What is LemFi?

Founded in early 2020, LemFi is a startup catering to the cross-border money transfer needs of immigrants worldwide. Having secured $33 million in Series A funding, with prominent backers like Y Combinator, LemFi is making waves in the industry. The founders, Ridwan Olalere and Rian Cochran, previously worked at OPay, a prominent fintech company in China. Their experience there exposed them to the pain points of international payments and remittances, particularly for the African diaspora. As LemFi grows, its user base has expanded beyond its initial focus on the African diaspora to include other immigrant groups, such as Chinese students and professionals working abroad. For more information, check out this TechCrunch article.

LemFi Service Review

Supported Send Countries/Regions

Currently, only users residing in the United States, United Kingdom, and Canada can register and use LemFi. Expansion to EU countries is anticipated in the near future.

Supported Receive Countries/Regions

LemFi currently supports money transfers to over 20 countries, including China, France, Germany, Belgium, Benin, Cameroon, Ghana, India, Ireland, Italy, Ivory Coast, Kenya, Netherlands, Nigeria, Pakistan, Portugal, Rwanda, Senegal, Spain, Tanzania, and Uganda. Recently, support for Brazil and Mexico has also been added.

Supported Platforms and User Languages

LemFi is a mobile-first platform, available on iOS and Android devices. The app interface supports English, Chinese, and French. Additionally, LemFi provides customer service through WeChat, demonstrating a significant commitment to serving Chinese users.

Supported Payment Methods

Currently, LemFi only accepts debit card payments for account top-ups. Users can initiate money transfers using their wallet balance after a successful top-up. Credit card payments and bank account ACH transfers are not yet supported, limiting payment flexibility compared to some leading competitors. Ensure sufficient funds are available on your debit card to avoid declined transactions.

Supported Receiving Methods

LemFi offers two primary receiving methods, subject to recipient country regulations:

• Bank transfer: (For China, this involves UnionPay card details and the recipient's address, making it a more cumbersome process).

• Mobile wallet: (Such as Alipay and WeChat Pay, requiring only the recipient's mobile phone number linked to their account, simplifying the process).

Debit card top-ups are processed in real-time, allowing for immediate money transfers. Transfers are exceptionally fast, typically arriving within minutes, making LemFi ideal for urgent RMB needs. While competitors like Panda Remit and Wise also offer fast transfers, they often impose minimum transfer amounts and fees, which LemFi does not.

Transfer Limits:

• China Recipient Limits: Chinese recipients are subject to an annual foreign exchange limit of 50,000. All transfers, including those sent through other services, count towards this limit. To send amounts exceeding 50,000, consider creating multiple recipient profiles, each receiving a maximum equivalent of $50,000. [Link to details]

• Sender Limits: New LemFi users in the US can use the service without an SSN (submitting the last four digits of your SSN increases your account tier and transfer limits). Transfer limits are as follows:

  Before SSN Verification:

  • Single transaction limit: $1,000

  • Daily limit: $1,000

  • Weekly limit: $2,000

  • Monthly limit: $3,000

  After SSN Verification:

  • Single transaction limit: $2,000

  • Daily limit: $5,000

  • Weekly limit: $10,000

  • Monthly limit: $20,000

• China-Specific Regulations: According to LemFi's official documentation, the Chinese government strictly regulates international money transfers. As a licensed financial institution, LemFi fully complies with the following limits:

  Transfers to domestic bank accounts/cards:

  • Each transfer cannot exceed $3,000 or 21,000 CNY.

  • Each recipient can receive a maximum of 10,000 per day and 50,000 per year.

  Transfers to domestic Alipay/WeChat Pay wallets:

  • Each transfer cannot exceed 10,000 CNY if received directly into the Alipay or WeChat Pay wallet.

  • Each transfer cannot exceed 50,000 CNY if transferred from Alipay to a bank account/card.

  • Each transfer cannot exceed 30,000 CNY if transferred from WeChat Pay to a bank account/card.

  • Each recipient can receive a maximum of 500,000 CNY per year, with a maximum of 300,000 CNY held in Alipay/WeChat Pay balance and the remaining funds transferable to a bank account/card.

  • Each recipient can receive a maximum of 5 transfers per month.

In conclusion, LemFi is suitable for users with smaller transfer needs who prioritize speed and convenience. With its current offer of a 30 new user referral bonus, the highest across the market, now is an opportune time to try LemFi. For transfers exceeding 5,000 to China, consider using Wise or Remitly, which offer higher limits and established security measures.

Trustpilot Reviews

LemFi Referral Link/Discount Code (Continuously Updated)

LemFi offers a referral program. Sign up using our exclusive referral link and code "QIBIR68K" to receive a $30 cashback on your first transfer of 100 or more. This offer is ideal for first-time users with transfer amounts below 1,000, providing both speed and cost savings. The $30 cashback is credited to your account immediately after your first successful transfer and can be withdrawn or used for future transactions. Notably, even a $30 transfer incurs no fees, making this offer incredibly attractive.

How To Find LemFi Invitation Code On Your Account

Navigate to the "Refer" section within the app to find your unique referral link and code to share with friends and family. They'll also enjoy the 30 new user discount, and you'll receive a 30 referral bonus. Referral bonuses vary depending on the user's location; the information above applies to US users.

LemFi Fees and Exchange Rates

Unlike other currency exchange apps, LemFi charges no transfer fees, even for transfers as low as $30. So how do they make money? Theoretically, LemFi profits from the exchange rate spread. However, our tests revealed that their exchange rates are often even better than the real-time Google Rate, which represents the mid-market rate. This suggests that LemFi is currently prioritizing market penetration and user acquisition, leveraging its funding to offer competitive rates. This strategy aligns with the classic Silicon Valley startup growth model, aiming to achieve profitability through scale and a larger user base in the future.

How to Use LemFi

Step 1: Create an Account

LemFi is available as a mobile app for iOS and Android devices; there is no web application. Click our referral link in your mobile browser to download the LemFi app, or scan the QR code below.

Use your personal mobile phone number during registration. Avoid using virtual numbers like Google Voice or Skype Number, as these may be flagged by the risk control system and prevent you from using LemFi. After entering the verification code sent to your phone, proceed with the account creation process as shown in the screenshots below. Once again, remember to enter the referral code "QIBIR68K" before continuing to avoid missing out on the $30 bonus.

LemFi employs strict risk control measures during registration. If you are a former international student who has returned to China, LemFi's system may detect your IP address and prevent registration, even with a VPN. Using a proxy or asking someone else to register on your behalf is also unlikely to work due to the video verification step. In such cases, consider using alternative money transfer services. Currently, LemFi is best suited for individuals physically located in the US, Canada, or the UK.

[Screenshots of LemFi registration process]

Step 2: Verify Your Identity

After verifying your email address, you'll need to verify your identity. This step is standard across all money transfer apps and is a regulatory requirement. Users in the US can verify their identity using their Chinese/US passport, US driver's license, or Green Card. Users in Canada or the UK can use their Chinese/Canadian/UK passport, local driver's license, permanent resident card, or national identity card. Unacceptable documents include Chinese ID cards, student IDs, medical IDs, residence permits, and public service cards.

After uploading your identification document, you'll be prompted to complete a facial recognition scan. Follow the on-screen instructions. Verification results are typically delivered within minutes via app notification and email. If you encounter issues with one document, try using a different form of identification.

Step 3: Top Up Your Wallet

LemFi's current design requires pre-funding your account before initiating transfers. Click the "Top Up" button, enter the desired top-up amount (e.g., $100), and provide your payment information. Currently, only debit card payments are accepted. Enter your debit card number, expiry date, and CVV. Unused funds can be withdrawn back to your debit card. Once the top-up is complete, your updated wallet balance will be reflected on the homepage.

Step 4: Enter Recipient Information

Click the "Send" button to initiate an international money transfer. Enter the desired transfer amount to view LemFi's real-time exchange rate, estimated delivery time (typically within minutes), and the recipient's expected received amount.

For transfers to China, you have three options: UnionPay card, Alipay Quick Pay, and WeChat Pay Quick Pay. Alipay Quick Pay is the most convenient, secure, and private option, followed by WeChat Pay. UnionPay card transfers are the least favorable as they require sensitive information like the recipient's bank account number, ID card number, and address. Alipay and WeChat Pay transfers only require the recipient's mobile phone number linked to their account.

Alipay Transfer:

[Image of LemFi Alipay transfer screen]

• Enter the recipient's name in Pinyin, not Chinese characters.

• Enter the recipient's Alipay account ID, which must be linked to a mainland China mobile phone number.

• Select "Family Support" or "Transfer to Myself" for the transfer purpose unless otherwise specified.

• The system will display an error message if the entered Alipay ID and name do not match, preventing accidental transfers.

[Image of Alipay cross-border remittance mini-program recipient information]

Alternatively, ask the recipient to open the "Cross-border Remittance" mini-program within their Alipay app, navigate to "Me" -> "Share Receiving Information" -> "I am the recipient" -> "Share with Sender."

Note: The recipient needs to set their default receiving method to a bank card within the Cross-border Remittance mini-program. Otherwise, they will receive a notification prompting them to link a bank card upon receiving the transfer. Since early 2023, Alipay also supports receiving funds directly into the account balance. If you don't have a Chinese bank card, you can enable this option by going to "Instant Receipt" -> "Manage Receiving Methods."

WeChat Pay Transfer:

[Image of LemFi WeChat Pay transfer screen]

• Similar to Alipay, enter the recipient's mobile phone number linked to their WeChat account, their name, and the transfer purpose. However, there is no verification process to ensure the information matches an active WeChat account, so double-check the details.

• WeChat may require the recipient to link a bank card to their WeChat Pay wallet to receive funds. If the recipient hasn't completed this step, they will receive an SMS with instructions upon transfer submission.

UnionPay Card Transfer:

[Image of LemFi UnionPay card transfer screen]

• Enter the recipient's name.

• Enter the recipient's UnionPay card number.

• Enter the recipient's ID card number.

• Select "Family Support" or "Transfer to Myself" for the transfer purpose unless otherwise specified.

• Enter the recipient's address in English. Again, we recommend using Alipay or WeChat Pay whenever possible to avoid this step.

Step 5: Submit the Transfer Order

[Image of LemFi transfer confirmation page]

Review all transfer details on the confirmation page. Currently, there are no fees regardless of the transfer amount.

[Image of LemFi Alipay transfer receipt]

The transfer receipt from Alipay will display "Thunes" as the sending institution.

After carefully reviewing all information, click "Send" to submit the transfer order. Transfers typically arrive within minutes. You'll receive an app notification and email update upon successful completion. The recipient will also receive a notification from Alipay/WeChat Pay/SMS, so there's no need to constantly check the transfer status.

Friendly Reminder: If you entered our referral code during registration, you'll receive $30 cashback after your first transfer of 100 or more. The cashback will be credited to your wallet within minutes of the transfer's completion. You can withdraw the cashback, use it for future transfers, or leave it in your account.

This concludes our comprehensive review of LemFi's cross-border money transfer service. We hope you found this guide helpful! If you have any questions, feel free to leave a comment below. ❤️