Whenever you are stuck with any of these questions, it is best to refer to the datasheet for your specific module. I have worked with modules which run at 3.3(V) but can tolerate 5(V) inputs to the serial port. That being said, this is very device specific and really depends on if the manufacturer has added the ability to tolerate 5(V) line.
As for your UART issue where "...." being seen, you should check whether this is happening if you have none of the TX and RX connected. If you still get that without any serial connection, it might just be something the WiFi module is sending by default (possible bad WiFi module firmware or maybe malfunction). Like mentioned, however, that would be the topic of another question, which you should post if you want the proper answer to that.
A solution to your issue is to just you a logic level shifter. Either that or you can choose to run everything at 3.3(V) if you don't need the higher 5(V) rail which usually can be done.
Hope that helps. Happy Engineering!!!