It’s time to send money home, and you are looking for the best money transfer platform, right? Every confusion will be solved here about the remittance companies. Just go through the writing and decide on your own. Here is a comparison of the world’s three best  companies based on payout network, fee, speed, and exchange rates.

Network:

Remit Choice:

Remit Choice is available in 37 countries and can send money to over 70 countries worldwide.

Lemonade Finance:

Lemonade Finance allows sending money from 3 countries to 10 African countries.

iRemit:

Through iRemit you can send money from 8 countries to 30 countries worldwide.

Costs:

Remit Choice:

Currently, no fee is applied to any amount transferred via Remit Choice. The transaction amount has no minimum or maximum limit to apply charges, and all transfers are done with flat zero fees. Also, credit card transactions are fee-free.

Lemonade Finance:

Transferring money internationally is free of charge with Lemonade Finance. There is no need to maintain a minimum balance or pay a monthly fee. Contrary to popular belief, Lemonade Finance does not provide free international money transfers. That’s due of the markup in exchange rates that Lemonade Finance implements.

iRemit:

Every transfer made via iRemit incurs a small cost. Rates are different for various payment options. There is a $8’remittance’ fee for using a credit card to pay for a bank transfer. You will be charged $9 if you request a cash pickup for the receiver. 

Safety and Security

Remit Choice:

Remit Choice is an approved financial payment institution by FCA. It complies with GDPR and uses two-factor authentication and strict compliance checks to secure each transaction. The App and website are both protected with end-to-end encryption.

Lemonade Finance:

Lemonade Finance is a licensed money services firm in the United States, having been established under the legal umbrella of Lemonade Two LLC. Lemonade Technology Limited is an authorized Small Payment Institution with the Financial Conduct Authority in the United Kingdom. It is also licensed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). From 240 reviews on Trustpilot, Lemonade Finance has earned a 3.9 average rating out of 5. Users that have had positive experiences with the firm have said that making transfers is quick and painless.

iRemit:

If you are concerned about the safety of the iRemit firm, you should know that it is supervised by the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas. Through its collaboration with the American fintech firm Ripple, it utilizes blockchain technology to affect monetary transfers. I-Remit International Remittance (Canada) LTD is the official name of the corporation on file with FINTRAC in Canada.

Exchange Rates

Remit Choice:

Remit Choice makes its way faster in the remittance industry as they offer services at the best exchange rates.

Lemonade Finance:

When using Lemonade Finance to make an international money transfer, you will not get the mid-market exchange rate. Much like other money transfer services, this one marks up the exchange rate it gives to consumers. If you want to transfer money to Ghana from the United States, for example, their online calculator will show you a markup of around 1.3%.

iRemit:

iRemit adds a markup in addition to lower exchange rates. When compared to the “real” mid-market market exchange rate, the prices shown on their website are spot-on. In this method, they claim to incur little, if any, profit margins. All of the listed international currency exchanges into PHP are the same.

Pros and Cons of Remit Choice Vs Lemonade Finance Vs iRemit

Remit Choice

Pros                                                      

• Instant transfers                                                                 
• Best exchange rates                                                           
• No hidden charges
• Accessible through the website and App

Cons

• Strict compliance checks
• It might be unavailable in some countries

Lemonade Finance 

Pros

• Fee-free transfers
• Fast transfers
• Multiple payment methods
• Easy to use

Cons

• Transfer limits
• You can send money only to Africa 
• Lower Exchange rate and additional markup

iRemit:

Pros

• Multiple payment methods available to Filipino recipients
• On-the-go app sending option
• Instant access to funds is possible when using a Visa card

Cons

• Reports of cancelled transactions from customers
• Hidden fees charges
• Poor customer service

Conclusion:

So, by going through the different desired factors for you as a customer or potential customer of a money transfer company, it’s now easy to choose the best remittance company suited for your personal or international transfers.