Sendwave has introduced a new banking product called “Sendwave Pay.” This innovative solution offers Kenyan migrants access to an FDIC-insured bank account, complete with a debit card, presenting a unique proposition in the remittance market. With the official launch of Sendwave Pay, the company aims to revolutionize the way Kenyans in the US manage their finances, ensuring they receive maximum value from their international remittances.
Opening a bank account is a significant milestone for immigrants, and Sendwave Pay seeks to facilitate this process, enabling Kenyan expatriates to establish their financial autonomy in the United States. This development aligns with Zepz’s vision, the parent company behind global remittance brands Sendwave and WorldRemit, which intends to invest in migrant-focused financial solutions worldwide, with a special focus on Kenya.
Key Features of Sendwave Pay
- No Hidden Fees: Sendwave Pay users can enjoy the benefits of a bank account without worrying about hidden account creation, maintenance, or minimum balance fees.
- Enhanced Exchange Rates: Users can access up to a 0.4% improvement on exchange rates, resulting in more favorable currency conversions when sending money to Kenya, Ghana, Tanzania, Uganda, Nigeria, and Liberia.
- Reduced Transaction Fees: Sendwave Pay offers up to 25% savings on transaction fees for international remittances to the mentioned African countries when using the funds in their accounts.
- Debit Card Convenience: Users receive a Sendwave Pay debit card, allowing them to conduct everyday transactions seamlessly.
- Global Usage: Sendwave Pay reimburses international transaction fees incurred when using the debit card outside of the United States, making it a versatile financial tool for international travelers.
- Interest Earnings: Holders of Sendwave Pay accounts can earn up to 0.51% APY (Annual Percentage Yield) on the money stored in their accounts, adding a passive income component to their financial strategy.
Eric Huynh, Product Lead for Sendwave Pay at Zepz, emphasized the changing landscape of financial services, stating, “The way that people use and access money has drastically changed over the last decade. 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.”
