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Enjoy straightforward transfers through a mobile app with the only cost being a small markup on the exchange rate.
$0
Min. Transfer Amount
$2,999
Max. Transfer Amount
Within an hour
Transfer Speed
Product Name | Sendwave |
---|---|
Min. Transfer Amount | $0 |
Max. Transfer Amount | $2,999 |
Transfer Methods | Online |
Transfer Speed Minimum transfer time | Within an hour |
Customer Service | Phone, Email |
Available Currencies | BDT, CAD, EUR, GBP, GHS, KES, NGN, TZS, UGX, USD, XOF |
Online Transfer Fee | USD 0 |
---|---|
Branch Transfer Fee | USD 0 |
Sendwave works by allowing you to send money from a debit card to select countries abroad. You sign up for the app, enter sending and payment details and then send money at your leisure.
Sendwave doesn’t charge transfer fees. Instead, it makes money by offering you slightly worse than the mid-market rate when you exchange currency.
Keep in mind that big players like Western Union and MoneyGram make money on both exchange rate spreads and fees that can be higher for specific types of transactions, like paying with your debit card. With Sendwave, you cut out the fee altogether and only have to worry about the exchange rate.
Depending on your recipient’s currency, you’ll see a spread on the mid-market rate that appears to top out at about 4.5%.
To give you an idea of what you could pay on the exchange rate, here are Sendwave’s advertised exchange rates as of September 30, 2020.
Mid-market rate | Sendwave’s exchange rate | Markup | |
---|---|---|---|
Bangladesh | 84.73 | 84.03 | 1.44% |
Ghana | 5.79 | 5.51 | 4.51% |
Kenya | 108.50 | 105.27 | 2.65% |
Nigeria | 381.50 | 382 | 0.88% |
Senegal | 559.75 | 542.31 | 2.97% |
Tanzania | 2318.31 | 2256 | 2.76% |
Uganda | 3712.34 | 3610 | 2.97% |
According to the mid-market rate, 1 USD is worth 108.50 Kenyan shilling (KES). Yet when you transfer through Sendwave, 1 USD is worth 105.27 KES.
Here’s what that looks like when sending $100:
Sendwave makes a profit from the difference of 323 KES — or about $2.98.
Sendwave money transfers are typically delivered within 30 seconds to your recipient’s mobile wallet. Transfers can take longer if you’re sending money for cash pickup, so double-check delivery speeds before sending if time is crucial.
Sendwave’s sending limits for new customers start out at:
If you verify your account with Sendwave using a government-issued ID, limits can be raised to:
When sending from the US, Sendwave supports transfers to seven destinations. Supported countries and associated currencies include:
Sendwave is a licensed money transmitter in every country it operates in. It encrypts transactions through a 128-bit connection and doesn’t store your personal or financial info in its databases. Additionally, Sendwave doesn’t hold any of your money in its own bank accounts, all money is instantly moved to your recipient.
When sending from the US, debit cards are the only accepted form of payment for Sendwave transfers. Sendwave says it doesn’t accept credit card or PayPal payments in order to keep costs down.
Sendwave allows transfers to mobile wallets like M-Pesa, MTN and Airtel, bank accounts and cash pickup locations. Delivery methods depend on the country you are sending to, and include:
Mobile wallets
Bank accounts
Cash pickup locations
Note: Not all sending destinations are supported for transfers outbound from the US at this time..
You can start sending money immediately — simply enter your recipient’s name and phone number.
Sendwave has an app on both Google Play and the App Store. The app makes it possible to:
Ratings accurate as of October 2020 | |
---|---|
Google Play Store | 4.6 out of 5 — based on 13,606 customer ratings |
Apple App Store | 4.5 out of 5 — based on 3,800 customer ratings |
More on the best money transfer apps
Once the recipient receives your transfer, Sendwave emails you confirmation. Also, you’ll see your transfer marked Funds Delivered in the app’s transaction tab. If the transaction runs into any issues Sendwave will contact you to sort it out.
To see how Sendwave compares to some popular competitors, select your destination then enter the amount you want to send and choose Calculate.
Sendwave is a straightforward way to send money to select African countries that other money transfer providers don’t serve. Sendwave’s clear markups and no fees structure makes understanding the cost of your transfer easy, and money can be sent on the go from your phone at any time.
Yes, as long as the funds haven’t been delivered yet. Because Sendwave sends fast transactions, canceling may be difficult even if you do it immediately after sending. To cancel, select the transaction in the Sendwave app and choose Cancel.
Customer support information can be found in the Sendwave app. The app also allows you to call or text customer support, whichever is easier for you.
Sendwave has chosen not to accept credit cards or PayPal because both options cost the company processing fees. According to the company, accepting only debit cards allows it to keep costs low and pass savings on to customers.