Sendwave is a smartphone app designed to offer quick and affordable money transfers to Africa, while WorldRemit is an online transfer service that allows you to send funds to more than 140 countries.
How do the two companies compare and which one offers better value for money? To find out, let’s compare WorldRemit and Sendwave in terms of fees, exchange rates and transfer times.
The fees and rates used in this comparison are accurate as of February 11, 2019.
WorldRemit’s transfer fees vary depending on where you’re sending money, how much you’re transferring and the type of transfer you send. Bank transfers incur a $3.99 fee in many cases. However, because there are several variables that can affect the fee you’ll have to pay, make sure to use WorldRemit’s online calculator to work out the total cost of your specific transaction.
Sendwave
Sendwave does not charge any fees on international money transfers and instead makes money by offering an exchange rate that’s lower than the mid-market rate.
Winner: Sendwave
The absence of transaction fees makes Sendwave the winner in this category.
However, it’s important to note that this doesn’t necessarily mean that Sendwave offers cheaper transfers, as you’ll also need to consider the exchange rate when comparing the two services.
Let’s crunch the numbers: Sending US$500 to Nigeria
Let’s take a closer look at how WorldRemit and Sendwave compare in a hypothetical example of transferring US$500 to Nigeria.
Sending US$500 to Nigeria
WorldRemit
Sendwave
Transfer fee
US$9.99
US$0
Transaction cost
US$509.99
US$500
Exchange rate
1 USD = 353.23 NGN
1 USD = 352 NGN
Transfer speed
Instant
Instant
Total received (in NGN)
176,615 NGN
176,000 NGN
As you can see, WorldRemit’s slightly higher exchange rate means that your recipient will get an extra 615 NGN (approx US$1.72). However, because Sendwave doesn’t charge any fees and WorldRemit charges US$9.99, Sendwave is the most cost-effective provider for this transfer.
Which offers better exchange rates?
WorldRemit
The exchange rate WorldRemit gives you when you send money overseas is different than the mid-market rate listed on Google. This is because WorldRemit, like many other transfer providers, makes money on the margin, which is the difference between the exchange rate at which they buy and sell currency. WorldRemit’s margin differs across all currencies, but when sending to the destinations supported by Sendwave (Ghana, Kenya, Nigeria, Tanzania and Uganda), it typically sits between 2% and 5.5%. For example, if you wanted to send a transfer from the US to Uganda:
If the mid-market rate is 1 USD = 3,673.98 UGX
WorldRemit’s rate might be 1 USD = 3,563.55 UGX
Sendwave
Sendwave also adds a margin on top of the mid-market exchange rate. With the exception of the Tanzanian shilling (TZS), for which Sendwave offers a margin of just 0.5%, our research found that the margin usually ranges anywhere from 2% to 5.5%.
Winner: WorldRemit
When we compared USD exchange rates for the five countries to which Sendwave offers transfers, WorldRemit offered a slightly better rate on all except the Tanzanian shilling. While the differences were marginal, this means WorldRemit comes out on top in this category.
Which is faster?
WorldRemit
WorldRemit’s transfer times vary according to the type of transaction you send.
Bank transfers. Instant processing to some banks, but a transaction time of 1-3 business days in other cases.
Cash pick-up transfers. Instant.
Mobile money transfers. Instant or near-instant.
Airtime top-ups. Instant or near-instant.
Home delivery transfers. 1-7 days.
Sendwave
Sendwave allows you to transfer funds from your smartphone to your recipient’s mobile wallet within 30 seconds.
Winner: Tie
WorldRemit and Sendwave both offer fast transfer options if you need to send money to an overseas recipient as soon as possible.
General features
Payment methods
Minimum and maximum transfers
Delivery methods
Transfer speeds
Countries and currencies
WorldRemit
Bank transfer
Credit card
Debit card
Android Pay
Apple Pay
Minimum: $1
Maximum: $9,000
Bank transfer
Mobile wallet
Cash pickup
Airtime top-up
Door-to-door delivery
Within minutes
145+ countries
Sendwave
Debit card
Minimum: $1
Maximum: $999 per-day (or $2,999 per day if you provide photo ID
Mobile money
30 seconds
Ghana
Kenya
Nigeria
Tanzania
Uganda
WorldRemit
WorldRemit is an online transfer service that allows you to send several transfer types. To make a transfer, sign up for a free account online and provide your recipient’s details, the currency you want to send and the transfer amount. You can then pay for your transaction via bank account transfer, credit card, debit card, Android Pay or Apple Pay.
Sendwave is a smartphone app that allows users with a US, UK or Canadian bank account to send money to Africa. After downloading the Android or iOS app and registering for a free account, you can send a transfer by choosing a currency and transfer amount then entering your recipient’s name and phone number.
If you need to send money to Africa, it’s well worth comparing WorldRemit and Sendwave to find out who will offer a better deal for your transaction. Transaction costs are fairly similar in many cases (though Sendwave offered a much better exchange rate for transfers to Tanzania when we checked), so it’s worth getting quotes from both providers.
If you’re looking to send funds to somewhere other than Ghana, Kenya, Nigeria, Tanzania or Uganda, Sendwave currently doesn’t offer transfers to those countries, so you’ll need to consider using an alternative like WorldRemit.
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Yes, Sendwave can be used anywhere in the world if you’re transferring from a US bank account.
No. While credit card is one of the payment methods accepted by WorldRemit, Sendwave only accepts debit card payments.
Yes, WorldRemit also offers its own transfer app for Apple and Android smartphones. You can find out more about it in our guide to money transfer apps.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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