WorldRemit vs Wave

WorldRemit offers

WorldRemit is tailored for individuals with account services that include:

• Foreign bank transfers
• Cash pick-up
• Foreign bill payments (ie electricity, credit cards and television services)
• Pre-paid mobile credit top-ups
• Recurring / regular transfers are also supported

Note: bill payments and cash pick-up services are not available in all countries.

WorldRemit has two unique features. These are:

• Mobile money - Shop in-store, online and withdraw cash at authorised agents
• WorldRemit Wallet - Money can be received through their vast global network into a multi-currency wallet

WorldRemit does not offer

• Travel debit cards
• Access to a personal account manager (helpful when transferring large sums of money)

Wave gives residents of different African countries access to mobile money solutions. Sendwave gives people from different countries easy means to send money to various African nations, as well as to Bangladesh. Both companies have the same founders.
 

What Wave and Sendwave offer

• Use Wave to deposit money, withdraw money, pay bills and send money locally within Senegal.
• Use Sendwave for international money transfers.
• Send money to bank accounts.
• Send money to mobile wallets.
• Send money to cash pick-up locations.

What Wave and Sendwave don’t offer

• Regular transfers.
• Account managers.
• Personal travel cards.

WorldRemit does not provide a business service, although WorldRemit could be used for business transfers. The Mobile Wallet could be used for business, however it may not be suited for this purpose.

Wave and Sendwave do not provide services for businesses. If you need to carry out business-related fund transfers, you will need to sign up as an individual. However, doing so might affect your personal taxes.

WorldRemit Fees

Most of the WorldRemit fees are within the exchange rate offered. The exchange rate offered can and does change depending on payment type, receiving option and the amount being transferred.

• Bank deposit - 0.5% - 2% depending on the destination country and amount
• Bill payment fee - 1% - 4%
• Cash pick up fee - 1% - 4%
• Mobile airtime top up - 1% - 4%
• Additional fee - $1 - $5 per transfer

New customers from eligible countries signing up through iCompareFX receive 3 transfers fees for free using the code 3FREE. Eligible countries for this free transfer promotion are the USA, UK, Australia, Belgium, Netherlands, South Africa, Sweden, New Zealand, and Norway.

Wave money transfer rate

The Sendwave exchange rate you get comes with a markup/margin on top of the existing interbank exchange rate. Depending on the currencies involved, rate margins are mostly between 1% - 5%. Some currencies attract a 10% or more margin fee which is significant.

Check the tables below for examples.

Margin below 5%

Margins over 5%

Wave money transfer charges

If you use Wave to transfer money within Senegal, a 1% fee applies. There are no deposit or withdrawal fees.

Sendwave does not charge additional fees when sending money to and from most countries.

• A 1% fee (capped at €2) applies on transfers made from the European Union to Senegal.
• A 2% Bangladesh Bank-sponsored incentive applies on transfers from the US and UK to Bangladesh.
• A 3% fee (capped at $20) applies on transfers from the US to Liberia.

Registration - Simple and easy through their website or mobile app.

ID verification -  If requested, it is a simple process that can be actioned through their mobile app or via email. Simply upload the requested documentation as photos from your phone. 

Transfer speed -  Speed ranges from instantaneous to up to 2 days. This depends on the country you are sending money to, and if it is a bank transfer or sending cash. 

Payment options - Uploading your funds to WordRemit is also a simple process. With in-country solutions such as Australia’s POLi or via debit card, you can instantly transfer your funds to WorldRemit. This speeds up the entire process of sending money overseas.

Mobile app - There is a WorldRemit mobile app to help manage your transfers end to end.

Sign up process - You need to sign up by using the Wave or Sendwave app. The registration process is quite straightforward. However, some Sendwave reviews on Google Play Store mention experiencing difficulties with the verification process.

Transfer method - If you wish to use Wave or Sendwave to send money, you may do so only through the apps, and not the websites.

Transfer speed - Transfers to bank accounts can take 2 - 4 business days. Transfers to cash pick-up locations and mobile wallets can go through within minutes or hours.

Sendwave money transfer limit - The maximum daily send limit is $999/£999/€999. The monthly limit stands at $2,999/£2,500/€2,500. If you provide a government-issued photo ID as verification, you can get the limits increased to $2,999/£2,500/€2,500 per day and $12,000/£10,000/€10,000 per month.

Payment methods - You may pay for your Sendwave money transfer via Mastercard or Visa debit cards. Residents of Italy and Spain can also make payments via PostePay cards and Correos cards, respectively.

Wave and Sendwave money transfer apps - Use the Wave app as a mobile wallet, and the Sendwave app to send money internationally. Both apps are available for Android and Apple users.

WorldRemit supported countries

WorldRemit has an impressive list of supported countries. 

• Mobile Money - 23 countries
• Cash pick up - 80 countries
• Bank transfer - 150 countries
• Bill payment -  Selected countries
• Phone support - Multiple languages
• Multilingual website
• Local settlement accounts in dozens of countries.

Customer support

There are reports on TrustPilot and through its mobile app reviews of poor wait times to talk to a customer service representative.

Supported registration countries - You may use Sendwave to send money from the US, the UK, Canada, France, Italy, Spain or Ireland.

Supported destination countries for bank transfers - Kenya, Uganda and Nigeria.

Supported destination countries for cash pick-up - Senegal.

Supported destination countries for mobile wallet top up - Kenya, Uganda, Tanzania, Ghana, Senegal and Liberia.

Customer support - Sendwave provides local phone support during business hours in the US/Canada, the UK, Italy, Ireland, France and Spain. It also provides support via email.

• WorldRemit is regulated by multiple financial regulators globally including the FCA in the UK. 
• Their company structure is sound and customers funds are segregated from their company accounts thereby reducing the risk for their customer.
• The WorldRemit fee structure for money transfers includes a hidden fee within the offered exchange rate which reduces transparency. This is unfortunately common amongst most international money transfer companies.
• High TrustPilot rating. However, there are an increasing number of poor reviews. This will be monitored by iCompareFX. 

Regulated - Sendwave operates as a subsidiary of Chime Inc. It has the required licenses to provide international money transfer services in the US, Canada, the UK and the European Union.

Google Play Store Wave money transfer reviews - Wave and Sendwave money transfer reviews on the Google Play store are largely favorable. While Wave averages at 4.4 out of 5, Sendwave gets 4.6 out of 5.

Transparency - Both, Wave and Sendwave, are very good with transparency on fees. However, Sendwave customers need to carry out their own research to find out how much exchange rate margins they need to pay.