Is Sendwave a Trustworthy Transfer Service

Sendwave is a digital wallet service that allows users to send and receive money across borders. It's a popular choice for international money transfers.

Sendwave has been in operation since 2012, giving it nearly a decade of experience in the industry. This longevity suggests a certain level of stability and reliability.

The service has a strong presence in several countries, including the US, Canada, and the UK. This widespread reach indicates a commitment to serving a diverse customer base.

Sendwave's fees are competitive with other transfer services, making it an attractive option for those looking to save money on international transactions.

Sendwave has a strong reputation based on customer feedback. The company has a 4.5 rating from 16,000+ reviews on Trustpilot.

Most users praise the app for its transfer speed, ease of use, and overall quality of service. Many users also appreciate the app's ability to keep them updated on the progress of their transfers.

Sendwave's customer support is often praised for being fast, reliable, and helpful. The lack of transfer fees is also a popular feature among users.

However, some users have reported delayed transfers and limited coverage as negative aspects of the service. The need to verify identity before sending money is also seen as a drawback by some.

Here are some common praises and complaints about Sendwave:

* Praises:

+ Transfer speed

+ Ease of use

+ Quality of service

+ Customer support

+ No transfer fees

* Complaints:

+ Delayed transfers

+ Limited coverage

+ Need to verify identity before sending money

Some users have reported difficulties with their accounts, including a complete lack of customer service.

One user waited a full week for their account to be verified after joining Sendwave, only to still be unable to use it. This suggests that the verification process may be slow or unreliable.

Another user has been experiencing issues with sending money out of their account for months, which is frustrating and inconvenient.

The lack of customer service is a significant concern, with one user stating that the telephone number does not work and the robot chat only provides prewritten answers.

SendWave is a fee-free service, but they make money by adding a markup to currency conversions, which can range from 1% to 5% above the mid-market rate. This means the rate you get for your transfer is weaker than the mid-market rate.

One of the highlights of using SendWave is that they don't charge any fixed fees for transferring money. However, certain banks involved in the process might impose their own fees for the transaction, which can result in the money received being slightly less than the money sent.

SendWave's exchange rate markups vary depending on the country combination for the specific transaction. Here are some examples of USD exchange rate markups at SendWave as of 30.09.2020:

To illustrate how the markup affects your transfers, let's look at a specific example. If you want to transfer $100 from the USA to Uganda, you would get a 2.97% markup, which means that $1 will be worth around 3,559 Ugandan shillings instead of the standard mid-market rate of 3,668 Ugandan shillings.

The difference of 10,900 Ugandan shillings (around $2.97) is collected by SendWave instead of a transfer fee. This means that SendWave is still very competitive compared to traditional banks, which charge high fixed fees of $50+ and weak exchange rate margins 7%+.

SendWave offers a range of payment and transfer options, but with some limitations.

The only way to fund your account is via debit card, and credit cards or PayPal are not supported. This is because SendWave chooses not to support these payment methods due to the processing fees involved.

You can send money to a recipient's mobile wallet, but there don't appear to be other means of delivery, despite the company's website mentioning the ability to send directly to a bank account.

SendWave has its own transfer limits, with a daily limit of $999 and a monthly limit of $2,999. However, if you provide additional identification and complete your profile, your limits will be increased.

Here are the transfer options available with SendWave:

The rates for transfers vary depending on the type of transfer. For example, transfers to a bank account offer good rates, while transfers to cash pick-up charge weaker rates. Transfers to a mobile wallet offer reasonable rates.

The SendWave mobile app is the only way to send online money transfers with SendWave. The app is extremely easy to use and allows you to send your transfer in just a few minutes.

SendWave takes safety and security very seriously. The company is fully regulated and licensed to operate in all countries it supports, adhering to all laws and regulations in the industry.

Your money is protected by 128-bit encryption, which is a high level of encryption that ensures your transactions are secure. This means your money is never stored in a SendWave bank account, reducing the risk of theft or loss.

None of your personal information is kept on the company's servers, eliminating the risk of data theft or leaks. This is a big plus for users who value their privacy and security.

SendWave's safety and security features are top-notch. The company uses 128-bit encryption to protect your money, which is a robust level of encryption that's hard to crack.

SendWave doesn't store your money in its bank account, so you don't have to worry about that either. It's a clever way to keep your funds safe.

The company is fully regulated and licensed to operate in all the countries it supports. This means it adheres to all laws and regulations in the industry.

All transactions on SendWave are protected by 128-bit encryption, which is a high level of security. This ensures that your money is safe and secure.

SendWave doesn't save your personal data on its servers, so you don't have to worry about data theft or leaks. This is a big plus for users who value their privacy.

SendWave is a fully regulated money transfer service that's licensed in all countries where it operates. This gives you peace of mind when using the service.

The SendWave mobile app is a state-of-the-art platform that prioritizes safety and security.

SendWave's mobile app is available for download on both Google Play and the App Store, with a high rating of 4.2/5 on Google Play and 4.5/5 on the Apple Store, based on thousands of user reviews.

The app features a fast registration and login process, making it easy to send money on the go.

All transactions made through the app are protected by 128-bit encryption, providing an additional layer of security.

None of your personal information is saved on the company's servers, eliminating the risk of data theft or leaks.

The app allows you to share order information with your contacts, and you can even check exchange rates in real-time to get the best deal.

With over 400,000 active users, SendWave's mobile app has proven to be a reliable and secure way to send money internationally.

Customer service is available 24/7 to assist with any issues you may encounter while using the app.

To get started with SendWave, you'll need to register an account, which is a simple and straightforward process. You can create an account if you're 18 years old or above and a resident of one of the supported countries, including the USA, the UK, and Canada.

The registration process is quite easy, and you'll need to provide some basic information, including your name and phone number. You'll also need to input your debit card number to fund the transfer.

The SendWave mobile app is available for download on both Android and iOS devices, and it's free to download from the Google Play or App Store. The app has a rating of 4.2/5 on Google Play, based on over 17,000 reviews, and 4.5/5 on the Apple Store, based on over 5,000 reviews.

The app is state-of-the-art and allows users to quickly and safely make money transfers while on the go. You can use the app to send money from anywhere, at any time, and you'll receive real-time updates on the status of your transfer.

To get started with the app, you'll need to download and install it, then create an account by providing your personal details, including a photo ID and proof of residence.

Sendwave is a legitimate option for international money transfers, but like any service, it has its pros and cons. Here are some of the key advantages and disadvantages to consider.

One of the main benefits of using Sendwave is that it offers competitive exchange rates, especially for certain currency pairs. This can save you money on your transfers.

Another plus is that Sendwave has no transfer fees whatsoever. This means that you can send money without worrying about extra charges.

The mobile app is also a significant advantage, as it's simple and convenient to use, allowing you to transfer funds while on the go.

However, Sendwave has limited coverage, and you can only send money from the USA, UK, and Canada to a number of African countries.

The service also has limited payment options, with debit card being the only accepted form of payment.

Here are some of the key pros and cons of using Sendwave in a concise format:

Overall, Sendwave is a solid option for international money transfers, but it's essential to be aware of its limitations before using the service.

Sendwave's customer service department is available 24/7 through the mobile app, guaranteeing help in any timezone, day or night.

The team can be reached via email ([email protected]) or phone +1 888 966 8603, so you can get assistance whenever you need it.

Sendwave operations are overseen by the Financial Conduct Authority (FCA), one of the leading licensing regulatory bodies worldwide, ensuring that customer money is secure and protected.

The company has a number of reputable investors, including Kholsa Ventures, Founders Fund, and Y Combinatory, who have financially backed the company since its inception.

Sendwave was valued at an estimated $1.5 billion USD in 2020, a testament to its success and legitimacy.

The company's use of 128-bit data encryption protocols during the money transfer process provides an additional layer of security for your transactions.

Sendwave's transparency about its regulatory licenses is a good sign, with the company being licensed as a Money Transmitter by the New York State Department of Financial Services and in Puerto Rico.