FAQs - frequently asked questions| Lycaremit
FAQ

Frequently Asked Questions

BASIC INFORMATION

A remittance is a transfer of funds by an individual working abroad usually to his or her home country. Such money transfers are primarily made for paying bills, education or general living costs. (Explanation: A lot of people can identify their reason for transfer here and it would be good to elaborate rather than restricting it to financially support family and friends)

Lycaremit offers online international money transfers as a convenient, low-cost alternative to traditional money transfer companies and high street agents.

It is the trading service of Lycamoney Financial Services Limited and is regulated and authorised by the Financial Conduct Authority, registration number 900153.

With Lycaremit, you don't need to go through a money transfer agent or pay a significantly higher fee, instead, we enable customers to send money abroad at ultra-low rates from a computer, tablet or smartphone. A simple 3-step process can help you transfer your money abroad - sign up, add beneficiaries and send money to your family and friends. Your remittance will get transferred to your chosen location based on the selected mode of transfer. Depending on the country you wish to transfer the money to you can either opt for a bank transfer or cash pickup.

In this day and age where the world has become a global village, everyone seeks solutions that make their life easier. Lycaremit offers you a fast, reliable and highly secure way to transfer your money at the most competitive rates. Money can be sent anywhere, anytime from a computer, smartphone or tablet and delivered to bank accounts or cash collection locations.

Lycaremit charges the lowest service fee for online money transfers. The fee will be determined by the mode of transfer and the selected country for transfer. The transfer fee for your chosen country is displayed at the bottom of the screen:

The fee is charged over and above the transfer amount. Calculate Your Fee Here before making the transfer.

The time frame for money transfers varies depending on the type of transfer. Approximate timings for different modes of transfer are mentioned below:

Bank deposit: Instant transfers available to select banks, others may vary depending on bank and destination country

Cash pick-up: Depends on the cash collection location

You can view our list of countries from the drop-down menu as displayed below:

View the dropdown menu here

Your transfer won’t be instant as the delivery time depends on the chosen country and mode of transfer.

SECURITY

Sending money online is incredibly safe and without any hidden charges with Lycaremit. We use the latest technology to ensure your remittances are safe and secure.

We are very particular about protecting your data and details. Our Privacy Policy can be found here

If you have any other questions, we’ll be more than happy to take it up. Send us an email at cs@lycaremit.co.uk

Your information is encrypted by the ultra-secure RSA 256-bit encryption. This is the industry standard encryption technology that protects your personal data whilst being sent over the internet from being intercepted and misused by third parties.

Most registered customers in the UK are automatically verified by our system. If we are unable to verify you, an email will be triggered instructing you to provide identity and address proofs. To know more about identification proofs, Click Here

While transferring money to bank accounts abroad, users are required to share important identification numbers to enable money transfers. The completion of a money transfer usually requires a beneficiary bank name and account number. In some cases, the user may also be asked for one of the following:

  • IBAN:

    The International Bank Account Number is used in many countries across the globe. Contained within the IBAN is information regarding the recipient's country, bank, branch and account number.

    The IBAN is up to 34 characters long and includes numbers and letters.

  • BIC:

    Bank Identifier Code (sometimes called SWIFT) is used in almost every nation. It contains information regarding the recipient's country, bank and branch. The BIC/SWIFT is either 8 or 11 digits long and includes numbers and letters.

  • IFSC:

    The Indian Financial System Code is an 11-character code assigned by RBI to identify every bank branch uniquely in India.

We send alerts to the remitter’s mobile number and email address in order to notify them of the transaction progress.

TRANSFER-RELATED INFORMATION

You can pay for your transfer through debit card, credit card or the Lycaremit Wallet. These transfer options may differ from country to country. Your transfer will commence once Lycaremit has received the payment.

Once you register, your Lycaremit wallet gets activated instantly. You can load cash your Lycaremit wallet for the purpose of making payment.

You can load cash your Lycaremit wallet through the Lycaremit portal, using a debit card.

There is no limit, you can top-up as much as you like.

Being an online service, Lycaremit does not accept cash payment for your money transfers. Due to regulatory reasons, it is essential to determine the source of the money being transferred, which is difficult to do when dealing with cash. However, we do offer cash collection to recipients in many countries through our trusted partners.

Only at the time of cash collection the recipient will have to produce an ID proof, other than that, no other documentation is required.

Lycaremit supports the following types of transfers to the recipient:

Bank Deposit: money is credited to the recipient's bank account.

Cash Pickup: cash is available for collection from local agent locations.

***IMPORTANT***: The options for receiving the money will vary depending on the sender and recipient's country.

Both the sender and the recipient will receive a notification by email/SMS to inform them of the payment being processed. A second notification will be received by both parties once the transfer arrives at its destination. Simultaneously, the progress can be tracked by contacting the Lycaremit customer service team at cs@lycaremit.co.uk

Your Lycaremit wallet can also be used for:

• Transferring money to another Lycaremit wallet
• Returning money to wallet after transaction fails

In the case of transaction failure, your money will be refunded to your Lycaremit Wallet.

Lycaremit offers transfers to over 80 countries with many more in the pipeline. If the country you wish to transfer to is not in our list, then sign up and we'll inform you once we add it to our roster.However, it is currently only available to customers residing in the U.K. The option to transfer money from anywhere around the globe will be made available soon.

Your transfer limit will be displayed in the top right corner on your dashboard, based on your verification status.

ADDITIONAL INFORMATION

Lycaremit may issue seasonal offers with special promo codes that offer discounts on transfer fees or other services provided by Lycamobile, LycaFly, Lycamoney or other affiliated companies.Your discounted fee will be displayed when you reach the payment stage.

You can contact the Lycaremit Customer Services team between 8am to 8pm from Monday to Sunday by phone or emailing us at cs@lycaremit.co.uk

You can also submit a query through our website or contact us on the number provided below:

UK Head office: 0207 132 0015 or dial 305 free from your Lycamobile