Is Sendwave safe? 2025 full guide

If you’ve recently heard about Sendwave and are considering using it to send money overseas, your first question may be, “Is Sendwave safe?”

For the most part, the answer is yes. However, as with most digital payment solutions, you play a big role in keeping your transactions safe and secure.

In this detailed guide, we’ll examine the question, “Is Sendwave legit?” and provide some practical tips you can use to avoid scams.

We’ll also introduce you to another money transfer solution, Wise, which offers transparent fees, mid-market exchange rates, and fast transfers. Let’s dive in!

What is Sendwave?

Sendwave is a mobile app from Chime Inc. that facilitates international money transfers in several countries. The platform allows users to link their Chime accounts or third-party debit cards and send money directly to recipients’ bank accounts or mobile wallets.

Sendwave is known for being user-friendly and offering appealing transfer speeds.

Unfortunately, the app doesn’t have a list of transfer fees. It does charge a transfer fee for many destinations, but the cost can vary depending on where the money is going, how you fund the transaction, and how much you send.

Is Sendwave safe to send money?

Security is a top concern when you want to send money abroad.

Sendwave is regulated in each country in which it operates and is registered appropriately.¹ For example, the app is registered with the Financial Conduct Authority (FCA) in the UK. Sendwave is also registered with FinCEN as a Money Services Business.¹

So yes, Sendwave offers a secure means of sending money. While it may not be as safe as wire transfers, it can be a reliable way to transmit funds overseas. That said, it may not necessarily be the cheapest. We’ll discuss this more later.

What are Sendwave’s safety features?

Is Sendwave secure? Overall, yes. The platform includes several modern safety features meant to protect users, including the following²:

Data encryption

Sendwave uses modern encryption to keep data secure when being transmitted through its app. Encrypting data helps keep sensitive information out of the wrong hands and is one of the most important steps in preventing fraudulent activity.

Two-factor authentication (2FA)

Sendwave also offers two-factor authentication. When setting up your account, you can enable SMS-based 2FA. Each time you log in, Sendwave will send a unique code to your mobile number. You must enter the code into the app to gain access to your account.

Identity verification

During the account setup process, you may be required to verify your identity by providing identification and putting in a unique security code. This process ensures that only legitimate users can create and operate accounts, reducing the risk of fraudulent activities.

Fraud prevention

Sendwave monitors user accounts for suspicious activity and potential indicators of fraud. If you have a Sendwave account and the algorithm detects unusual activity, you should receive a notification.

Pros and cons of Sendwave

Before choosing Sendwave as your go-to money transfer app, it’s important to weigh the pros and cons of the software.

Here are some of the potential benefits and drawbacks of Sendwave:

The most glaring drawback of using Sendwave is the markup it adds to exchange rates for international transfers.

Many financial institutions and peer-to-peer payment apps add a markup to the mid-market exchange rate when transferring money overseas. Sendwave is no different.

This is how the company makes money on transactions, but it makes the transfer more expensive for you, and your recipient gets less in the end.

What’s the best way to send money internationally?

Banks are certainly one option for sending money internationally, as are services like PayPal. But the problem with banks is they can often be slow, expensive and inconvenient. Luckily, there’s a better alternative out there.

You can send money worldwide with Wise for low fees and the mid-market exchange rate. It’s easy and quick to set up a payment online, and you’re guaranteed secure transfers even when sending large sums.

Wise is a money service business (MSB) regulated by 12 international financial authorities, and uses sophisticated security features to keep you and your money safe.

Open a Wise account, and you can send, spend and convert between 40+ currencies whenever you need to. You can even receive money from all over the world using your own local account details.

As if all that wasn’t enough, there’s a Wise Multi-Currency Card too. For a one-time fee of just $9, you can spend in over 150 countries in the local currency. Your USD is automatically converted at the mid-market rate, for just a small conversion fee.

Open a Wise account today

💡 Need to make a business payment? With the Wise Business account, you can send up to 1,000,000 USD per transfer from licensed states.

Some key features of Wise Business include:

• Better visibility and organization of business finances. This is helpful for account reconciliations and audits
• Major local account details for a simple one-off fee to receive international payments with ease
• No monthly account fees or minimum balance requirements
• Receive payments from e-commerce platforms such as Amazon or via Stripe
• Create invoices using the free Wise invoice generator or invoice templates
• Accounting integrations, including a QuickBooks Bill Pay connection
• Access to BatchTransfer: Signing up to Wise Business allows access to BatchTransfer which you can use to pay multiple invoices in one go.

Discover the difference between
Wise Business vs Personal

Tips and tricks for avoiding scams

To protect yourself from potential scams when using money transfer services like Sendwave, heed the following tips:

• Verify recipient information: Confirm that the recipient’s details are accurate before initiating a transfer to prevent money from going to the wrong person
• Be wary of unusual requests: Watch out for unexpected money requests, even if they look like they came from someone you know
• Protect your information: Never share your password or account credentials with anyone
• Use 2FA: Implement 2FA so no one can hack your account using just your password

Most peer-to-peer payment apps include plenty of built-in protections meant to keep you safe from scams. You just have to use them and practice smart digital behavior, such as choosing strong passwords and setting up 2FA whenever it's offered.

During your search for a reliable money transfer app, check out Wise. Our Sendwave vs. Wise comparison makes it easy to see how these two apps stack up, comparing everything from transfer fees and exchange rates to average speed and more.

Open a Wise account today

Sources:

1. Sendwave - Trust & Regulations
2. Sendwave - Is Sendwave safe?