Recipients receive funds from the LemFi app directly into their local bank accounts or mobile money wallets within minutes. Options for receiving funds include direct bank transfers, mobile money, and specific wallets like Alipay or WeChat in certain regions. Transfers are typically instant but may occasionally take longer if the recipient's bank delays processing.
What this means
Transfers are delivered through in-app and local systems, such as:
- Bank Transfer: The most common method, where money is deposited directly into the recipient's local bank account.
- Mobile Money: Funds are sent directly to the recipient’s mobile wallet (e.g., M-Pesa).
- Alipay or WeChat: For China transfers, recipients must complete real name authentication in their respective apps, sign the "Quick Collect" service agreement, and select a preferred payment method to receive the funds.
- LemFi Wallet: If the recipient also uses the LemFi app, they can receive the funds instantly into their own LemFi account.
What you should do
Key consideration:
- Required Info: You will need to provide the correct recipient's bank name, account number, and any other necessary details upon initiating the transfer.
- Verification: Ensure the bank account is active; dormant or incorrect account numbers may result in failed transactions.
- China Transfers: For China, specific identification information, such as a Chinese National ID or foreign permanent resident card number, may be required
What to expect
You’ll see how the money will be delivered before confirming the transfer.