Wave Money Company Profile: Acquisition & Investors

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• They also meet necessary compliance and regulation standards to protect sensitive user and payment information.
• Wave only allows you to transfer money via their dedicated smartphone application, available for both Apple and Android phones.
• You cannot use a credit card, PayPal or a direct bank transfer to fund currency exchanges.
• MFS business demands products and solutions which adapt to ever changing market demands.

We’ve updated our privacy policy so that we are compliant with changing global privacy regulations and to provide you with insight into the limited ways in which we use your data. Craft.co needs to review the security of your connection before proceeding. If you want to use Wave, you must be at least 18 years old and be a resident of the United States, Canada, the UK or another origination country approved by Wave. You must also have an account in your name in that country and be registered with Wave. These fees could mean that the beneficiary receives less money than stated by Wave due to circumstances beyond Wave’s control. If you want to understand what these extra fees are likely to be, please contact your bank and the beneficiary’s bank. Wave, with a website at (part of a business called Chime Inc.), should not be confused with Wave Money, with a website at — they are separate businesses.

Wave Money Comparisons

We did find a couple of references on the Wave website to send funds to the beneficiary’s bank account, but couldn’t find further details. It looks like they mainly offer to transfer funds to the beneficiary’s mobile wallet, which would explain why the transfers are so fast. You can only send money from a debit card linked to a bank account in the US, the UK, Canada or another country approved by Wave. The mobile application can be used anywhere in the world, as long as the payment comes from a bank account approved by Wave. Wave uses strong encryption and security to protect personal data and payment information, and adhere to industry best practices. They also send money to the beneficiary instantly, so it isn’t kept in Wave’s bank accounts. Wave are regulated by multiple government agencies across the US, the UK and Canada.

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, base exchange rate. 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 account must be based in the US, UK or Canada at present. Wave only offers money transfers via their dedicated smartphone application. Transfers are made from the sender’s bank account directly to the mobile wallet of the beneficiary. When mobile money succeeded in Kenya, it lifted about a million people out of poverty.

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And yet, over 10 years later, most Africans still lack access to affordable ways to save, transfer or borrow the money they need to build businesses or provide for their families. Drew Durbin and Lincoln Quirk , met as hallmates freshman year at Brown University. They became https://www.wave-accounting.net/ friends over a shared love of building simple products that make a social impact. First, they built Sendwave, now the largest digital remittance company to Africa. Next, they turned their attention to Wave with the mission to bring digital finance to everyone in Africa.

• Vast experience in operating across different countries in EMEA & APAC region namely Myanmar, Thailand, Australia, Singapore, Serbia, Hungary, and UAE.
• She has 20 years of experience inmanagement of IT and organizational projects, having previously worked in consultancy.
• Money transfers are very fast, often arriving almost immediately.
• Products & Solutions We offer a full suite of financial services products with open interfaces easily pluggable.

Users can make bill payments, pay for offline purchases and transfer funds using the wallet solution. Wave Money is a joint venture between the Norwegian Telecoms giant Telenor and Yoma Group, a well-diversified conglomerate of Myanmar. Wave Money started operation in October 2016 under the Mobile Financial Services License issued by the Central Bank of Myanmar. A customer can do domestic transfer of money through any of the 57,000 Wave Money Company Profile agents covering ~90% of the country. Alternatively money can be transferred from a Wave Pay mobile app, either to another Wave Pay mobile app or to a wave agent from where money can be collected. Wave keeps you updated on the progress of your money transfer. They will send you an email and update the transaction state to ‘Funds Delivered’ on the Transactions screen as soon as the funds arrive to the beneficiary’s mobile.

What Monito Dislikes About Wave Money Transfer

Wave does not charge fees to use its money transfer services and instead makes a profit by offering a worse exchange rate than the base rate. This rate varies between being around 1.5 percent and five percent lower. This can make them more expensive than other providers for certain money transfer needs, so it’s worth comparing. Wave Money is the leading mobile financial services provider in Myanmar operating with over 55,000 Wave shops across the country. Wave Money introduced a unique way of transferring money, bringing millions of people in Myanmar access to formal financial services. Through Wave Money, thousands of people a day are sending money anywhere and at any time. You cannot use a credit card, PayPal or a direct bank transfer to fund currency exchanges.

Reading through the reviews on the App Store and Google Play store highlighted the following points. On Apple’s app store, the “Wave – Send Money to Africa” app has received an average of 4.4 out of 5 stars, across more than 1,000 reviews. Needs to review the security of your connection before proceeding. On the Google Play store for Android, the “Wave – Send Money to Africa” app has received an average of four out of five stars across more than 3,000 reviews. You can initially transfer a maximum of $999/£750/€750 per day and $2,999/£2,500/€2,500 per month. These limits can be raised to $2,999/£2,500/€2,500 per day and $12,000/£10,000/€10,000 per month if Wave receives proof of identity as part of a photographic ID.

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Following these principles have led to Wave money capturing ~95% market share within 3 years of operations. Wave claims that they can provide transfers in 30 seconds, directly from your smartphone to the recipient’s mobile wallet. Wave offers money transfers from the UK, the US and Canada to countries in Africa. Founded in 2018, Wave is building a mobile money service that is easy-to-use and radically affordable. 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.

They also meet necessary compliance and regulation standards to protect sensitive user and payment information. This includes encoding all data as soon as it is entered in the Wave app and sending it over an encrypted 128-bit connection. Wave started in 2014 and since then it has provided money transfer services for over 100,000 customers.