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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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The USD-INR Rate Hits a High for 2024: What This Means for Sending Money to India

The USD to INR exchange rate just hit an all time high for 2024! On August 5, 2024, the USD to INR exchange rate reached an all-time high of 1 USD to 84 INR. This significant rise in the rate marks a milestone for those looking to send money to India, as the exchange rate is now more favorable than ever before. Understanding how this increase impacts your remittance to India is essential, especially if you want to get the best value for your money.The Recent Surge in the USD to INR Exchange RateIn March 2024, we witnessed a jump in the USD to INR rate from 82 INR to 83.5 INR. Since then, the USD to INR rate has been steadily increasing from 83.5 INR to eventually reaching 84 INR in August. This rise has been influenced by various political events that have strengthened the US dollar, increasing demand and pushing the exchange rate higher. 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We may see that this 84 rupee rate is a blip and the rate will fall back down over time or this may also leave an opportunity to get an even better deal down the line.Staying Updated on the Best Exchange RatesFor those who prefer to wait and watch how the exchange rate evolves, CompareRemit offers tools to keep you informed. You can subscribe to our daily newsletter, which provides updates on the best exchange rates for that day. Alternatively, you can use our rate notification system, where you set your desired exchange rate, and we’ll notify you when a company offers that rate. This way, you can immediately take advantage of the best exchange rate the moment it becomes available.CompareRemit: Your Best Tool for Finding the Right Money Transfer ServiceWhether you’re sending money to India from the USA or looking for the best way to transfer funds, CompareRemit is your go-to tool. 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USD to INR Forecast 2024
USD to INR Forecast 2024

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This includes reimbursement for medical treatments, ambulance services, and hospital charges.Does travel insurance cover flight cancellations?Yes, trip insurance typically covers flight cancellations due to reasons such as illness, extreme weather, or other unforeseen circumstances. Reimbursement for prepaid and non-refundable trip expenses is common.Does travel insurance cover COVID-19?Many travel insurance plans provide coverage for COVID-19-related expenses, including medical treatments and trip cancellations. However, coverage details may vary, so it's essential to review your policy.What should travel insurance cover?It depends on whether you opt for travel medical insurance or trip insurance. Ideally, trip insurance should cover delayed or lost baggage, trip cancellations, etc. While travel medical insurance should cover a broad spectrum of medical risks, including medical emergencies, unexpected incidents, a necessary visit to urgent care, etc.. The coverage should align with your specific travel needs and potential risks.Does travel insurance cover hurricanes?Yes, trip insurance often covers trip cancellations, interruptions, or delays caused by hurricanes or other natural disasters. It's essential to check the policy details for specific coverage related to natural calamities.Does travel insurance cover rental cars?Travel insurance may offer coverage for rental cars, typically covering expenses related to theft or damage to the rented vehicle. It's advisable to check the specific coverage details in your travel insurance policy.Does insurance cover travel vaccines?Travel insurance usually does not cover the cost of travel vaccines. This expense is often considered a preventive measure and falls outside the scope of typical travel insurance coverage.How easy is it to renew visitor's insurance?Renewing visitor's insurance is generally a straightforward process. 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