Review: Lycaremit international money transfers

Send money to another country through Lycaremit and you can expect friendly service, flexible transfer options and a secure service.

Updated

  • Good for sending secure transfers to exotic locations.
  • Not so good if you want to send larger amounts (maximum transfer is £2,500).

Lycaremit exchange rates and fees

Lycaremit charges set transfer fees ranging from around £2.50 to £5, depending on the amount you’re sending and the type of transfer (mobile or bank). It also adds a margin to the mid-market exchange rate.

Use our table below to see Lycaremit’s real-time exchange rates and fees.

Available currencies

You can send money to more than 80 countries worldwide with Lycaremit, although the transfer types vary depending on the country. Some of the more popular currencies you can transfer with Lycaremit are:

  • INR Indian rupee
  • PKR Pakistani rupee
  • LKR Sri Lankan rupee
  • BDT Bangladeshi taka
  • NGN Nigerian naira
  • PHP Philippine peso
  • RON Romanian leu
  • PLN Polish zloty

What types of transfers can you make with Lycaremit?

You can send money abroad online from a computer, tablet or smartphone or via one of its two London branches.

Recipients can get it through their bank account, by cash pick-up or by using a mobile wallet account.

You can only transfer up to £2,500 each transaction, though.

How long does a transfer with Lycaremit take?

It depends on the type of transfer and where you’re sending the money to, but it should take two working days, or less for some select bank transfers.

What payment methods does Lycaremit accept?

You can only pay by debit card.

Transfers typically takeClock icon for transfer speed

2 working days

Is Lycaremit safe to use?

  • Security & regulation: FCA-regulated, industry-standard RSA 256-bit encryption
  • Established: 2015
  • Reviews: Scores 4 out of 5 on Trustpilot and rated “Great” based on more than 1,200 reviews*
*According to Lycaremit and Trustpilot on 28 January 2020.

How does Lycaremit make money?

As well as the transfer fees of between £2.50 to £5, Lycaremit adds on a small margin to the interbank exchange rate margin to cover costs. This is why the exchange rate you see on Google or XE is different to the one being quoted to you.

How to register an account and make an international money transfer with Lycaremit

What is Lycaremit?

Lycaremit was established in 2015 by Sri Lankan entrepreneur Allirajah Subaskaran, founder of the Lyca Group, whose other brands include Lycamobile, LycaFly, Lycachat and LycaTV.

It says its aim is to simplify the process of sending money abroad and provide a cost-effective and convenient alternative to traditional money transfer companies and high street agents.

In a nutshell

What makes this company stand out from others?

Pros:

  • Flexible pick-up options. Recipients can get money through their bank account, by cash pick-up or by using a mobile wallet account.
  • Highly rated customer service. Support team available from 8am to 8pm Mondays to Saturdays.
  • Local support. It has two London branches.

Cons:

  • Limited transfers. You can only send up to £2,500.
  • Limited payment options. You can only pay by debit card.
  • No live-chat. If you have questions, you’ll need to either call or fill out an online form.

How does Lycaremit compare to other services?

Table: sorted by a combination of service offering and the amount your recipient will receive
The table below shows the fees and exchange rates you can expect from other money transfer specialists compared with Lycaremit. Compare it with the other providers to see if it’s the best option for you.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 2,000 1 day GBP 0.00 1.107 EUR
11,069
TorFX guarantee to beat any competitor's exchange rate for a transaction (conditions apply)
(Conditions apply)
Go to site Show details
GBP 5,000 Same day GBP 0.00 1.107 EUR
11,069
Universal Partners FX offers competitive exchange rates and same-day transfers for 100+ currencies. Go to site Show details
GBP 2,500 Same day GBP 0.00 1.107 EUR
11,069
Central FX’s dedicated private client team will guide you through the money transfer process from first call to final payment. Go to site Show details
GBP 1 1 - 2 days GBP 0.00 1.107 EUR
11,069
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 3,000 1 day GBP 0.00 1.107 EUR
11,069
Get no fees as a Finder customer when you transfer your money overseas with Global Reach. Go to site Show details
GBP 5,000 1 day GBP 0.00 1.107 EUR
11,069
Take advantage of fee lock-ins and live bookable rates, helping you save up to 85% in hidden bank fees. Go to site Show details
GBP 1,000 Same day GBP 0.00 1.107 EUR
11,069
Clear Capital specialises in sending 150+ currencies abroad for individuals and businesses, with a dedicated account manager to help you. Go to site Show details
GBP 2,000 1 day GBP 0.00 1.107 EUR
11,069
Make transferring money abroad as simple and safe as possible with bank-beating exchange rates - online, via the app or over the phone. Go to site Show details
GBP 2,500 1 day GBP 0.00 1.107 EUR
11,069
With 17 years of foreign exchange expertise, OFX know the money transfers business very well, offering facilities for one-off and recurring transfers. Go to site Show details
GBP 1,000 1 - 2 days GBP 0.00 1.107 EUR
11,069
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
GBP 1 1 - 2 days GBP 1.99 1.097 EUR
10,967
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
GBP 5 2 days EUR 3.00 1.106 EUR
11,058
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 10 Within an hour GBP 2.00 1.105 EUR
11,052
First two transfers free for new customers.
Instant or 1 hour transfers to over 50 countries, send money directly to bank accounts or over 280,000 cash pickup points.
Go to site Show details
GBP 50 Same day GBP 2.99 1.1 EUR
10,999
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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