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Lemonade Finance review

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Lemonade Finance
Fastest Transfer Speed
Within minutes
Minimum Transfer Amount
Maximum Transfer Amount


Send fee-free transfers to Africa, with the money available for your recipient within minutes.

  • Good for fast transfers and no transfer fees.
  • Consider other options if you want to send money to somewhere other than Africa.

In this guide

  • Review
  • Frequently asked questions
  • Your reviews

Our Verdict

Lemonade Finance is an option worth considering if you’re sending money to Africa. The company was set up to make it easier for African immigrants in the United States to transfer money back home to loved ones, and it hits the brief. Transfers are quick and easy, and you won’t pay any transaction fees. However, be aware that transaction limits apply, and you’ll need to compare exchange rates among a range of providers to make sure you’re getting a good deal.

How does Lemonade Finance work?

Lemonade Finance is an international money transfer company that operates in the USA, Canada and the UK, with plans to expand to Europe in the future. The mobile app allows users to send fast and fee-free transfers to 10 African countries.

Once you’ve downloaded the Lemonade Finance app, you’ll need to create an account by providing your personal details and proof of ID. You can then deposit money into your account and use the app to send international money transfers. Depending on where you’re sending money, you may be able to send money directly to your recipient’s bank account or their mobile wallet.

You can use Lemonade Finance to send money to:

  • Nigeria
  • Ghana
  • Kenya
  • Uganda
  • Tanzania
  • Senegal
  • Cameroon
  • Benin
  • Ivory Coast
  • Rwanda

Pros and cons


  • Fee-free transfers. Lemonade Finance doesn’t charge any transfer fees, which means more of the money you send makes it to your recipient.
  • Easy to use. The Lemonade Finance app offers a seamless user experience, making it simple to send transfers.
  • Multiple payment methods. There are multiple ways to deposit money into your account, and you can send funds to your recipient’s bank account or mobile wallet.
  • Fast transfers. Your recipient can access the money you send within minutes.


  • Africa only. If you want to send money to Europe, Asia or other parts of the world, you’ll need to consider other transfer services.
  • Exchange rate markup. You don’t get the mid-market exchange rate with Lemonade Finance, so it’s worth comparing a range of transfer services to make sure you’re getting a competitive rate.
  • Transfer limits. Daily, weekly and monthly transaction limits apply, so check the limits that apply to your account before sending money. Currently, the limit is $25,000 per month.

How much are Lemonade Finance’s international transfer fees?

Lemonade Finance doesn’t charge any fees on international transfers. There are also no monthly subscription fees or minimum balance requirements to worry about. However, that doesn’t mean that you can send money overseas with Lemonade Finance for free. That’s because Lemonade Finance charges an exchange rate markup.

How much are Lemonade Finance’s exchange rates?

You won’t get the mid-market exchange rate when you transfer money with Lemonade Finance. This provider, like many other money transfer companies, adds a markup to the exchange rate it offers to customers.

To find out just how much the markup is, compare the exchange rate offered in the Lemonade Finance app with the current mid-market rate. For example if you’re sending US dollars to Ghana, the calculator on their website shows a markup of around 1.3%.

What transfer options do you have?

In the United States, you can send money to your Lemonade Finance wallet by auto deposit. In the UK, you can deposit funds from your bank account using TrueLayer or Clear Junction. In Canada you can use auto deposit or Interac e-Transfer.

You can then send money to your recipient’s bank account or mobile wallet, but the exact payout options vary depending on where you’re sending money. For example, if you’re sending money to someone in Nigeria, you can send funds to an MTN Mobile Money, AirtelTigo or Vodafone Cash mobile wallet, or to banks across Ghana.

Is Lemonade Finance safe to use?

Lemonade Finance is incorporated under Lemonade Two LLC in the US and is registered as a money service business (registration number 31000223768171) with the United States Financial Crimes Enforcement Network (FinCEN). In the UK Lemonade Technology Limited is registered with the FCA as a Small Payment Institution. It’s also registered and regulated by FINTRAC IN Canada as a money service business .

Lemonade Finance has an average score of 3.9/5 from 240 ratings on Trustpilot. Positive reviewers report that the company offers fast and easy transfers, but some negative reviewers complain about app reliability issues.

How long does an international transfer take?

Lemonade Finance says its transfers are “virtually instantaneous”. This means that your recipient can expect to get the funds you send within minutes.

Transfers typically arriveClock icon for transfer speed

Within minutes

How to send money with Lemonade Finance

When you want to send an international transfer with Lemonade Finance, here’s what you need to do:

  1. Download the Lemonade Finance app. Download the app from Google Play or the Apple App Store.
  2. Create an account. Open the app and create an account by entering your name, address, email address and phone number.
  3. Choose a currency to send to. Tap the “Send” button, choose CAD as the primary currency and then select the currency you’ll be transferring funds to.
  4. Choose your payout method. Next, select the payment method, such as a bank account or mobile transfer, and enter your recipient’s details.
  5. Review details and send. Finally, check the exchange rate and all the details of your transaction before sending the money.

Transfer app features + ratings

The Lemonade Finance app allows you to send money to, and receive money from, Africa. You can use your Lemonade Finance wallet to hold funds in Euros, British Pounds Sterling, Canadian Dollars, and Nigerian Naira, and convert between the currencies in the app. You can also use the app to access live chat support.

User reviews for the Lemonade Finance app are generally positive. Happy customers report that the app is quick and easy to use, but some Android users report problems with glitches.

Reviews verified as of March 16, 2023.
Google Play ratings3.8/5 stars based on 2,736 reviews
Apple App Store ratings4.5/5 stars based on 815 reviews

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