4 myths about sending money internationally

Separating fact from fiction when it comes to sending money internationally can lead to a significant amount of savings and ensure your support reaches your family faster. Let's debunk the most common misunderstandings that might be holding you back from better options.

You don't need to rely on traditional banks to send money abroad. Many people assume banks are the only safe option because they've been the go-to choice for decades. But digital money transfer services now offer secure alternatives that are often more convenient, affordable and in many cases, faster.

These remittance myths persist because people aren't aware of how much the industry has changed. Mobile apps and online platforms have transformed international money transfers, making them accessible to anyone with a smartphone.

Alternative services with global reach

Digital money transfer providers can provide better value than traditional banks. Apps like Sendwave let you send money directly from your phone without visiting a branch or filling out long, tedious paperwork.

• Licensed operations: Reputable services are regulated just like banks but built specifically for cross-border transfers

• Global reach: These platforms serve the same destinations as banks, including countries across Africa, Asia, and Latin America

• User-friendly design: Simple interfaces make transfers as easy as sending a text message

Accessibility beyond traditional institutions

You don't need a relationship with a specific bank to use digital transfer services. Most apps only require a debit card and identity verification to get started.

Licensed money transfer companies follow strict regulations in the US, Canada, UK and EU. This regulatory oversight ensures your money is protected by the same standards that govern traditional financial institutions.

Myth 1: It's always expensive

International money transfers don't have to drain your budget. While certain providers do charge high money transfer fees, competition among digital services has driven costs down across numerous corridors.

Transfer costs vary widely between providers and destination countries. Understanding how pricing works helps you find better value for your specific needs.

Understanding exchange rate margins

Money transfer companies typically earn revenue through either direct transfer fees or currency exchange margins. When you see low or no fees advertised, check if additional costs apply through the exchange rate offered.

• Transfer fees: Some services charge upfront fees while others don't

• Exchange rate margins: The difference between market rates and what you receive

• Total cost: Always compare both fees and exchange rates to understand the complete picture

Comparing options for value

Sendwave excels in multiple country corridors, offering outstanding rates for countries like Kenya, Mexico and many more destinations. We make it possible for you to spend less time comparing and simply focus on supporting your loved ones with the best possible value.

As a frequent Sendwave user, you'll enjoy our consistently competitive rates and transparent fee structure. Our loyal customers appreciate how easy we make it to provide regular support to family members, with the same great service and value every time you send money with love.

Myth 2: Transfers take too long

Modern secure money transfers are much faster than the week-long waits of the past. Digital platforms have streamlined the process so most transfers complete within minutes to hours rather than days.

Traditional bank wire transfers can still take several business days, but mobile-first services use technology that speeds up the entire process. Transfers to popular destinations now often arrive the same day.

Advances in remittance technology

Automated systems and real-time tracking have eliminated much of the manual processing that caused delays. Direct-to-wallet transfers and partnerships with local payout networks mean recipients can access funds quickly.

Digital platforms can process transfers around the clock, unlike banks that only operate during business hours. This means you can send money on weekends and holidays without waiting for the next business day.

Factors that affect delivery times

Time zone differences and local banking hours can still impact when recipients receive funds. Transfers sent late on Friday might not be available until Monday in some locations.

• Compliance checks: First-time users or large amounts may require additional verification

• Recipient details: Double-checking information before sending helps avoid delays

• Local holidays: Banking holidays in destination countries can affect payout timing

Myth 3: It isn't secure to send money online

Online money transfers are actually very secure when you use licensed, regulated providers. Digital platforms use advanced encryption and security measures that can surpass what traditional banks offer.

Reputable money transfer services implement multiple layers of protection including two-factor authentication, fraud monitoring and secure data storage. These technologies make online transfers safer than carrying cash or using informal transfer methods.

Oversight and licensing

Licensed money transfer companies must follow strict financial regulations in every country where they operate. Companies like Sendwave are authorized to transmit money in the United States, Canada, United Kingdom, and European Union.

This regulatory oversight ensures they maintain proper security standards and financial reserves. Your transfers are protected by the same laws that govern traditional financial institutions.

Protecting your transfers

Use strong, unique passwords for your transfer accounts and enable two-factor authentication when available. Never share your login credentials or send money to people you don't know personally.

• Customer support: Legitimate providers offer help to resolve any issues quickly

• Fraud monitoring: Advanced systems watch for suspicious activity on your account

• Secure technology: Encryption protects your personal and financial information

Myth 4: You can only send large amounts

Small international transfers are not only possible but also widely used across the world. Many people send small amounts regularly to help with everyday expenses like groceries, school fees, or utility bills rather than waiting to accumulate large sums.

Digital money transfer services are designed to handle transfers of all sizes efficiently. The convenience of mobile apps makes it practical to send smaller amounts whenever needed.

Flexible sending limits

Reputable providers set reasonable minimum transfer amounts that vary depending on the destination country. Maximum limits generally cover typical personal needs.

The cost structure of digital platforms makes small transfers economically viable for both senders and recipients. You don't need to wait until you have hundreds of dollars to make a transfer worthwhile.

Situations for smaller transfers

Quick transfers for emergencies, birthday gifts, or helping with unexpected expenses are typical uses for smaller amounts. Regular monthly support for family members often involves moderate sums rather than large lump payments.

• Emergency assistance: Help with urgent medical bills or unexpected costs

• Special occasions: Birthday money, holiday gifts, or celebration contributions

• Regular support: Monthly help with rent, groceries, or school expenses

Next steps for greater confidence

Understanding these myths helps you make informed decisions when you send money from country to country. Digital platforms offer secure, affordable alternatives to traditional banks with better user experiences and often lower costs.

Choose a provider that serves your specific corridor well and offers the features most important to you, whether that's speed, low fees, or excellent customer support. Sendwave can help! Download the app to start sending money to your loved ones.