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SendWave Money Transfer: Review & Comprehensive Guide

Updated on January 11, 2024 03:20 pm
SendWave

With new money transfer options popping up seemingly by the day, it is now harder than ever to find the right money transfer service for you. 

SendWave has emerged as a notable player offering a streamlined and efficient way to send money across borders. This comprehensive review and guide will delve into the intricacies of SendWave Money Transfer, exploring its unique features, costs, limits, transfer speed, security, and providing a step-by-step guide for users.

What is SendWave Money Transfer?

SendWave is a mobile-based money transfer service designed to facilitate seamless and cost-effective international transfers. What sets SendWave apart is its focus on simplicity and affordability. Unlike traditional remittance services, SendWave operates primarily through mobile applications, allowing users to send money with just a few taps on their smartphones.

You can access SendWave’s money transfer services through the SendWave money transfer app. While they do have a website, you cannot handle transfer details from anywhere but the mobile application. 

SendWave serves an intimate list of countries. Here is a list of some of the SendWave Money Transfer serviceable countries: 

  • Bangladesh
  • Cameroon
  • Gambia 
  • Ghana
  • Haiti 
  • Indonesia
  • Kenya 
  • Philippines
  • Sri Lanka
  • Vietnam
  • Thailand
  • And more. . . 

To view a complete list of countries that SendWave serves, navigate to “Countries” page on the SendWave website. There, you will see a list of the countries that SendWave services along with which countries you can send money from.

How Much Does SendWave Money Transfer Cost? 

Sendwave applies no or minimal fees across all the markets it serves, resulting in substantial savings for users with every transaction. In nations where no fees are applicable, such as Ghana, Kenya, Tanzania, Uganda, and Bangladesh, the platform generates revenue through a modest percentage on the displayed exchange rate featured on the app's main page. Conversely, for countries like Liberia, where fees are implemented, Sendwave works hard to maintain low rates, prioritizing affordability for users wanting to transfer money.

For certain countries, SendWave does apply a small fee due to country regulations. Sendwave imposes a fee of 3% of the sent amount or a maximum fee of 6 USD/CAD/EUR/GBP, whichever is less, for transfers from the USA to Liberia. It is noteworthy that MTN withdrawal fees are not covered by Sendwave during the transaction; these fees apply only if users opt to withdraw the funds from their wallet.

How Much Money Can I Send Using SendWave? 

Every sender is subject to maximum limits on their daily and monthly sending capacities, referred to as sending limits. 

Users can access information about their daily and monthly sending limits, along with their usage details, by navigating to the Menu and selecting My Limits. If the sender is based in the US, UK, or EU, no action is required to increase sending limits, as they will be automatically elevated once the sender becomes eligible.

For senders in Canada, the process involves making a request for higher sending limits through the My Limits page once eligibility is achieved. Subsequently, the Sendwave team will review the request and respond as promptly as possible. It is important to note that, in accordance with Thailand's domestic regulations, transfers are limited to a maximum of 50,000 THB per transaction.

How Long Does SendWave Take to Send Money? 

SendWave prides itself on providing quick and efficient money transfers. Utilizing the Sendwave app, individuals have the capability to expeditiously send funds from Visa or MasterCard debit cards and PostePay cards in Italy, as well as Correos cards in Spain. The platform allows you to transfer to mobile wallets and bank accounts across various countries; for specific details, users are encouraged to refer to the respective country pages.

The exact transfer speed may vary depending on factors such as the chosen payment method, destination country, and potential security checks. In general, SendWave aims to deliver funds to recipients as swiftly as possible, often within minutes.

Is SendWave Money Transfer Safe? 

Security is a top priority for SendWave. The platform employs robust encryption measures to protect users' personal and financial information. Additionally, SendWave adheres to regulatory standards and collaborates with financial institutions to ensure compliance with international money transfer regulations. While no system is entirely risk-free, SendWave's commitment to security is reassuring for users.

How to Send Money with SendWave Online? 

Now for the biggest question you must have: how does SendWave work?

Transferring money with SendWave is a straightforward process. Users can initiate transfers online through SendWave’s user-friendly mobile app. The process involves entering the recipient’s details, selecting the desired delivery method (cash pickup, bank deposit, mobile wallet, etc.), and choosing the payment method. SendWave accepts various payment options, including credit/debit cards and bank transfers, making it convenient for users to fund their transactions. 

Here's a step-by-step guide from start to finish:

  1. Download and Install the App: Start by downloading the SendWave app from the App Store or Google Play.
  2. Create an Account: Sign up by providing necessary details and verifying your identity.
  3. Add Recipient: Input the recipient's information, including name and contact details.
  4. Select Amount and Currency: Choose the amount and currency you wish to send.
  5. Choose Payout Method: Select how the recipient will receive the money (e.g., bank deposit, mobile money, or cash pickup).
  6. Review and Confirm: Double-check the details and confirm the transaction.
  7. Make Payment: Complete the transfer by providing the necessary payment details.

How to Contact SendWave? 

SendWave offers various ways to contact SendWave customer service for assistance or inquiries.

SendWave has a comprehensive help center/FAQ section on their website. This resource can provide answers to many common questions and guide you through various aspects of using their service.

Still need help with SendWave? Reach out to their team through their email or call the number coordinating to the country you are calling from. 

Pros of SendWave Money Transfer

Based on our research of customer reviews and comparison to other remittance providers, the pros of the SendWave money transfer service are:

  • User-Friendly Mobile App: The SendWave mobile app is intuitive and easy to navigate, providing a seamless user experience for both beginners and experienced users.
  • Low and Transparent Fees: SendWave is known for its competitive and transparent pricing, offering users cost-effective international money transfers.
  • Fast Transaction Speed: SendWave facilitates quick transfers, ensuring that recipients receive funds promptly, making it a suitable option for time-sensitive financial needs.
  • Multiple Payout Options: The platform offers various payout methods, including bank deposits, mobile money, and cash pickup, providing flexibility for recipients to access funds based on their preferences.

Cons of SendWave Money Transfer

Based on our research of customer reviews and comparison to other remittance providers, the cons of the SendWave service are:

  • No Website Transfers: SendWave currently does not allow money transfers through its website. Users are restricted to using the mobile app for transactions, which may be inconvenient for those who prefer web-based platforms.
  • Limited Country Availability: SendWave's services are available in a select number of countries. Users should check the list of supported countries to ensure that their desired transfer destination is covered by the platform.
  • Transfer Limits: SendWave imposes limits on the amount of money that can be sent, and these limits may vary based on factors such as the recipient's location and the user's account verification status. This could be a drawback for users looking to send larger amounts.
  • Currency Options: While SendWave supports transfers in multiple currencies, the available currency options may not be as extensive as those offered by some other international money transfer services.

SendWave Money Transfer Service Alternatives

If you’re looking for an alternative to SendWave’s remittance service, here are some top remittance providers we recommend that offers low fees, excellent exchange rates, and are easy to use: 

SendWave Reviews

Need more assurance about SendWave? Is SendWave money transfer legit? Let’s see what users of SendWave have to say. 

Sourced from multiple platforms, customer reviews of SendWave are: 

SendWave scores an “Excellent” rating on TrustPilot with a TrustScore of 4.5 out of 5. 

“Had a great experience so far with Sendwave,I was really impressed when I found a mistake in one of my transactions,called Sendwave customer service and they refunded me a transaction that was already paid. Well done Sendwave team” - Martial on TrustPilot

“I can’t think of any money transfer service as efficient and convenient as wave. Wave made my life so easy and my family can trust that I will be there for them whenever they need my financial assistance even if it’s 3am in the morning. And better still, they do not have to deal with the long cues, and cashiers having bad days. The customer service is exceptional, keeping me posted about the status of my transactions and following through till the funds are successfully transferred.” - Gorrety Pam on Apple App Store

Negative reviews pertain to issues with SendWave Money Transfer having delays when servicing to and from Ghana due to country regulations.  

Do We Recommend SendWave?

SendWave Money stands out as a reliable and user-friendly solution for international money transfers. With competitive pricing, fast transactions, and a commitment to security, it caters to the needs of a diverse user base. While some limitations exist, particularly in terms of transfer limits and country availability, SendWave remains a compelling choice for those seeking a convenient and trustworthy means of sending money across borders. As with any financial service, users are encouraged to review specific details and ensure compliance with local regulations before initiating transactions.

We invite you to compare remittance providers using CompareRemit’s comparison tool today to find the best rates, lowest fees, and fastest turnaround times for your specific destination and transfer amount.

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USD to INR Forecast 2024
USD to INR Forecast 2024

The year 2022 concluded with the Indian Rupee hitting an all-time low against the US Dollar. The COVID-19 pandemic significantly impacted global economies, leading to the devaluation of the Indian Rupee. Throughout the pandemic, the rate experienced a gradual decline in value, setting the stage for potential recovery in 2023.The US Dollar to Indian Rupee exchange rate did, in fact, see that recovery over the year’s performance. 2023 ended on a high, with the exchange rate averaging at $1 = ₹83.249 in December 2023.As we are well into 2024, it is crucial to begin looking to the future and understand what the predictions for the year’s rates are. 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Additionally, geopolitical events, trade policies, and interest rate differentials between the US and India influenced investor sentiment and currency valuations.What Factors Contribute to the US Dollar’s Strength & Exchange Rate Fluctuations?Various factors contributed to the strength of the USD against the INR and the subsequent exchange rate fluctuations. Economic indicators, such as GDP growth rates, inflation, and employment data, played a significant role. 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Union Budget 2024
Union Budget 2024: What Is In It For The NRIs?

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It offers full repatriation of both principal and interest earned, making it ideal for parking foreign income.Non-Resident Ordinary (NRO) Account: An NRO account is used to manage income earned in India, such as rental income, dividends, or pension. While the principal amount is repatriable, the interest earned is subject to certain restrictions.To gain a more in-depth understanding of the various benefits and drawbacks of NRE Accounts vs. NRO Accounts, rest assured you can find all the information with CompareRemit.  To compare the top NRE and NRO accounts and find the best one for you, visit the NRE Account Compare Page or the NRO Account Compare Page.Frequently Asked Questions (FAQs) Are NRIs required to pay taxes in India?NRIs are liable to pay taxes in India on income earned or received in India. However, they may be eligible for certain exemptions or deductions under the Double Taxation Avoidance Agreement (DTAA) or domestic tax laws.Can NRIs invest in Indian stocks and mutual funds?Yes, NRIs can invest in Indian stocks and mutual funds subject to certain regulations prescribed by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).Can NRIs open joint accounts with Indian residents?NRIs can open joint accounts with Indian residents, subject to compliance with the rules and regulations specified by the respective banks.What is the procedure for repatriation of funds from NRE and NRO accounts?Funds from NRE accounts are fully repatriable, while funds from NRO accounts are subject to repatriation restrictions. NRIs need to follow the prescribed procedures and documentation requirements for repatriating funds from these accounts.How can NRIs stay updated on changes in Indian financial regulations?NRIs can stay informed about changes in Indian financial regulations by regularly monitoring updates from regulatory authorities such as the RBI, SEBI, and the Income Tax Department, as well as consulting financial advisors specializing in NRI services.

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