You’re working in Canada, the United States or the United Kingdom, but you have family in Ghana, Nigeria, Kenya, etc. You’ve just received your paycheck and would like to share some of it with them.
This is where Lemonade Finance comes in. It’s a fintech app that makes money transfers as simple as walking down the street.
With a few taps on your smartphone, your family back home has the funds. But that’s not the most exciting aspect. These transfers are both immediate and free. Yes, you read that correctly: free as a bird!
And the icing on the cake? Lemonade allows you to keep various currencies. So, whether you’re from Ghana, Nigeria, or Kenya, Lemonade has you covered. It’s like carrying around a financial multitool in your pocket.
Now, I know what you’re thinking. “This sounds fantastic, but how does it work?” You’re in for a real treat.
I’m about to take a deep dive into the world of Lemonade Finance, squeezing out all the facts and leaving no stone untouched.
By the end of this piece, you’ll understand how lemonade finance works. So, let’s get started!
How lemonade finance works exactly?
Lemonade Finance, now known as LemFi, was created in 2020 with a simple goal in mind: helping immigrants who want to make a better life for themselves.
The company provides its services via an app that allows Africans in Canada, the United States, and the United Kingdom to transfer money home swiftly for free.
Users in Canada, the United States, and the United Kingdom can use the Lemonade finance app to send and receive money from Nigeria, Ghana, Kenya, Uganda, Tanzania, Senegal, Cameroon, Benin, Ivory Coast, and Rwanda.
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To use Lemonade Finance, download the Lemonade App from Google Play or the Apple Store and sign up by supplying personal information such as your name, address, email address, phone number, and proof of identification.
Then you can fund your account and use the mobile application to send international money transactions.
Depending on where you’re transferring money, you may be able to wire the money directly to your recipient’s bank account or mobile wallet.
But first, you must verify your Lemonade account, which can be done in a few simple steps.
LemFi account verification
Lemonade Finance is compelled by regulation to authenticate the identification of its customers.
You will need access to your account’s email address, the data page of your government-issued valid identification, and your mobile device’s camera to take a selfie shot for verification.
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You can verify your Lemonade Finance account by following the steps below.
Step 1
Go to your dashboard and click the ‘verify account’ option.
Step 2
Click the ‘verify email address’ option, enter your account email address, and then submit. LemFi will send you an email with more instructions. So, check your inbox and other folders such as ‘promotions’ or ‘spam’ if you don’t notice it right away.
Step 3
Open the lemonade finance email and click on the ‘verify your email’ icon.
Step 4
After successful email verification, return to the Lemonade finance app and click on the ‘verify identity’ icon to be redirected.
Step 5
Click ‘Continue’ to upload your selfie photo. Take the photo in a well-lit area. Then click the submit icon.
Step 6
To proceed, click ‘Continue’ and submit your identity document. Select the country from which the identity document is issued.
Choose the document type, then snap a photo of it. Check to see whether you can read the text in the snapshot you just took. Then submit your work. Once the documents have been authenticated, you will receive an email with a confirmation.
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Now that your account is ready, here’s how to make an international transfer using Lemonade Finance:
How to send money with Lemonade Finance
Here’s how to make an international transfer with Lemonade Finance:
1. Select a currency to send in.
Tap the “Send” icon, pick USD/CAD/GBP as the principal currency, and then select the currency to which you’ll be transferring payments.
2. Determine your preferred mode of payment.
Next, choose a payment option, such as a bank account or mobile transfer, and enter your recipient’s information.
3. Go over the details and send
Finally, before sending money, double-check the exchange rate and other transaction details.
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Options for transfer
You can send money to your Lemonade Finance wallet by auto-deposit in the United States.
If you live in the United Kingdom, you can use Open Banking powered by TrueLayer or Clear Junction to fund your Lemonade wallet in Pound Sterling.
If you live in Canada, you can fund your Lemonade wallet with an Interac e-transfer or an auto-deposit.
You can then transfer funds to your recipient’s bank account or mobile wallet, though the exact payout options differ based on where you’re transferring money.
If you want to send money to someone in Nigeria, for example, you can do it through an MTN Mobile Money, AirtelTigo, or Vodafone Cash mobile wallet, or through banks in Ghana.
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Lemonade Finance on the Sweet and Sour Side
Sweet side
1. Fast and cost-free transfers
One of the best features of Lemonade Finance is the lightning-fast money transactions.
Transfers are reflected in a matter of minutes, not business days or weeks. With only a few taps on your mobile device, your money crosses the border and safely settles in the hands of your loved ones – without any of those irritating processing fees!
2. Different Currencies Within Reach
Users of the Lemonade financial app can receive money in African currency and convert it to Canadian dollars or British pounds.
This provides flexibility and different currency possibilities that may attract more users in the long term.
3. Simple to use
The Lemonade Finance app provides an easy-to-use interface that makes transactions simple.
Sour side
1. Technical Issues
Lemonade Finance, like every other app, is not without flaws. While they work hard to keep everything working properly, technological glitches may arise from time to time.
2. Transfer Restrictions
Transaction restrictions apply on a daily, weekly, and monthly basis, so check the limits that apply to your account before sending money.
User’s experience with Lemonade Finance
1. Reliable
“Best app for cross-border payments,” Eric Anidiobi said. When sending money from Canada to Nigeria, it is really quick and dependable.
“Highly recommended!”
2. A pleasurable experience
Lemonade Finance’s app delivered a seamless experience for Ms Dijah. “I used this app to send money to Nigeria from the UK.”
When I went on vacation to Ghana, I used the same app to track my expenses there as well. It was incredible. My naira wallet also allows me to receive funds from Nigeria. Smooth!!!”
3. 100 per cent on the user interface
“This is the most user-friendly app I have seen in my years of existence,” Angelina said. Quick and simple to use! This is fantastic!”
4. Purchase of airtime
“Nice app for bank service, safe for the false representation they make on 20% discount on airtime,” David Emmanuel said.
I had a bad experience purchasing airtime; when the app displayed a 20% discount before payment, I noticed that they still charged me the full amount at 100% with no discounts.
Not until I had completed many transactions did I realize it…I filed a complaint, and they informed me that the discount is only available on the first transaction caption at N1001. “I’m extremely disappointed.”
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5. Identification problems
Chijioke Ezikeanyi made the observation “I’ve been using this app for almost a year.
It’s a fantastic app. It’s quick and simple to use, and the message is clear. However, anytime the currency rate rises, we face delays, which can last up to 24 hours until the transaction is finalized.
When your registered ID expires, the app logs you out of the system. They should not prevent people from accessing their money because their ID has expired.
When an ID expires, they should allow people to retrieve their money from the system.”
Wrap up
Lemonade Finance has won many hearts with its quick money transfers and the simplicity of holding numerous currencies in your virtual bank.
But don’t just take my word for it; real-world user feedback has spoken loud and clear!
Before you go, be sure to leave a comment and share your thoughts with others. Have you used Lemonade Finance? Which feature was your favourite?
Frequently asked questions
Is it possible to convert Naira to pounds using Lemonade?
You can use the Lemonade Finance app to send and receive money from Africa and save funds in different currencies.
This includes Euros, British Pounds Sterling, Canadian Dollars, and Nigerian Naira, and convert between currencies in the app. You can also use the app to contact customer service via live chat.
What is the maximum amount I can send on Lemonade?
Your bank may limit you to $5,000 per day, or it may not. Lemonade’s prior daily transfer limit was $2000 (CAD) for Canada and £1000 for the United Kingdom.
