A fee-free way to send money to Africa in 30 seconds.
The Wave app offers a secure way to transfer funds almost instantly to a mobile money account using your debit card — but for now it only works in Kenya, Uganda, Ghana or Tanzania.
Details
| Product name | Wave |
| Minimum transfer | $1 |
| Maximum transfer | $999 a day; $2,999 a month |
| Transfer methods | Debit card |
| Transfer options | N/A |
| Delivery speed | Instant |
| Banking partner | N/A |
| Available currencies | KES, UGX, GHS, TZS |
| Fees and exchange rates | No transaction fees; exchange rate markup of 2% to 3.5% |
| Customer service options | Text, phone |
How much will I pay to send money with Wave?
Wave is one of those rare services that doesn’t charge transfer fees. Instead, it makes money by offering you slightly worse than the mid-market rate when you exchange currency.
Pro tip
The mid-market rate is what your money’s worth compared to another currency. For example, the mid-market rate for dollars to euros could be 1 USD = 0.95 EUR.Charging above the mid-market rate means a company will convert your money for less than it’s really worth — reducing the exchange rate to 1 USD = 0.90 EUR, for example.
How are Wave’s exchange rates?
Depending on your recipient’s currency, you’ll see a spread on the mid-market rate that appears to top out at about 3.5%.
To give you an idea of what you could pay on the exchange rate, here’s what Wave advertised at the time of this writing:
| Mid-market rate | Wave’s exchange rate | Markup | |
|---|---|---|---|
| Kenya | 1 USD = 102.92 KES | 1 USD = 99.97 KES | 2.9% |
| Uganda | 1 USD = 3,593.50 UGX | 1 USD = 3,500 UGX | 2.6% |
| Ghana | 1 USD = 4.38 GHS | 1 USD = 4.29 GHS | 2.1% |
| Tanzania | 1 USD = 2,244.82 TZS | 1 USD = 2,168 TZS | 3.4% |
| Nigeria | 1 USD = 363 NG | 1 USD = 352 NG | 3.1% |
What does this mean?
According to the mid-market rate, 1 USD is worth 102.92 Kenyan shilling (KES). Yet when you transfer through Wave, 1 USD is worth 99.97 KES.
Here’s what that looks like when sending $100:
- Your money is actually worth $100 x 102.92 = 10,292 KES.
- Instead, your recipient receives $100 x 99.97 = 9,997 KES.
Wave profits the difference of 295 KES — or about $2.80.
How does Wave compare to other services?
What types of transfers does Wave support?
Wave supports only debit card payments to mobile money accounts in Africa. You can send as little as $1 through Wave to Kenya, Uganda, Ghana and Tanzania.
At the time of writing, Wave supports transferring your cash to M-Pesa, MTN and Airtel mobile money accounts, with plans to add others as it expands into other countries.
How do I send money through Wave?
Download the Wave app for iOS and Android and register for a free account. You can start sending money immediately — just enter your recipient’s name and phone number.
How do I track my Wave transfer?
Once the recipient receives your transfer, Wave emails you confirmation. And you’ll see your transfer marked Funds Delivered in the app’s transaction tab.
Benefits and drawbacks
Pros
- Mobile app. No need for a desktop, you can transfer funds straight from your smartphone.
- Easy signup. To get started, submit your name, email and phone number on Wave’s site.
- Low minimum transfer. Transfer as little as $1.
- Quick transfers. According to Wave, transfers are instant.
Cons
- Only for mobile. Wave is a mobile-only app.
- Not for all African countries. Currently, you can send money to Kenya, Uganda, Ghana and Tanzania only.
- No credit card or PayPal payments. Load funds from a debit card only.
How safe is Wave?
Wave 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.
Next steps
To get started with Wave, download the app on your mobile device. Then sign up for an account and enter your recipient’s contact details to send money.
If you need help at any point in the process, email help@wave.com.
Compare Wave to the competition
Bottom line
Wave is a simple way to get money to African countries not often served by other money transfer services. It charges no fees to transfer funds directly to mobile money accounts — and it’s as easy sending a text.
My brother tried sending money from U.S to me in Ghana but was called to ask if he had met me in person or he knows me…. Because of that wave didn’t accept his transcation.
Hi Frank,
Thanks for reaching out to Finder! We’re sorry to hear Wave wasn’t an option to send money to Ghana. You can go to this page to find other options. When sending money – it’s important to check the exchange rate beforehand to maximize the funds to be exchanged. Also, read through the transfer process of the provider such as transfer fees, transfer options and transfer speed to set expectations for the receiver. Take note of any reference or tracking numbers should any transaction delays come up during the transit. Hope this helps and feel free to email back if you have questions. Hope this helps!
Best,
Nikki
How can I receive $5000 through the Wave? Do I have to use multiple debit cards?
Hi Pascal,
Thank you for reaching out.
I’m afraid Wave has a limit of $2,999 per month. No need to use multiple debit cards to receive an amount more than your limit. You can request to increase your limit by contacting Wave and providing them your government ID. They will then review your processing history or such amount designated by their processor. The Reserve may be raised, reduced or removed at any time by Wave or the Bank, in their sole discretion.
Hope this helps.
Kind Regards,
Mai
Please, why is that the cash that was sent to my Nigeria account through WAVE app refuses to be credited and it was not credited back to the sender over two days now. A message was sent that it has been cancelled and refunded but it not reflecting in the senders account.
Hi Blessing,
Thank you for getting in touch with Finder.
Sorry to hear your trouble. As per WAVE’s FAQ page, refunds are processed immediately but others can take up to 10 business days. This depends on your bank’s relationship with their debit card processor. I suggest that you text or call Wave through its mobile app to get in touch with their customer support and get further help on this matter.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
I tried sending money to relative in Ghana .they said I need to show a passport that I been to Ghana or my receiver has been in the State is this true
Hi Sally,
Thanks for getting in touch! The rules for sending money to Ghana depends on the money transfer service you use. As for Wave, you only need to set-up an account on the website and link it to your debit account. Please note that Wave 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 consumers.
If you need to know more information about Wave, easily text or call Wave through its mobile app.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
Can wave been used in switzerland
Hi Makeda,
Thanks for your inquiry.
As of this time, only users from the US, UK, and Canada can open or use a Wave account.
I hope this helps.
Kind regards,
Bella
Hello Wave! I’m Carolyn from Florida. I want to wire funds to my family in Ghana, but a friend told me only Africans can register and wire funds via Wave. How true is that?
Hi Carolyn,
Thanks for getting in touch with Finder. I hope all is well with you. :)
You can use Wave even if you are not an African. As long as you have the phone number of your recipient and that person is located in Kenya, Uganda, Ghana or Tanzania, then you can make a money transfer.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I have never used Wave before but I would like to send money to my family, please. They are in Ghana. Wave keeps on rejecting my email address and password.
Hi Judy,
Thanks for getting in touch with Finder. I’m sorry to hear about the problem you are having.
There are different reasons why you are not able to log in to your account. First, please check if you are using the correct email address. If yes, check your password as well. If you forgot your password, you can click on the “Forget it?” link on the sign in page. From there, you should receive a password reset link in your email. By this, you can also confirm whether you have used the correct email or not.
If all else fail, Judy, please directly get in touch with Wave’s customer support.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hello I’m new Wave user. How can I send money if I don’t know the number of my recipient? Please Help Me. I’m From Tanzania.
Hi Angelina,
Thanks for getting in touch with Finder. I hope all is well with you. :)
You would need the phone number of your recipient for them to receive the money. If you don’t have a number, you might want to ask your recipient first.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
How can I have a printable personal transaction history?
Hi Andy,
Thank you for your comment.
To print your personal transaction history, you can take a screenshot of it and have it printed. You can also contact Wave Money support directly and request for the copy of your transaction history. They can email this to you and you can print this on your end.
Regards,
Jhezelyn
I need to send money to Kenya. The app tells me I have exceeded the limit of 2,999/month. We are in February and I have not sent any money this month?
Hi Mary,
Thanks for getting in touch with finder. I hope all is well with you. :)
Typically, your send limit should reset every month. However, please note that there’s also a daily limit you should take note of which is $999 per day. Perhaps, that might also be a reason why you can’t send the money. By the way, you can also increase your daily and monthly limit by providing a government ID to Wave.
Finally, if the problem still persists, please directly get in touch with Wave.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua