Sendwave review: Fees, rates, safety & more [2023]

Sendwave is a US-based company owned by the financial technology company Chime. It specialises in online transfers to Africa, along with a handful of other global destinations.

But how does Sendwave work, and how much does it cost? Find out everything you need to know here in our Sendwave review.

We’ll also throw an alternative into the mix - Wise. You can send money worldwide with Wise, for low fees and great exchange rates. Read on to find out how it compares with Sendwave.

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What is Sendwave and how does it work?

Sendwave is a mobile app-based money transfer service. Founded back in 2014, it has a headquarters in Boston, M.A. in the US, as well as an office in London.

According to the company’s mission statement, it aims to ensure that “sending money is as easy as sending a text message.”¹

Sendwave is owned by the digital money service Chime, and is licensed as a Money Transmitter by the New York Department of Financial Services.

How Sendwave works is pretty simple. You download the app, create an account and send money in just a few steps.

Depending on the destination, you can choose from a range of delivery methods. This includes bank transfer, cash pickup and in certain locations, mobile wallets. The only way to pay for your transfers as a customer in the US is with a debit card.

Sendwave fees

Sendwave charges a fee for transfers to some destinations, such as Liberia.² It doesn’t have a list of fees available, as the cost can depend on factors such as how much you send and the delivery method. But you should be able to check the fee (as well as the exchange rate) on the Sendwave app before you send.

But for other countries such as Ghana, Kenya, Tanzania, Uganda, and Bangladesh, there’s no fee to send money with Sendwave.²

However, this doesn’t mean it’s completely free to use the service. One factor which can determine the overall cost is the exchange rate, which we’ll look at next.

What exchange rates does Sendwave use?

When you send money to another country with Sendwave, it uses your US-issued debit card to fund the payment. This is linked to your checking account, which is denominated in USD.

This means that a currency conversion will be required at some point. For example, to turn your USD into Ghanaian Cedis (GHS) for a recipient living in Ghana.

Sendwave adds a small percentage margin onto what is known as the mid-market exchange rate.² Also known as the interbank rate, the mid-market rate is known as one of the fairest you can get.

Adding a small margin on transfers is how the company makes money on transactions. Sendwave isn’t alone in doing this, as lots of transfer providers and banks do the same.

But unfortunately, it makes the transfer more expensive for you. More money is lost in currency conversion along the way, and your recipient gets less on the other end.

Looking for an alternative to Sendwave? Try Wise

For a winning combination of low fees and margin-free exchange rates, use Wise to send money internationally.

Open a Wise Account online and you’ll get all these fantastic benefits:

• Bank details in 10 currencies
• The option to hold, send, spend and convert 40+ currencies at once
• Send money overseas with low and transparent fees,
• Order a Wise card for a one time fee of just $9 - for use in 174 countries
• Mid-market exchange rates on all transactions.

It’s quick, easy and free to open a Wise Account online. And there’s even a handy Wise app so you can manage everything from your phone. This includes sending and tracking transfers, and checking in on money you’ve received from senders all over the world.

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

A quick price comparison - Wise vs. Sendwave

To give you an idea of how much the exchange rate can affect the overall cost of an overseas payment, let’s do a quick hypothetical transfer.

Let’s imagine you want to send $1,000 to a friend or family member living in the Philippines. Here’s how much it’ll cost with both Sendwave and Wise, with both fees and exchange rates factored in:

Provider	Transfer fee	Exchange rate	Recipient receives
Wise³	$8.42	55.9964 - mid-market rate	55,524.91 PHP
Sendwave⁴	$0	54.84	54,840.00 PHP

Fees as of 06/02/2023

Get a Wise Account today

So as you can see from this example, the exchange rate is super important. Even though Sendwave charges no fee to send moneyin the Philippines, your recipient will still receive more on the other end if you use Wise. And that’s because the exchange rate is better, with no margin or mark-up added by the provider.

This is why it always pays to compare exchange rates as well as fees when sending money internationally - or whenever a currency conversion is involved.

How to send money with Sendwave - step-by-step

To start using Sendwave, you firstly need to create an account. Download the Sendwave app for your device, and follow the instructions to sign up.

As it’s a registered money transmitter, Sendwave needs to confirm the identity of all its users. So, it may ask you to provide your social security information or proof of identity as part of the signup process.

You’ll also need to verify your email address, and add your card details to ‘Payment Info’ within the app.

Once you’re all set up, you can send your first transfer. Follow these steps:

1. Tap in the ‘To’ field in the Sendwave app
2. Select ‘Add new recipient’
3. Enter the recipient’s details. For transfers to a bank account, you’ll need to provide their full name and bank account number, and choose their bank from a drop-down menu. For cash pickup or mobile wallet delivery, you’ll just need the recipient’s name and phone number.⁵
4. Save the details.
5. Enter the amount you want to send and the destination
6. Check the fee (if applicable) and exchange rate. You’ll also see how much the recipient will receive.
7. If you’re happy, tap ‘send’.

Which countries can I send to with Sendwave?

If you’re using Sendwave in the US, it supports transfers to the following countries:

• Bangladesh
• Cameroon
• The Gambia
• Ghana
• Kenya
• Nigeria
• The Philippines
• Senegal
• Sri Lanka
• Uganda
• Vietnam
• Thailand.

You can find out more about sending money to these countries here on the Sendwave website.

The company says it's expanding its list of supported countries all the time. So if the destination you want to send to isn’t available right now, it may be in the future.

The list above may seem pretty limited. But actually, Sendwave has carved out a niche as a transfer service for those otherwise hard-to-reach destinations.

Are there any limits with Sendwave?

Sendwave does have some limits on how much you can send. It has a limit for daily transfers, and for a total amount you can send during the month. Let’s take a look:⁶

Limits	Maximum amount you can send
Daily sending limit	$999
Monthly sending limit (every 30 days)	$2,999

According to Sendwave, these limits are due to banking regulations.

Is Sendwave safe?

Lastly but just as importantly, let’s talk about safety. It’s always a good idea to check out security features before using a service to send money internationally.

The good news is that Sendwave has quite a few security measures in place. This includes:

• Encrypted data and transfers - using an industry-standard 256-bit encryption connection⁷
• Two-factor authentication to protect access to your Sendwave account
• 24/7 support in multiple languages.

Sendwave is also licensed by the New York Department of Financial Services.

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Bottom line

If you’re looking to send money to locations such as Africa which some other money transfers don’t support, Sendwave is a decent option. Its mobile app is pretty easy to use, and it’s great that it doesn’t charge any upfront fees for sending money to certain destinations.

But don’t forget about that all-important exchange rate markup, as it’s a kind of hidden fee which can make your transfer more expensive overall.

Taking both rates and fees into account, alternatives such as Wise could be cheaper. So, it always pays to compare options carefully before hitting ‘send’ on that transfer. It could save you a bundle.

Learn more about Wise

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Sources used for this article:

1. Sendwave - Our story
2. Sendwave - What are your fees and rates?
3. Wise - Send money
4. Sendwave - Home
5. Sendwave - How do I add a new recipient?
6. Sendwave - How much money can I send?
7. Sendwave - How secure is Sendwave?

Sources checked on 02-Jun-2023.