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.

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  • 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
  • CNY Chinese yuan
  • 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 promoted deals first
Our table below lets you compare the services you can use to send money abroad. Choose if you want to send under or over £10,000, and you’ll be shown a list of services that can help you.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise)
4 hours
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
TorFX
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Central FX
24 hours
£0

View details
Central FX's dedicated team will guide you or your business from first call to final payment.
Currencies Direct
24 hours
£0

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyTransfer
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE Money Transfer
Within minutes
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

View details
XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
4 hours
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
CurrencyFair
24 hours
€3
SPECIAL OFFER ✓ Zero fees on your first 10 transfers

View details
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Azimo
Within minutes
From £0.99
SPECIAL OFFER ✓ First two transfers free for new customers.

View details
New customers use code AZIMO50 to get GBP 5 off when you transfer GBP 50+. Valid till 31 October 2021. T&Cs apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Free transfers and better exchange rates for new customers

View details
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

View details
New customers spend GBP 20 and use code TAKE10 for a GBP 10 discount. Valid till 7 November 2021. T&Cs apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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