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Lebara Money Transfer Review

Quick FactsPros and Cons

Established: October 2016 (Parent Company Lebara exists since 2001).


International Clients: UK Only


Currencies Offered: 12


Minimum Transfer: Depend on corridor


Trading via: Online Platform.


Offices In: UK , Poland


Regulation: ✓ Financial Conduct Authority (UK), HM Revenue & Customs (UK)


Fees: Varies


Client Reviews: Just over 70 reviews on Trust Pilot


Client Rating: 8.0


Website: https://money.lebara.com/uk/en/


Our Rating: 82%

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Awards
Best New Money Transfer Service, MoneyNet Personal Finance Awards 2017

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Pros

Massive 1,400 Employees Parent Company

Transparent and Great Rates

Fast-Growing Service

“Lock Rate for 30 Days” Feature

Great App

Cons

Brand New Service – Short Track Record

Not Apt for Large Transfers

20% Of Reviews are Complaints


Our Rating: 82%

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Company Information and Credibility


Company size:  

Lebara is a London-headquartered mobile company with more than 1,000 employees across the globe, boasting more than 5m active customers and £500m in sales. The company offers SIM cards, top-ups and bundle deals, as well as international entertainment services.

The company has dabbled with international money transfers since as early as March 2011, and have been using several companies as white label service (their most recent provider was Moneygram in 2013).

In October 2016 the company launched its own money transfer service, and its website is getting more than 100,000 hits each month.


Regulated By: 

Financial Conduct Authority (UK)


Awards: 

Best New Money Transfer Service, MoneyNet Personal Finance Awards 2017

Conclusion: 

Lebara is a pretty big company. Especially compared to most UK FX brokerages who have been around for less than 10 years and employee dozens of people at most. That by itself is a good start – it’s an established company that doesn’t seem to be going anywhere anytime soon.

Money.Lebara.com is a relatively new service. Its trading volumes are not a big figure even compared to medium-sized brokerage, but it’s still quite impressive when you take the clientele into consideration. A relatively small amount  like this based on remittances still means several thousands of transfers each month. Similarweb estimates the site’s traffic at an impressive 150,000 users  each month  (of which 90% based in the UK), comparable numbers to big time competitors like WorldRemit with only 14% of its 1.8m visitors are based in the UK.

To summarise, Lebara is an established company which seems to be on the right track for a newcomer to the money transfer space. We don’t find it trustworthy at the same levels as Moneycorp who have at the money transfer business for the past 30 years, or even relative newcomer Transferwise which is already boasting £1bn in transfers monthly, but we do think it’s credible. MoneyNet magazine thought the same way and honoured Lebara money transfer with the 2017’s Best New Money Transfer service award.

Credibility Rating

 

Client Feedback


Research:

There are definitely not a lot of Lebara money transfer reviews to be found online, as you would expect after less than 12 months of operation. All the reviews we have discovered and thought were credible are on Trust Pilot.


Positive:

80% of the reviews we have discovered praised every aspect of Lebara money transfer as follows:

  • Great exchange rates.
  • Easy-to-use website.
  • Friendly staff offering helpful assistance.
Negative:

20% of the reviews were complaints, as follows:

  • Transfers canceled due to KYC reasons.
  • Transfers got delayed.
  • Dissatisfied with customer service.
  • Unable to understand fees.

Conclusion:

After reviewing all the complaints submitted about Lebara Money services we have concluded most of them were submitted by people who do not understand the nature of service and regulatory requirements Lebara needs to comply with. Very few of these complaints actually dealt with aspects of services, and were completely contradicting to the majority of reviews we have discovered about the company.

We predict Lebara will continue get good reviews and that eventually their rating will be much better than the 8.0 it is today.

User Rating

 


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Exchange Rate & Fees


Research:

Fees: Changes based on the amount and corridor.

Exchange Rates: Lebara has a nice calculator on the homepage in which you can see the rate you will receive and the fees you will be paying.

Based on some real-time comparison against Transferwise it seems that currently Lebara’s rates are better! They apply a really tiny margin if any, and take a small fee instead – only 4 Euro on a 1,000 GBP to Euro which amounts to 0.3% of the trade’s amount.

Limits: The maximum transfer amount is £3,000 which makes the service non-usable for medium or large transfers. It is limited to small amount remittances. The minimum is £10, similar to most other small remittances providers.

Promotion: First time customers are eligible for a first trade with a Zero Fees Offer over £100. Zero fees on all subsequent transfers over £100 except India which has 50% off.


Conclusion:

Based on the rates presented on the site, Lebara is the cheapest remittances service on the market at the moment.

Exchange Rates & Fees Rating

Global Reach & Service


Research:

  • Dedicated Dealer: No.
  • Offices: UK.
  • Ways to approach: Email and Telephone.
  • Translations: Polish.
  • Accepts clients: UK only.
  • Currencies Handled: 12 only.
  • Client reviews: 80% positive.

Conclusion:

Lebara money transfer is only starting off. It is not extremely global by any means. The only thing we would have expected of such company which is currently not supported is an online chat on the site, and a bit more thorough “About Us” section.

Global Reach Score

Additional Functionalities

Lock Your Rate for 30 Days: Lebara’s rate lock option is really incredible. No other provider offers it and it is indeed a very useful option, if you expect big shifts in rates in the near future. Ground breaking.


App:

Lebara’s app has received overall very good response on google Play Store, beating more other money transfer apps on the market.


Conclusion:

A strong area for Lebara money transfer with a very unique feature no other remittances provider has.

Special Features Score
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