Can refer to several different scenarios:
1. Where a service-provider affably declines being paid by casually swishing his hand in a "never mind" or "no worries --- no charge" gesture.
2. Where a service-recipient arrogantly/contemptuously declines to pay for services rendered by flippantly swishing his hand in a "forget it" or "don't trouble me" gesture.
3. Where a service-requester attempts to entice/persuade someone to assist/accommodate him by eagerly/pleadingly swishing a wad of cash in said would-be provider's direction.
Lustful-minded male bank teller: I'm a hopeless craver of lady-flesh, so I don't need any attractive female customer to beg me to give her a break on a service-charge --- all she has to do is show me her boobs or let me squeeze her butt, and I'll so totally "wave the fee" for her EVERY time.