Sendwave review: Fees, rates, limits in 2025
Sendwave has transformed how people send money internationally. It offers a reliable and convenient solution for global transfers eliminating the use of indirect money transfer through third-party applications. Its intuitive application and affordable fees have quickly become a favorite among those who need to frequently transfer money to their friends and relatives.
This blog will detail everything you need to know, from fees and exchange rates to transaction limits and security. We’ll also explore its availability in different countries, helping you decide if it’s the right fit for your needs.
What is Sendwave?
Sendwave is a money transfer app designed to make it easy and affordable to send money overseas. Launched in 2014, its main goal is to help people support their families and friends without the usual stress of international payments. By prioritizing accessibility, it has become an essential tool for communities that depend on remittances, making everyone feel included and catered to.
What really makes Sendwave stand out is its transparency and easy-to-use interface. It's built a solid reputation in areas where cross-border financial support is important, making it a trusted platform for many.
Now that we have discussed "what is Sendwave," let's talk about how does Sendwave works and the step by step process of using this application.
How does Sendwave work?
The Sendwave app is a user-friendly platform with numerous positive sendwave app reviews for international money transfers. It’s an easy process that ensures secure and efficient transactions, whether you send your funds to family or friends. Here's a detailed step-by-step guide on how to use Sendwave:
1. Download Sendwave App
Download the app from the Google Play Store or Apple App Store. Open the app and create an account by providing your basic details like name, email, and phone number. Sendwave prioritizes security, so you must verify your identity by uploading an official ID.
2. Add a Payment Method
Once registered, link a payment method to fund your transactions. You can add a debit or credit card, depending on your location. Sendwave supports debit and credit cards as primary payment methods. In some regions, users can also link bank accounts for seamless transfers.
3. Select Country and Amount
Sending money with Sendwave is simple. Open the app, select the recipient's country, and input the currency and amount you wish to send. The app will display the exchange rate, any applicable fees, and the total amount the recipient will receive.
Add Recipient Details
Next, provide the recipient's details. Depending on the receiving method, this could include their full name, phone number, or bank account information. Sendwave supports multiple receiving options, so you can choose what works best for the recipient.
4. Payout Options for Recipients
If you're wondering how to receive money from Sendwave, it's very simple. The process is quick, and the recipient will be notified immediately once the funds are available. Recipients don't need to have the app themselves. Sendwave offers several ways for recipients to collect their funds:
- Bank Deposits: Funds are directly deposited into the recipient's bank account.
- Mobile Wallets: Popular in many regions, mobile wallets provide instant access to funds.
- Cash Pick-Up: In certain countries, recipients can visit a designated location to collect cash.
The recipient will be notified immediately after the transaction is completed. This notification includes details on how to access the funds.
5. Review and Confirm
Before completing the transaction, double-check all the details to ensure accuracy. This includes the amount, recipient details, and payment method.
6. Make Payment
Once everything looks correct, complete the transaction by providing your payment details. This step finalizes the transfer and sends the funds to the recipient.
Sendwave fees and exchange rates
When transferring money internationally, fees and exchange rates are important in determining the overall cost. Sendwave offers a transparent fee structure and competitive exchange rates, making it a preferred choice for users.
Sendwave fees
Sendwave does not charge any fees for transferring money. Whether you're checking the Sendwave dollar rate or sending to regions like Africa or Asia, you’ll notice the difference in the value received by your recipient. This makes it an attractive option for those looking to send funds internationally without extra costs. However, some banks involved in the process impose their own fees. These fees are typically associated with specific banking processes such as SWIFT protocol transfers, wire transfers to or from a bank account, or receiving money into a bank account.
Sendwave exchange rate
Sendwave offers great rates for currency exchange, but it's important to note that a markup is applied to all currency exchanges. This means the amount your recipient gets will be slightly less than what you send. The markup generally ranges between 1.5% and 5%, depending on the country combination for the specific transaction.
For instance, the Sendwave exchange rates1 as of 30th of December, 2024 for USD were as follows:
- Bangladesh — 1 USD = 118.99
- Kenya — 1 USD = 128
- Thailand — 1 USD = 34
- Philippians — 1 USD = 59
- Srilanka — 1 USD = 286.09
Although these rates are competitive, it’s always useful to check the Sendwave rate today to see how it compares to other services. While Sendwave offers great value for many countries, other services might offer better rates depending on the destination.
Traditional banks often charge high fees and offer poor exchange rates, making transfers more expensive. Services like BOSS Revolution also offer value, particularly for users who need more flexibility in how money is received. With various payment options, including mobile wallets, bank deposits, and cash pickups, BOSS Revolution remains a reliable service for international transfers. Though Sendwave may have the edge in fees and exchange rates, BOSS Revolution’s broader service offering ensures it’s still a strong contender in the market.
Sendwave limits and restrictions
Sendwave has set limits to keep transfers simple and secure. Sendwave limit per day is $999, and the Sendwave maximum amount for the entire month is $2,999. If you want to send larger amounts, you can increase your limits by completing your profile and providing extra identification. Once your account is fully verified, your Sendwave daily limit2 increases to $2,999, and your monthly limit rises to $12,000.
It’s also important to remember that some countries have their own restrictions. For example, in Thailand, you can only send up to THB 50,000 per transfer due to local regulations.
While Sendwave’s limits are competitive for everyday transfers, some services, like Western Union and BOSS Revolution, may offer higher limits. But for everyday transfers, Sendwave works well with its easy process and reasonable limits, making it a great choice for many users.
Countries supported by Sendwave
Sendwave makes it easy to send money to many countries worldwide. If you're in the US, you can send money to places like Bangladesh, Cameroon, Ghana, Kenya, Nigeria, and the Philippines, among others.
Before transferring, check the Sendwave rate to Ghana to get the best deal. You can find more information about sending money to these countries on the Sendwave website3.
Is Sendwave safe?
Is Sendwave safe? Absolutely. The app uses 256-bit encryption, an industry standard to keep your data and transfers secure. On top of that, Sendwave offers two-factor authentication, adding an extra layer of security to your account.
If you have any questions or concerns, Sendwave offers 24/7 support in multiple languages, ensuring you’re never left in the dark. From the Sendwave app reviews, the service is trusted and easy to use. The company is licensed and follows all necessary regulations, ensuring everything is above board. While no system is without risks, these security features greatly reduce them.
Of course, as with any financial service, there are some risks to be aware of, like phishing scams. But the question is, “Is Sendwave legit?” The answer is: Yes, it is.
Pros and cons of using Sendwave
Sendwave offers a convenient and affordable way to send money internationally, but like any service, it has both advantages and limitations. Below, we break down the Sendwave pros and cons to help you determine if it’s the right option for your money transfers.
Sendwave keeps costs low, making it a good choice for people who send money regularly.
The app is simple, so anyone can send money without struggling with complicated steps. Sendwave reviews show that people like the app for its simplicity, whether they're tech-savvy or not.
Most transactions are completed in a short time, meaning your money reaches the recipient fast.
You can contact customer support whenever you need it, making the process stress-free.
You are restricted to sending a maximum of $999 each day and $2,999 each month, which may pose limitations for major transfers.
Sendwave doesn’t cover all countries, which means some people might not be able to use it.
Although competitive, Sendwave adds a markup on the exchange rate, which may reduce the amount the recipient gets.
Some banks involved in the transfer may charge their own fees, so the total received might be slightly less.
When compared to alternatives like BOSS Revolution, Sendwave legit reviews from users highlight its reliability, but some users may find the country and limit restrictions a bit limiting. It is also known for its low fees and ease of use.
However, BOSS Revolution offers better exchange rates for some countries and supports a wider range of regions. If you’re looking for a quick, low-cost solution, Sendwave is still a great option, but depending on your needs, BOSS Revolution could be worth considering.
Alternatives to Sendwave
While Sendwave is a popular choice for international money transfers, several alternatives may suit different needs. Some of them are:
BOSS Revolution
BOSS Revolution offers some compelling reasons to choose it over Sendwave. One of its standout features is its low fees, which are comparable to those of Sendwave. Additionally, BOSS Revolution is known for its reliability and fast processing times, ensuring that your money reaches its destination quickly. While Sendwave money transfer is also quick, BOSS Revolution supports a wider range of countries, making it a solid option for users who need global reach.
Wise
Another popular alternative is Wise (formerly TransferWise). Wise's transparent pricing model is one of its strongest points. In contrast to Sendwave, which imposes a markup on exchange rates, Wise utilizes the mid-market exchange rate without any concealed charges. However, Wise may not be as simple to use as Sendwave, and its transfer speed can vary depending on the payment method.
WorldRemit
WorldRemit is another well-known competitor that offers services similar to those of Sendwave. It supports various countries' currencies and allows various payment methods, including bank transfers, credit/debit cards, and cash pickups. While WorldRemit is slightly more expensive than Sendwave, its broad payment options and competitive exchange rates make it a good alternative for users who value flexibility.
Bottom line
Sendwave is a reliable and cost-effective way to send money internationally. With no fees on transfers and fast delivery to select countries, it stands out in many regions. The app is convenient, especially for US people sending money to places like Kenya, Ghana, or the Philippines. However, Sendwave's limitations, such as country restrictions and exchange rate markups, may not suit every user.
On the other hand, BOSS Revolution also offers competitive services for international transfers. It's known for low fees, fast processing, and reliability. For users who need broader coverage or faster transfers to other countries, BOSS Revolution can be a strong alternative to Sendwave.
Sources: all third party information obtained from applicable website as of December 30, 2024
1. https://www.sendwave.com/en/countries
2. https://www.sendwave.com/en/support?to=ph
3. https://www.sendwave.com/en/countries
This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.
