Sendwave specializes in international money transfers, making it easy and affordable for individuals to send money abroad, particularly to regions like Africa, the Philippines, and Haiti. The service is designed for immigrants and expatriates who regularly send remittances to their families. Users can link their debit cards and verify their identities to start sending money quickly through the user-friendly Sendwave app. Unlike many competitors, Sendwave does not charge fees for sending money; instead, it generates revenue through the exchange rate margin, making it a cost-effective option for users. The company is licensed to operate in the US, Canada, the UK, and the EU, and it has built a reputation for reliability with over one million users worldwide. Additionally, Sendwave offers 24/7 customer support through its app, ensuring users have access to assistance whenever needed.

WorldRemit

Fintech

Financial Services

Sendwave

The Consumer Financial Protection Bureau (CFPB) has issued a circular warning remittance transfer providers about making false claims regarding the cost and speed of international money transfers. False advertising of that sort can violate federal law, the agency said in a Wednesday (March 27) press release. This caution applies to both traditional providers of international money transfers and to digital wallets that offer that capability. “Consumers should not be paying junk fees on international money transfers that are advertised as free,” CFPB Director Rohit Chopra said in the release. “The CFPB will continue to work with law enforcement to ensure companies don’t illegally burden families with fees or inflated exchange rates using false or misleading claims.”

Cfpb Warns Remittance Transfer Providers About Making False Claims

Sigue Corp. has stopped its money transmission activities after being ordered to do so by financial regulatory agencies from 39 states, Puerto Rico and the District of Columbia.“We are no longer processing new money transfers, money orders or bill payment transactions through agents, branches or our SiguePay mobile application, and we are making every effort to refund those transactions that remain outstanding,” a notice on the company’s website said Friday (March 22).The financial regulatory agencies announced their consent order in a Friday press release, saying that Sigue failed to satisfy outstanding money transmission liabilities, violating state law, and “can no longer responsibly serve customers due to its declining financial position.”“This coordinated state action will help customers get resolution more quickly and prevent Sigue from serving any new customers regardless of where they live,” Lisa Kruse, commissioner at the North Dakota Department of Financial Institutions and chair of the Conference of State Bank Supervisors (CSBS), said in the release.Over the past several months, Sigue experienced significant financial deterioration, failed to complete multiple money orders and transmissions, and failed to maintain adequate net worth and permissible investments to cover its outstanding liabilities, according to the release.State regulators identified the company’s troubled financial position and coordinated the consent order with the help of the CSBS and the Money Transmitter Regulators Association (MTRA), the release said.The consent order requires Sigue to preserve all books and records, and provide access to them, and states will use the company’s signed declarations to help impacted customers with the claims process, per the release.“This consent order means states with one impacted customer can provide the same remedy as states with thousands,” Karyn Tierney, director of consumer services at the Arkansas Securities Department and vice president of MTRA said in the release. “It also preserves states’ ability to take additional actions on customers’ behalf as investigations continue at the state and federal level.”In another regulatory action in this space, the Consumer Financial Protection Bureau (CFPB) said in October that took action against Chime Inc., the operator of the Sendwave mobile app, for deceiving customers about the speed and cost of remittance transfers.Chime Inc. is not connected to the California-based FinTech Chime Financial

Sigue Halts Money Transmission Activity Following Financial Regulators’ Consent Order

British money transfer firm Zepz has reportedly made another round of job cuts. The company, which owns remittance platforms WorldRemit and Sendwave, has laid off 30 workers, according to a CNBC report Thursday (Nov. 30). “Zepz has entered a redundancy consultation which could affect less than 2% of its global headcount,” a company spokesperson said in an exclusive statement to the network

Money Transfer Service Zepz Cuts 2% Of Staff

The Consumer Financial Protection Bureau (CFPB) has taken action against Chime, the operator of the Sendwave mobile app, for deceiving consumers about the speed and cost of remittance transfers. Chime has also been found guilty of illegally forcing consumers to waive their legal rights, failing to provide required disclosures and receipts, and neglecting to properly investigate consumer disputes and errors, according to a CFPB press release Tuesday (Oct. 17). As a result, the CFPB has ordered Chime to refund affected consumers nearly $1.5 million in fees and pay a $1.5 million penalty into the CFPB’s victims relief fund

Chime Faces Cfpb Action For Deceptive Practices On Sendwave App

Sendwave, a digital remittance company, has launched a new banking product that allows users to earn interest and pay reduced fees on international remittances.

Sendwave Launches New Banking Product Targeting Kenyans In The US

In partnership with Piermont Bank, Sendwave Pay will pay depositors up to 0.51% monthly interest on the account balance.

Migrants In U.S. Can Get Insured Bank Account Through New Fintech Product – Forbes Advisor

Remittance outfit Sendwave has launched a banking product for migrants in the United States.

Sendwave launches bank account for migrants

This new banking product allows users to earn interest, pay reduced fees on international remittances and get reimbursement of international transaction fees when using the card outside the USBOSTON, June 27, 2023 /PRNewswire/ -- Today, Sendwave, the remittance brand making sending money across borders easy and affordable, announces Sendwave Pay . Sendwave Pay is a banking product available to select Sendwave customers based in the United States.Sendwave Pay provides existing Sendwave users access to a FDIC-insured bank account* with an accompanying debit card. This makes Sendwave the only major remittance provider with such an offering in the US.Account holders will have:a bank account* with no hidden account creation, maintenance or minimum balance fees;access to up to 0.4% improvement on exchange rates and up to 25% savings on transaction fees on remittances to Kenya , Ghana , Tanzania , Uganda , Nigeria , and Liberia when using the funds in their accounts account funds;, , , , , and when using the funds in their accounts account funds; a Sendwave Pay debit card to use on every day transactions;reimbursements for international transaction fees when using their Sendwave Pay debit card outside of the US;earn up to 0.51% APY on the money held in their Sendwave Pay accountFor migrants, opening a bank account is an important step to establishing themselves and helps to achieve financial autonomy. Sendwave Pay provides an opportunity for our customers to build cross-border wealth and recognizes the demand for a product that better serves customers' needs than a standard bank account."The way that people use and access money has drastically changed over the last decade," said Eric Huynh, Product Lead, Sendwave Pay, Zepz. "We created Sendwave Pay to better meet the needs of our customers, who are dynamically considering how they manage their money both for themselves and for loved ones abroad."Sendwave Pay is the first neobank offering within Zepz, the Group powering global remittance brands Sendwave and WorldRemit. As an organisation dedicated to providing millions of customers around the world with fast, safe and easy-to-use solutions for getting their money home to loved ones,Sendwave Pay is an important product innovation within the portfolio

Sendwave Announces Sendwave Pay For Us Customers

Sendwave was acquired by Zepz in 2020 for an undisclosed sum.

Fintech unicorn Zepz, owner of WorldRemit, lays off 26% of staff

With migrant workers consistently sending money home, the business of remittances tends to be more resilient than most during tough economic times. Even so, Zepz CFO Robert Mitchell told PYMNTS that doesn’t mean they can stand still or take their eye off competitors or price-conscious customers who constantly shop for a cheaper or faster alternative

Cfo: Stay Vigilant About Costs And Churn - Even When Things Look Ok

Fee-free international money transfer service

Sendwave

Fee-free international money transfer service

Sendwave

Fee-free international money transfer service

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