Frequently asked questions about Wave Money and the Wave Money Visa® Business Debit Card

Frequently asked questions

How do I apply for a Wave Money business banking account?

Wave Money is in limited release. It is currently available to invited single-owner businesses in the United States.

What bank fees do I pay for Wave Money?

Your Wave Money account and Wave Money Debit Card are 100% free. There is no fee to open your account, no monthly fees, no transaction fees, no minimum daily balance, and no fees for cash withdrawal on our surcharge-free ATM network. Wave won’t charge you a fee unless we incur one, and if we do, we won’t mark it up.

Where can I find my Wave Money account limits?

On the Wave mobile app you can see your daily and monthly account limits by tapping Banking on the bottom menu of the Wave mobile app, then tapping Account limits under the Bank section. Account limits cannot be changed.

Read about Account limits in the Wave Money terms of service.

My business has many owners. Can we all use Wave Money?

Wave Money is currently in limited release, and only supports single-owner businesses. Changes to this will be announced on

Can I get additional debit cards for my Wave money account?

You can only have one Wave Money Debit Card, and one Wave Money Virtual Card per business at this time.

When will my Wave Money Debit Card arrive?

Whether you’ve signed up for the first time or requested a replacement card, you should receive your Wave Money Debit Card in the mail in 5-7 business days, but it can take up to two weeks.

If you haven't received your card after two weeks, open Mave, Wave’s automated chatbot, and type card not arrived. Mave will help collect any relevant details and direct you to the appropriate support. Learn how to open Mave in Get support with Wave.

Your Virtual Card details will be available to you for use as soon as you’re approved for Wave’s business checking account. Learn more in Manage your Wave Money Visa® Business Virtual Debit Card.

Is my data secure?

Yes. Wave will never share or sell your data. We may make some of your information available to our banking partner, Community Federal Savings Bank (CFSB), an FDIC-insured institution. CFSB uses this data as set forth in its privacy policy. Details are available in Wave’s Privacy Policy, Terms of Use and Security Policy.

Are Wave Money transactions bookkept in Wave Accounting?

Your Wave Money transactions are automatically bookkept in Wave Accounting. A Wave Money asset account is automatically created in your Chart of Accounts.

Learn how transactions are bookkept in Wave Accounting in Automated Wave Money bookkeeping.

Is this a bank account? 

Wave Money is a business checking account with companion physical and virtual debit cards. Your account and virtual card can be accessed through Wave’s mobile app.

Can I view Wave Money information on my desktop?

Your Wave Money information is only available via the mobile app at this time.

Is my card secure?

Wave uses fraud prevention measures to detect potentially fraudulent transactions on your Wave Money Debit Card and Virtual Card.

If an unusual transaction is detected on either of your cards, Wave either declines the transaction or sends a notification that requires you to confirm the transaction. Wave may also proactively freeze your card after a potentially fraudulent transaction is declined to prevent further use.

If Wave detects unusual activity on your cards you will receive a notification on your phone and an email. Learn more about freezing your card or reporting issues with it.

To report a fraudulent transaction, call the number on the back of your Wave Money Debit Card.

I have a Wave Money account, how do I get free Instant Payouts?

If you are eligible for Instant Payouts, you need to make Wave Money your default payout account for Wave Payments to have the Instant Payouts fee waived.

Eligibility for Instant Payouts is determined separately from Wave Money eligibility. If you’re using Wave Payments, Wave enables Instant Payouts automatically when you become eligible. Wave determines eligibility based on a series of criteria, and no additional signup is required. When you become eligible for Instant Payouts, Wave notifies you by email.

Wave’s standard processing fees still apply to all payments received using Wave Payments to your Wave Money account. View Wave’s payment processing fees.

Can I switch my Wave Money account from one Wave account to another?

It’s not possible to switch Wave Money accounts from one Wave account to another.

If you would like to use Wave Money under a different Wave account, your alternate Wave account must have an invitation to open a Wave Money account.

If you have an invitation, first close your current Wave Money account by following the steps in Close your Wave Money account. Once you have closed your current account, you will be able to open a new account under your alternate Wave account.