beginning of each business day.

Question 5

A user sends 500 CAD to another Wise user's account, also in CAD. Which statement accurately describes the fee for this type of transaction?

Accepted Answer

It is completely free of charge.

Answer

The standard variable and fixed transfer fees apply.

Answer

A small, fixed same-currency fee is charged.

Answer

The fee is 50% lower than a standard cross-currency transfer.

Question 6

A customer is funding a transfer and sees options to pay via bank transfer, debit card, or credit card. Which of the following is typically true regarding the fees associated with these payment methods?

Accepted Answer

Bank transfer is typically the lowest-cost option, while card payments may incur higher fees.

Answer

All payment methods have the exact same fee.

Answer

Credit card is the cheapest, and bank transfer is the most expensive.

Answer

Debit card payments are free, but credit card payments have a high fee.

A user is sending 1,000 USD to a recipient in Japan (JPY).The total cost of the transfer is composed of several elements.Which of the following BEST describes the two main components of the fee that Wise charges for this currency conversion transfer?

A user is sending 1,000 USD to a recipient in Japan (JPY).
The total cost of the transfer is composed of several elements.
Which of the following BEST describes the two main components of the fee that Wise charges for this currency conversion transfer?