Wave Money Transfer fees & exchange rate
Wave does not charge any fees on money you send, rather they charge a percentage of the switch over rate and make money that manner. About fees levied by banks Certain fees may be levied by banks when you are transferring money. These fees are outside the control of Wave. Circumstances where banks may charge extra fees include :
- Wire transfers into or out of sender or beneficiary accounts
- Transfers that are sent via SWIFT or certain other banking protocols
- Beneficiary banks charging a fee to receive a transfer
- Intermediary banks charging fees to process money in transit
These fees could mean that the benefactive role receives less money than stated by Wave due to circumstances beyond Wave ’ s restraint. If you want to understand what these extra fees are likely to be, please contact your bank and the benefactive role ‘s bank.
Wave exchange rates
Wave makes money by offering you lower exchange rates than you might get elsewhere. here ’ s how Wave ’ s money transfer rates compare to the interbank, basal exchange pace .
Sending $1,000 USD from America to Ghana
- The interbank exchange rate is $1,000 USD to 5,195 Ghanaian Cedi
- Wave offers to exchange $1,000 USD to 4,950 Ghanaian Cedi
- This means the beneficiary will get 245 Ghanaian Cedi less
- The exchange rate offered by Wave is around five percent worse than the base rate
- Another provider, like TransferWise, might charge only around one percent in total fees
Sending £1,000 GBP from the UK to Nigeria
- The interbank exchange rate is £1,000 GBP to 475,725 Nigerian Naira
- Wave offers to exchange £1,000 GBP to 466,000 Nigerian Naira
- This means the beneficiary will get 9,725 Nigerian Naira less
- The exchange rate offered by Wave is around two percent worse than the base rate
- Another provider, like Azimo, might charge only around 1.5 percent in total fees
*The interbank rate is besides known as the mid-market or standard exchange rate, which is the center between the buy and the sell prices of the two currencies .
How easy is it to send money with Wave Money Transfer
The Wave mobile app is dim-witted, intuitive and easy to use and received positive feedback and reviews on the App Store and the Google Play memory. You can quickly add a fresh beneficiary by adding their identify and call number. You will need to enter identity information and verify your electronic mail before you can use Wave to send money abroad. If you want to use Wave, you must be at least 18 years old and be a nonmigratory of the United States, Canada, the UK or another origin country approved by Wave. You must besides have an report in your name in that nation and be registered with Wave. You will need to provide personal information including your mention, address, go steady of birth, telephone number, e-mail address and other information or documentation for verifying your identity.
Wave started in 2014 and since then it has provided money transfer services for over 100,000 customers. This makes Wave a leading currency exchange supplier for East and West Africa. Wave uses strong encoding and security to protect personal data and requital information, and adhere to industry best practices. They besides send money to the benefactive role immediately, so it isn ’ t kept in Wave ’ s trust accounts. Wave are regulated by multiple politics agencies across the US, the UK and Canada. They besides meet necessary submission and regulation standards to protect sensitive user and payment information. This includes encoding all data ampere soon as it is entered in the Wave app and sending it over an code 128-bit association .
Service & Coverage
You can send money from your US, UK or canadian debit cards to Ghana, Kenya, Uganda or Tanzania. You can use Wave anywhere in the world, but your bank bill must be based in the US, UK or Canada at present .
Wave claims that they can provide transfers in 30 seconds, immediately from your smartphone to the recipient role ’ s mobile wallet.
We were not able to find any independent customer reviews of Wave on Trustpilot, but users of the app were very positive about the software. Reading through the reviews on the App Store and Google Play store highlighted the be points .
- Customers praised the way that Wave kept them updated about the progress of their transfer
- The customer service was praised as being fast, friendly and efficient
- People praised Wave for being fast and efficient
- The main complaint was issues with signing up, especially with proving identity before being able to use the app — this is a common complaint with most money transfer providers
- There are occasionally some delays when sending money to certain beneficiaries
- Some customers wanted Wave to expand their services to other countries and found the limited options to be restrictive
- US and Canada phone number: +1 888 966 8603
- UK phone number: +44 113 320 7935
- Email: firstname.lastname@example.org
- US office address: 100 M Street SE, Suite 600, Washington, DC 20003 USA
- UK office address: 11 Hanover Road, London, England, NW10 3DJ
- Wave on Facebook
- Wave on Twitter
How transparent is Wave Money Transfer
Wave keeps you updated on the progress of your money transfer. They will send you an e-mail and update the transaction state to ‘Funds Delivered ‘ on the Transactions screen vitamin a soon as the funds arrive to the beneficiary ’ s mobile. The web site is lone available in English .