Sendwave review

Founded in 2014 and based in Boston, Massachusetts, USA, Sendwave is a digital remittance app. Sendwave is authorised and regulated by FinCEN, FCA, which means customer money is safeguarded separately from company funds.

On fees, Sendwave charges nothing upfront on the majority of corridors ($0 fee — revenue from exchange rate margin), but the bigger cost is usually the exchange-rate markup of 1% - 3% above mid-market, which is built into the rate rather than shown as a line item. Transfers run from a minimum of $1 up to $5,000 per transaction. In our own rate collection, across the 24 corridors we track for Sendwave, its exchange rate has averaged 0.44% from the mid-market rate.

Delivery speed is quoted at instant to minutes, and the service reaches 15+ countries across 15+ currencies. You can fund a transfer by Debit Card, with money delivered via Mobile Money and Bank Deposit. The mix of funding and payout options is a good guide to which corridors Sendwave handles best.

On the plus side: zero transfer fees, instant delivery to mobile money wallets and simple, fast app experience. That makes it a sensible choice for reaching recipients who rely on mobile wallets in emerging markets. Worth keeping in mind: limited to ~15 countries (africa & south asia focus) and exchange rate markup built into rate.