Wave Money is a platform that allows sending and receiving money in various countries. It operates like Ria, Western Union, MoneyGram, Wise, WorldRemit, and Remitly. The company is building the first modern money transfer network with no account fees, accepted everywhere, and instantly available. It is expected to intensify competition with existing money transfer giants such as PayPal, MoneyGram, and Western Union. This article aims to teach you more about Wave Money transfer.
Understanding how a money transfer platform works allows you to make informed decisions on which services you will use. You also get to compare a given funds transfer firm with others and see if it is affordable and safe to send or receive funds through it. Even though all money transfer companies rely on a similar money exchange platform, each has its fees, which may vary depending on the method you use to send or receive your money.
For your information, Wave and other funds transfer platforms are revolutionizing how money is relayed from one place to another. Nowadays, you can send money instantly from one country to another and from one continent to another. The process has reduced poverty levels and improved the world’s economic status.
Documents needed to open a Wave Money account
If you want to open a Wave Money account, there are various documents and details you must provide. The compulsory documents include the following;
- A document to confirm your business name
- Proof of your EIN
You must also provide your mobile phone number, physical address, and email address. You will receive your confirmation code in your phone to confirm that the phone number belongs to you. Additionally, you will need to confirm your email address by clicking the link sent to your inbox.
How to open a Wave Money account
You can easily open a wave money account and send and receive funds to another bank. The process is simple since you only need to visit the platform online to get started. You can follow the steps below to open your account.
- Download the Wave mobile app from Play Store or Apps Store.
- Select Banking on the bottom menu.
- Hit on Get started.
- Choose which business you want to sign up with if you have multiple Wave businesses.
- Choose Yes, I’m the only owner to confirm the business has a single owner. Wave Money does not currently support multi-owner businesses.
- Personalize your Wave Money Visa® Business Debit Card by inputting your business name.
- Select Preview to see how your debit card will look when it arrives.
- Next, tap Confirm card name.
- Choose your business type and enter your business details.
- Upload a personal identification document by choosing the type of government-issued photo ID you have and the issuing country.
- Take a clear photo of the front and back of your photo ID.
- Enter your details, including your address, to be used as your shipping address for your Wave Money Debit Card.
- Enter the code sent to your phone by SMS to verify your mobile phone number.
- Next, click on the link sent to your email address to verify it and select Got it to move to the next step.
- Select the checkbox to confirm you are the business owner, then tap Submit.
- Read the Agreement, tick the box if you agree, and tap Submit.
Interestingly, you can use your virtual card to pay online or in person while waiting for the tangible card to arrive. You can tap Start Banking to use your virtual card with your Wave Money account.
Countries that support Wave Money
Before opening your Wave Money account, it is crucial to understand the countries where the platform operates. The company operates in various countries of the world. We still have many countries yet to be covered by the platforms’ services. You can only send funds from the US, the UK, and Canada. Again, recipients must be in Ghana, Nigeria, Kenya, Tanzania, or Uganda. When sending funds to another country, you can convert them to the local currency to know the amount of money the recipient will get.
How to send funds using Wave Money
There are various steps you should follow to send money through Wave. These include the following.
- Open the Wave Money app for your Apple or Android phone to log in
- Decide to whom you want to send funds to
- Enter their name plus phone number
- Enter the amount of money to send and pay for your transfer
- Wave then converts the funds to the recipient’s local currency and sends it to the beneficiary’s mobile wallet
The funds appear in the recipient’s wallet in a few seconds. According to Wave Money, transfers complete in 30 seconds when sent from your smartphone to the recipient’s mobile wallet.
Wave Money fees
Wave Money does not charge fees on money transfers. Instead, they charge a percentage of the exchange rate. That is how they make money from the service. However, you may encounter fees through banks to process the transfers or any other fees.
Reasons to choose Wave Money Transfer Process
There are various reasons why you should choose Wave Money. These include the following.
- Instant transfers
- No fee transfers from your debit card to accounts in Kenya, Tanzania, Uganda, and Ghana
- You can send funds easily and quickly
- Seven days a week personal support
- Realtime updates on the status of your funds transfer to always know where your money is
- Easy-to-use app
- Exchange rates for some currencies are relatively competitive.
However, despite the platform having so many advantages, there are drawbacks. The Wave Money services are only available through the mobile app since there is no portal or local agent network where you can send your funds. That is contrary to their competitors, such as Western Union and MoneyGram, which have physical branches where you can access money transfer services. Again, the limited availability is another issue.
Wave Money is a money transfer company that operates in various countries. It allows you to send money from the US, UK, and Canada. At the same time, you can only receive funds if you live in Ghana, Kenya, Tanzania, Nigeria, or Uganda. You can open an account by downloading the company’s app and filling out the necessary details. The company charges no fees for money transfers. However, your bank may charge you some fees to process your transactions.