Guides

When it's time to send money back to Africa, there's a whole world of options out there. Two names that might pop up in your search are TapTapSend and LemFi. Both offer unique benefits, depending on what you're looking for in a money transfer service. Let's break down what each service brings to the table, focusing on rates, reach, and reliability, so you can make an informed decision.

LemFi: Specializing in Africa

LemFi, powered by Lemonade Technology Inc., is designed with the African diaspora in mind. They're in the game to simplify money transfers for Africans living in North America and Europe. Operating in more than 10 African countries and some parts of Europe, LemFi aims to offer competitive rates specifically for Africa. They often manage to shave 1-2% off the costs compared to other services, potentially due to their focused approach and possibly smaller operational scale. They're on the up and up, registered with the Financial Conduct Authority (FCA) in the UK, ensuring they play by the rules in Canada and the US too. After securing $33 million in Series A funding in 2023, they're looking to grow and enhance their offerings even more.

Their user satisfaction reflects a solid reputation, with scores on Apple (3.9/5.0), Google (3.7/5.0), and Trustpilot (4/5.0). You can find the real time LemFi rates here.

TapTapSend: A Global Approach

TapTapSend casts a wider net, catering to users looking to send money not just to Africa, but also to Asia and the Caribbean. With $65 million from their Series B funding in 2021, they're committed to financial inclusion for some of the most underserved regions. They're everywhere you need, regulated by authorities like the National Bank of Belgium and the Financial Conduct Authority in the UK, ensuring a secure service across the UK, EU, US, Canada, and UAE.

Their customer feedback is pretty impressive, boasting high scores on Apple (4.7/5.0), Google (4.7/5.0), and Trustpilot (4.6/5.0), highlighting their service reliability and customer satisfaction. You can find the real time TapTapSend rates here.

Understanding Rates and Reach

Both services offer something valuable, but your choice might hinge on what you value more: LemFi's slightly lower rates for Africa, thanks to their specialized service, or TapTapSend's versatility in sending money to a broader range of destinations. LemFi's focus on Africa could mean they have optimized their operations to cut down costs, while TapTapSend's broader operational scope suggests a commitment to accessibility, even if it might come with a bit higher fees.

Making the Choice

Deciding between TapTapSend and LemFi comes down to matching their services with your needs. If getting the most economical rates for sending money to Africa is your top priority, LemFi's targeted service is worth considering. Conversely, if your remittance needs are more global, requiring a service that reaches beyond Africa, TapTapSend's extensive network and strong user satisfaction scores could make it the better option for you.

In the end, both TapTapSend and LemFi are making significant strides in financial technology, offering the African diaspora more choices for supporting their loved ones across the globe. Your decision will ultimately depend on whether you're looking for the best rates for Africa or the flexibility to send money to various parts of the world.