Is Lebara Safe?
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.
Financial Conduct Authority (UK)
Lebara is a pretty big company. Especially compared to most UK currency transfers who have been around for less than 10 years and employ 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 a medium-sized brokerage, but it’s still quite impressive when you take the clientele into consideration. As a smaller remittance based solution it 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% is based in the UK), comparable numbers to big time competitors like WorldRemit with only 14% of its 1.8m visitors based in the UK.
To summarise, Lebara is an established company which seems to be on the right track as a newcomer to the money transfer space. We don’t find it trustworthy to the same level as Moneycorp who have operated in 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.
IN 2018 LEBARA MOVED TO A NEW MODEL IN WHICH ALL THEIR CLIENTS ARE TRANSFERRED TO THEIR PRIME COMPETITOR, WORLDREMIT… BUT THIS SETUP DID NOT WORK AS EXPECTED MOST LIKELY AND LEBARA DISCONTINUED ITS MONEY TRANSFER SERVICE.