Have you ever found yourself wondering how to use the LemFi app to convert currency? If you’re unsure of where to start or what steps to follow, you’re not alone. This guide will walk you through everything you need to know.

LemFi’s currency conversion feature is especially useful for international users who need to convert money between different currencies, such as British Pounds to Nigerian Naira or Ghanaian Cedi before sending it abroad. With competitive rates and a user-friendly interface, LemFi makes the process straightforward and hassle-free.

In this post, you will learn 5 key things:

• About LemFi and how to set up your account.
• A step-by-step guide to converting currency on LemFi.
• LemFi exchange rates and fees.
• Troubleshooting common issues.
• LemFi app alternatives.

Let’s start…

Read: How to get LemFi Sign-up Bonus

What is the LemFi App?

The LemFi app is designed to help users transfer money internationally, manage multiple currencies, and convert funds seamlessly.

Whether you’re sending money to family abroad or handling business transactions across borders, LemFi offers a secure and easy-to-use platform.

Key Features of the LemFi App:

• Currency Conversion: One of LemFi’s standout features is its ability to convert currency between multiple accounts. It supports currencies from countries such as the UK, Nigeria, Kenya, and Ghana, making it ideal for international users.
• Money Transfers: You can send money to family or friends with ease, often instantly.
• Real-Time Exchange Rates: LemFi provides real-time conversion rates, ensuring you always get an up-to-date rate before making any conversions.

Setting up Your LemFi Account

Before you can start converting currency on LemFi, you’ll need to set up your account. Here are the 3 main steps to follow:

1. Download and Install the LemFi App:

1. Download the App:
   • For Android Users: Go to the Google Play Store, search for “LemFi,” and click “Install.”
   • For iOS Users: Open the Apple App Store, search for “LemFi,” and tap “Get.”
2. Install the App:
   • Once the download is complete, the app will automatically install on your device.
3. Open the App:
   • Tap the LemFi icon on your home screen to launch the app.

2. Create an Account and Verify Identity:

1. Sign Up:
   • On the LemFi home screen, select “Sign Up” to create a new account.
2. Enter Your Details:
   • Provide the required information, such as your full name, email address, and phone number.
3. Set Up a Password:
   • Choose a strong password for your account. It’s recommended to use a mix of letters, numbers, and special characters.
4. Verify Your Identity:
   • LemFi will ask you to verify your identity by submitting a valid ID (passport, driver’s license, or national ID). Follow the instructions to upload your ID and take a selfie for verification.
5. Account Approval:
   • Once your identity is verified, LemFi will approve your account, and you’ll be able to access all features.

Add Bank Details or Payment Methods:

1. Link Your Bank Account:
   • Go to the “Settings” or “Account” section in the app and select “Add Bank Account.”
2. Enter Your Bank Details:
   • Provide your bank account number, sort code (for UK accounts), and any other required details. Ensure the information is accurate to avoid issues with transactions.
3. Add Payment Methods:
   • You can also add payment methods like debit or credit cards to fund your transactions more easily. Simply enter your card details under the payment methods section.

Alternatively you can fund the account through your LemFi bank account number.

After setting up your LemFi account, you’re all set to start converting currency.

How to Convert Currency on LemFi

Once your LemFi account is set up, converting currency is a simple process on the app.

Here’s a six step-by-step guide to convert from one currency to another on the LemFi app:

Step 1: Navigate to the Convert Currency Feature

After logging into your LemFi account, find the “convert currency” on the app main dashboard. 

The Convert Currency is beside the “Request Money” option under the list of LemFi services. 

Simply tap on it to start your conversion process.

Step 2: Select the Source Currency Account

Next, choose the currency account from which you want to convert money. 

For instance, if you’re converting from British Pounds, select “British Pound” from the list. This account will be the source of the funds.

Step 3: Select the Target Currency

Now, select the currency you want to convert your money into. 

LemFi offers various options, including Nigerian Naira, Kenyan Shilling, and Ghanaian Cedi. Choose the currency that suits your needs.

Step 4: Enter the Amount to Convert

Enter the amount you wish to convert. 

You can input the amount in your source currency (e.g., British Pounds) or directly in the target currency (e.g., Nigerian Naira). 

LemFi will automatically calculate and display the equivalent amount in the other currency.

Step 5: View the Conversion Rate and Fees

LemFi will display the current exchange rate between the two currencies you’ve selected. 

For example, if you are converting from pounds to Naira, it will show something like this:

1 GBP = 2,010 NGN

This rate is updated in real-time and is located between the amount tabs for the two currencies. 

Keep in mind that the rate can change, so it’s essential to review it before proceeding.

Step 6: Complete the Conversion

After entering all the required details (amount and target currency), click “Continue.”

LemFi will then display a summary of your transaction for you to review. 

If everything looks good, click “Convert” to complete the process. 

Instantly, LemFi will convert your funds and it will reflect on the target currency account.

LemFi Conversion Rates and Fees

Understanding how conversion rates and fees work is crucial to making the most out of your transactions on LemFi. Here’s a explanation to help you navigate these aspects.

How LemFi Determines Conversion Rates

LemFi uses a competitive exchange rate model, often referred to as the “black market rate,” which is typically higher than the official bank rates. 

This allows users to get more value when converting currencies.

The rate displayed when you’re converting money is real-time and reflects current market conditions, ensuring that you always have the most up-to-date rate.

LemFi Fees

One of the significant advantages of using LemFi is that the app charges no direct fees for currency conversion.

However, it’s important to note that LemFi includes a small commission within the exchange rate it offers.

This means that while there is no separate fee, the conversion rate may be slightly adjusted to cover operational costs.

Even with this adjustment, LemFi remains competitive with other money transfer and currency conversion apps like Taptap Send, Sendwave, and Nala app.

Tips for Getting the Best Rates

• Monitor Exchange Rates: Since the rates are real-time, they can fluctuate. It’s a good idea to keep an eye on the rates within the app, especially if you’re converting a large sum of money.
• Convert During Peak Hours: Currency markets are typically more active during certain times of the day. By converting during peak hours, you might get a better rate.
• Plan Ahead: If you expect the target currency rate to drop soonest, you might convert money ahead of time and hold it in your LemFi account.

Advantages of Using LemFi for Currency Conversion

Here are 4 key benefits a user will get for using the LemiFi money transfer app to convert currencies:

Speed and Convenience: LemFi currency conversion process is instant, with just a few taps on your smartphone.

Competitive Exchange Rates: LemFi’s exchange rates are highly competitive. Like other international transfer apps, it uses a better black market rate. For example, when you convert pounds to Naira, you get more value for your money than the official rate. 

Security Features: LemFi is a secure app to transfer money abroad. The app incorporates advanced security measures, including encryption, transaction PIN and biometrics, to protect your financial data and transactions.

Multi-Currency Support: LemFi supports a wide range of currencies, This includes: British Pounds , Nigerian Naira, Kenyan Shillings, and Ghanaian Cedi.

Common Issues and Troubleshooting

It is rare to encounter issues when converting a currency on Lemonade Finance. However, if you encounter these problems, here is how to resolve them:

What to Do If the Conversion Fails

If your currency conversion doesn’t go through, here are three ways you can take:

• Check Your Internet Connection: Ensure you have a stable internet connection. A weak or intermittent connection can cause transactions to fail.
• Verify Funds Availability: Make sure that you have enough funds in your source currency account to complete the conversion.
• Retry the Transaction: Sometimes, simply retrying the conversion after a few minutes can resolve the issue.

Handling Discrepancies in Conversion Rates

If you notice that the conversion rate has changed between the time you initiated the transaction and the time you completed it, it’s due to real-time fluctuations in the exchange rate. To avoid this:

• Act Quickly: Confirm and complete your conversion promptly to lock in the rate.
• Review Before Converting: Always review the rate displayed before you finalize the conversion.

How to Contact LemFi Support

If you encounter any issues that you can’t resolve on your own, LemFi’s customer support is available to help:

• In-App Chat: Go to the “Help” section within the LemFi app and use the chat feature to talk directly with a support representative.
• Hotline: You can also call LemFi’s support hotline for immediate assistance.

Tips for Efficient Currency Conversion on LemFi

To make the most out of your currency conversions on LemFi, here are three useful tips that can help you get better rates and optimize your transactions:

• Monitor the Market: Exchange rates can fluctuate throughout the day based on market conditions. By keeping an eye on the rates in the LemFi app, you can identify when they are most favorable.
• Convert Ahead of Time: If you expect the exchange rate for a particular currency to worsen in the near future, consider converting your money ahead of time. You can hold the converted currency in your LemFi account until you’re ready to use it.
• Stay Informed: Keeping yourself updated on global financial news can give you insights into potential currency movements, helping you decide the best times to convert.

These tips can help you save money and ensure that you’re converting currency at the most advantageous times.

LemFi vs Other Currency Conversion Apps

When it comes to currency conversion, several apps are available, each offering different features and benefits. Here’s how LemFi stacks up against some of the popular alternatives:

LemFi vs. Taptap Send

• Exchange Rates: LemFi and Taptap Send both offer competitive rates. Sometimes LemFi rates are higher than Taptap and vice versa.
• Speed: Both apps offer instant transfers.
• Fees: While Taptap Send may charge a fee for certain transactions, LemFi includes its commission within the exchange rate, avoiding additional fees.

LemFi vs. Sendwave

• Exchange Rates: LemFi offers more competitive rates than Sendwave app.
• Currency Conversion: Sendwave LemFi’s interface is designed to be intuitive and easy to use, even for those unfamiliar with financial apps, whereas Sendwave’s interface, while simple, may not offer as many features.
• Security: Both apps offer strong security features, but LemFi’s two-factor authentication and encryption provide an extra layer of protection.

LemFi vs. Ace Money Transfer

• Rates and Fees: Like LemFi, Ace Money Transfer often provides competitive rates but sometimes charge additional fees depending on the transaction. LemFi’s model of incorporating fees into the exchange rate can make it easier for users to understand the total cost.
• Transaction Process: Both apps offer a straightforward transaction process, but LemFi’s focus on currency conversion gives it an edge in terms of specialized features.

Unique Benefits of LemFi

• Currency conversion feature: Most transfer apps offers the service of converting a currency and sending it instantly abroad. LemFi is among the few that allows you to convert a currency, keep it in your account and send it later.
• No Hidden Fees: With LemFi, the fee structure is transparent, with any commission being included in the exchange rate itself.
• Real-Time Exchange Rates: LemFi’s real-time rates ensure users always have the most current data when making conversion decisions.

FAQs

Here are some frequently asked questions about converting currency on the LemFi app, along with their answers:

How do I find the currency conversion feature on LemFi?

To locate the currency conversion feature, open the LemFi app and navigate to the dashboard. Look for the option beside “Request Money” under the list of LemFi services. Tap on it to start the currency conversion process.

Are there any fees for converting currency on LemFi?

LemFi does not charge a separate fee for currency conversions. Instead, the app includes a small commission within the exchange rate it provides. This means that while you won’t see an extra fee, the rate might be slightly adjusted to cover operational costs.

What currencies can I convert on LemFi?

LemFi supports a variety of currencies, including but not limited to Nigerian Naira, Ghanaian Cedi, Kenyan Shilling, and British Pound. You can view the full list of supported currencies within the app.

How long does it take to convert currency on LemFi?

The currency conversion process on LemFi is typically instant. Your funds will be converted in a matter of seconds, allowing you to see the new amount in your target currency immediately.

Is there a limit to how much currency I can convert on LemFi?

Yes, there are limits based on your account type and verification level. These limits can vary, so you can check your specific limits in the “Settings” or “Account” section of the app.

How can I ensure I get the best conversion rate on LemFi?

To get the best conversion rate, monitor the rates in the app regularly, convert during peak market hours, and consider setting up rate alerts if available. This way, you can act when the rate is most favorable.

What should I do if my conversion fails?

If your currency conversion fails, first check your internet connection and ensure you have sufficient funds. If the issue persists, retry the conversion. For further assistance, contact LemFi support through the “Help” section in the app or call their hotline.

Summary

The LemFi app offers a user-friendly, secure, and cost-effective solution for your currency conversion needs.

Here are three key points on converting currency on LemFi app:

• To check convert currency on LemFi app, do this:
  • Tap the convert currency on the main dashboard
  • Select the source currency
  • Select the target currency
  • Enter the amount to covert
  • Review the exchange rate and complete the conversion.
• LemFi uses a competitive rate similar to other International transfer apps
• LemFi does not charge a fee for converting currency on the app.

So, if you found this guide helpful, please share it with others who might benefit from it.

unleash.com.ng is dedicated to providing valuable information on managing your finances. Keep an eye out for future articles on Lemonade Finance (LemFi) and other helpful financial topics!

If you have any questions or need further assistance, feel free to ask in the comments below or the Facebook page.