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If you need to send money transfers to Thailand, Kenya, Bangladesh or other Asian or African countries, then consider using the Sendwave service by the Chime company. This is exactly their specialization. They don’t take commissions for transfers (but earn on the difference between exchange rates), however the Senwave sign up requires submitting a mobile number.
Can you handle without it? Yes, with nowaday’s digital tools, you can. In the blog post, let’s figure out how to do this, as well as exploring how Sendwave can be useful for consumers.
What is Sendwave?
What is Sendwave? It’s a US-based remittance mobile platform that enables consumers to make money transfers, primarily focusing on Asian and African countries. In 2021, the company that released the app, Chime, became part of the largest financial remittance company in the UK, WorldRemit. Together, these companies operate 5,000 money corridors but Sendwave still focuses on the Asian–African direction.
To date, the app has a user base of over 400,000 consumers, the significant part of which are Americans that send transfers to their relatives that live abroad.
With the app, it’s really easy and comfortable to send transfers on the go. The minimal transfer amount is $1.
How to Deposit & Receive Money with Sendwave?
As for adding funds on the Sendwave account, you can only utilize a debit card whereas depositing with credit cards or via PayPal is not possible. The latter helps the mobile platform make all transactions more affordable since it doesn’t have to pay commissions. If you don’t hold a debit card yet, in the app, you can apply for the Sendwave proprietary debit card. After that, you only need to wait before it’s approved.
While recipients have a few ways to accept transfers: by a bank account, a mobile wallet or cashpickup. The latter is especially convenient if you prefer using cash instead of an online bank account.
What is Sendwave in Terms of Commissions & Sending Limits?
Well, what is Sendwave when speaking of commissions? Sendwave doesn’t charge transfer commissions. But it makes revenue on the difference between exchange rates when you exchange currency. Let’s say, you want to send $100 to the Philippines where the mid-market rate for $1 is worth 54.68 Philippines peso (PHP), to date. Whereas the Sendware’s exchange rate is 53.81 PHP.
Then, you send $100 x 54.68 = 5,468 PHP, and your recipient receives $100 x 53.81 = 5,381 PHP.
This way, the Sendwave’s mark up is 81 PHP or $1.59.
Moreover, the Sendwave account holders will face the sending limits. For new users, they are $999 per day and $2,999 per month. For users who have passed Sendwave verification using an ID, limits are higher: $2,999 per day and $12,000 per month.
What is Sendwave in Terms of Security?
As a financial service, Senwave partners with a licensed money transfer services in every location it works. Moreover, to protect users’ financial data from theft and unauthorized access by third parties, the service uses advanced encryption techniques. It encrypts data as soon as you log into the app, and when sent to the company’s servers, it uses a 256-bit encryption connection which is the highest industry standard, to date.
In addition, since the service operates in accordance with the AML policies, each user needs to pass Sendwave verification to validate their identity. For that, when registering to the platform, it’ll require to upload driver license, passport or ID or visa of one of the countries from which you’re transferring.
To further protect your account on the service, you need to enable two-factor authentication. For that, you’ll be asked to enter a unique code that will be transferred via SMS to your mobile number. If you don’t want your phone number to be stored in the service database, you can consider utilizing the capabilities of temporary virtual numbers.
Virtual Phone Number for Sendwave
Temporary virtual numbers are a method to securely sing up for online services that require a mobile number. Since they are able to receive SMS messages, they are also suitable for receiving one-time passwords for any other purpose. Including enabling 2FA. Just like after you finished the Sendwave sign up.
For a platform where you apply a temporary number instead of a traditional cellular one, there’s no difference. Besides, these numbers are legal and don’t contradict the ToS of most services, including Sendwave.
If you need to anonymously access services that for some reason aren’t accessible from your country, this is also a working method. Or in those that require only local numbers. In comparison, buying a second SIM card is much more expensive and needs documents to be revealed. A temporary virtual phone number for Sendwave, in contrast, can be purchased for less than $1 through a special online platform. You only need to register by email.
SMS-Man is one of the most notable services on the market, issuing numbers for more than 190 countries. You can use these numbers to receive one-time codes in more than 1,000 services and applications around the world.
How to Sign Up for Sendwave without a Phone Number?
It doesn’t take lots of time to finish Senwave sign up using a temporary virtual phone number from SMS-man. Just follow the instructions below:
- Set up an account on sms-man.com or log in via social media.
- Find ‘top up’ in the left menu and deposit money with any convenient option.
- On ‘Receive SMS’, pick up a required country and ‘Sendwave’. Click ‘Buy’.
- Add the number to your Sendwave account. Request an OTP.
- Return to SMS-man and click ‘Receive SMS’ near the number.
- Reveal the code and use it to finish setting up two-factor authentication for Senwave.