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 US
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;
- 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 account
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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, 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.
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“Investing in meaningful innovations to serve the needs of cross-border communities is part of our purpose and at the heart of everything we do,” said Mark Lenhard, CEO of Zepz. “Sendwave Pay enables US-based migrants to take their money farther, creates financial empowerment through interest schemes and competitive benefits, and firmly establishes Sendwave as a heavy hitter in the fintech space.”
Sendwave Pay is being rolled out to select users via the Sendwave app, available on iOS and Android.
*Sendwave is a financial technology company and is not a bank. Banking services provided by Piermont Bank; Member FDIC. The Sendwave Visa Debit Card is issued by Piermont Bank pursuant to a licence from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
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