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.
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.
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
I was sent money from USA and it’s been a couple of hours and I’m still to get the money in my Nigerian bank account, why? Must the recipient have an American visa to get money?
Hi Henry,
Thank you for getting in touch with finder.
US Visa is not a requirement when receiving funds via Wave. Please note that currently, users can send money to Kenya, Uganda, Ghana and Tanzania only. If you have this app, kindly text or call Wave’s customer support regarding your money which was from the US.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
can you email me please/
Hi Kevin,
Thanks for getting in touch! To get in touch with Wave, you can go directly to their contact page on their website and get their email addresses listed on the page. They also have available phone numbers should you wish to give them a call. Hope this helps and feel free to email us back if you have other questions.
Cheers,
Nikki
How do I open a money Wave account in Kenya?
Hi Anderson,
Thanks for reaching out to finder.
As of this time, only users from the US, UK and Canada can open a Wave account. Wave’s mission is to make sending money to Africa easy and affordable, which is the reason they only send money into Africa and not from Africa.
I hope this helps.
Cheers,
Charisse
Please, is this to all network in Ghana or you only have a particular network that you work with? Will the person be able to send money to Airteltigo cash mobile account too?
Hi Perry,
Thanks for reaching out to finder.
As of this time, Wave money transfer only supports mobile money transfers to MTN in Ghana.
Alternatively, if you are still looking to compare money transfer companies you can consider when sending money to Ghana, you can head on to this page.
I hope this helps.
Cheers,
Charisse
What is the limit of sending money to Uganda? Can I send money to 5 people in one day?
I have family members in Uganda and what to send them money each to his or her mobile wallet. Let me know, thanks.
Hi Jonas,
Thanks for reaching out to finder.
You can initially send a maximum of $999/day and $2,999/month from US to Uganda. You can send to five people or even more as long as you do not exceed your daily and monthly sending limits. If you need to send more than your allowed limit, Wave can increase your limits to $2,999/day and $12,000/month through their app, by sending them your government ID photo.
Aside from your sending limits, please note that Uganda’s MTN and Airtel mobile money programs also have their own limits:
– You can only send up to 4,000,000 UGX per transfer
– No MTN or Airtel account can hold more than 5,000,000 Ugs at one time
I hope this helps.
Cheers,
Charisse
Can I use WAVE to send money from my location in Florida, USA to Ghana?
Hi Agogobroni,
Thanks for reaching out to finder.
Yes, you can use Wave mobile app to transfer money from your US debit card to Ghana as long as your bank account is based in the US. You can initially send a maximum of $999/day and $2,999/month.
However, aside from your own sending limit, MTN Ghana has its own limits too. Please note that MTN account cannot hold more than 10,000 cedis at one time.
I hope this helps.
Cheers,
Charisse
Does wave support m-pesa in TZ?
Hello Titus,
Thank you for reaching out to finder.
Yes, Wave supports transfers to M-Pesa mobile account in Tanzania as well as to Kenya, Uganda and Ghana.
I hope this helps.
Please do not hesitate to reach out again if you have additional questions that you need assistance with.
Cheers,
Ash
What do I choose, low to high or high to low, what does that mean?
Hi Gabriella,
Thanks for getting in touch! Depending on the category, for example, transfer speed – when it’s low to high – it means slowest to fastest transfer speed. For another, online transfer fee – when it’s low to high – it means the cheapest transfer fee to most expensive transfer fee. Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
Hello, what is the maximum amount I can receive in Uganda? Can one send me 7,000 US Dollars at once? And can it come to my Airtel money account?
Hi Rich,
Thanks for your message and for visiting our page! The maximum transfer when Wave is used (regardless of the country) is $999 a day; $2,999 a month. As it says on our page, Wave supports transferring your cash to Airtel mobile money accounts. Hope this helps!
Best,
Nikki