Wise Receiving Global Payments Questions and Answers

Question 1

A US-based freelancer provides their Wise USD account details to a client in New York.
The client needs to pay an invoice of $2,500.
To ensure the freelancer receives the full amount with no deductions from Wise, which payment method should the client use?

Accepted Answer

ACH (Automated Clearing House) transfer

Answer

International SWIFT transfer

Answer

Domestic wire transfer

Answer

Sending a physical check to a Wise processing center

Question 2

A business in Canada wants to pay a supplier in Germany. The supplier provides their Wise EUR account details (an IBAN). The Canadian business sends the payment in Canadian Dollars (CAD) directly to the supplier's EUR account details. What is the most likely outcome of this transaction?

Accepted Answer

The payment will be rejected and returned to the sender because only EUR can be sent to EUR account details.

Answer

The payment will be received and automatically converted to EUR with a small fee.

Answer

The payment will be held by Wise pending currency confirmation from the recipient.

Answer

The payment will be processed successfully with no fees for either party.

Question 3

Which of the following statements is true regarding receiving fees for international (SWIFT) payments into a Wise account?

Accepted Answer

Wise charges a fixed fee for receiving SWIFT payments, and intermediary correspondent banks may also deduct their own fees.

Answer

Wise waives all receiving fees for SWIFT payments under $1,000.

Answer

The sender's bank is solely responsible for all fees associated with a SWIFT transfer.

Answer

Receiving SWIFT payments is free for all currencies, as the cost is covered by the sender's Wise subscription.

Question 4

A user is expecting a large payment of over $100,000 USD from a foreign client. What action might Wise be required to take upon receiving these funds to comply with financial regulations?

Accepted Answer

Report the user to tax authorities for receiving a large international payment.

Answer

Automatically convert 10% of the funds into the user's local currency.

Answer

Place a permanent hold on the funds until the user upgrades to a premium account.

Answer

Request additional information about the user's relationship with the sender and the purpose of the payment.

Question 5

A freelance graphic designer living in Australia wants to receive payments from clients in the UK (GBP), the Eurozone (EUR), and the United States (USD) as if they were a local in each region. What feature of the Wise account makes this possible with zero receiving fees for local bank transfers?

Accepted Answer

The issuance of local bank account details for multiple currencies.

Answer

The Wise international debit card.

Answer

The ability to hold balances in over 40 currencies.

Answer

The 'Request a Payment' link feature.

Question 6

A Wise user in Canada has provided their CAD account details to a client within Canada. The client can pay via EFT (direct deposit) or domestic wire transfer. Which of the following is true regarding how Wise handles these incoming CAD payments?

Accepted Answer

EFT transfers are accepted, but domestic wire transfers will be rejected and returned to the sender.

Answer

Both EFT and domestic wire transfers are received free of charge.

Answer

Domestic wire transfers are preferred and processed faster for a small fee.

Answer

Only payments sent via Interac are accepted to CAD account details.