Founded in 2013, Lycaremit is a British money transfer service that offers low-cost online international money transfers to six African countries.
How Lycaremit Works
Just like any other online money transfer service, your first step will be to sign up with your personal information. You can sign up online or use Lycaremit Android or iOS app. You will also need to verify your identity for KYC purposes. To do this, you are supposed to upload your national ID and proof of address.
Most UK customers are automatically verified by Lycaremit system. But if the system is unable to verify you, an email will be sent to you to provide identity and proof of address. It may take two to three business days for your identification to be verified. You will be notified via email you once you are verified.
How to Pay for Lycaremit Money Transfer and Lycaremit Transfer Limit
One of the limitations of Lycaremit is how you can pay for your transfers. There are only two payment options, a debit card or your Lycaremit Client’s Account. As for limit, your transfer limit will be determined by your verification status. You will know your limit when making a transfer. It will be displayed in the top right corner on your dashboard.
How to Receive Lycaremit Money Transfer
Depending on the country you wish to send money to, your recipient can receive your money transfer into their bank account, mobile wallet or cash pickup. At the moment the only receiving methods available in supported African countries is a bank account. Following the partnership between Wari and Lycaremit, it is expected that money transfer to mobile wallets will be available soon.
How Much Does Lycaremit Money Transfer Cost?
Lycaremit is a low-cost money transfer service. For instance, if you send 200 GBP to Nigeria or Kenya today, your fee will be 2.50 GBP. The actual fee at the time of your transfer, however, will be based on the mode of transfer and the selected country to send money to. The transfer fee will be displayed at the bottom of the dashboard. You can also calculate Lycaremit fee before you decide to make the transfer.
How Long Does Lycaremit Transfer Take?
Ho much time Lycaremit money transfers will take to reach your beneficiary in supported countries in Africa varies depending on the bank involved, the day you make your transfer, and the country of your beneficiary. Most transfers take between 2 to 3 days.
Lycaremit allows you to send money to Kenya, Ghana, Nigeria, Senegal, South Africa, and Uganda.
Is Lycaremit Safe?
Lycaremit is a legit money transfer service that has been around for over 7 years. It is the trading service of Lycamoney Financial Services Limited, which is regulated and authorised by the Financial Conduct Authority. Client’s information is encrypted by the secure RSA 256-bit encryption, fintech industry standard encryption technology that protects personal data.
Lycaremit has received a 4.6 star from over 2,500 reviews on reputable customer review site, Trustpilot. While 60% of Lycaremit users are satisfied with the money transfer service, 21% consider the service “bad.” Some of the complaints from users are photo ID identification errors, delayed debit card processing, slow document verification, holding of transfer money without explanation, and bad customer service.
- Lycaremit on Facebook
- Lycaremit number: 0207 132 0015305
- Lycaremit free number from Lycamobile: 305