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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.
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:
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.
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%.
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.
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.
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 arrive
When you want to send an international transfer with Lemonade Finance, here’s what you need to do:
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 ratings||3.8/5 stars based on 2,736 reviews|
|Apple App Store ratings||4.5/5 stars based on 815 reviews|
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