Sendwave, the remittance brand making sending money across borders easy and affordable, today announced Sendwave Pay, 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 account funds;
- A Sendwave Pay debit card to use on everyday 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 account
Why Sendwave Pay?
For 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
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. This product offering is the first of an exciting future, where Zepz intends to continually invest in migrant-focused financial offerings.
How to get Sendwave Pay
Sendwave Pay is being rolled out to select users via the Sendwave app, available on iOS and Android. To see if you are eligible, simply open the app and tap on the “Sendwave Pay” banner.
