Regarding LR and PM fees, am I true to say that LR has lower fees than PM?
I am comparing LR's receiving fee to PM's sending fee.

I mean, for amounts $600 and above.

For eg, for an amount of $650,
PM spending fee would be $3.25 ($650 x 0.5%).

Even though LR receiving fee is 1%, it is capped at max $2.99.
Which means for receiving $650, the fee is $2.99 (since $650 x 1% = $6.50 > $2.99 cap).

Are my calculations correct?

you are right. When working with bigger sums of money, LR fees are more advantageous to the user

Thanks syber90 for taking the time to confirm with me!

Nice info, thanks!
So I'll take it that for transactions above around $625, Lr wins