Lebara Money Transfer Review
Company Name: Lebara Money Transfer
Company Description: Lebara's service enables clients to send money overseas at very competitive rates
Although a newcomer to the scene Lebara have the backing of a substantial parent company and have seen great early success due to their highly competitive rates.
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Who is Lebara Money Transfer?
Lebara had been concentrating on mobile phone services, until its more recent launch as an international money transfer company. In October 2016, Lebara made its move into the market and hasn’t looked back. Quickly establishing itself as a reliable transfer company, with a groundbreaking rate fixing option, so far the numbers are small, but we’re expecting big things in years to come. Customers who normally associate the brand with SIM cards, phone deals and top-ups may have spotted a money transfer service on Lebara’s site before – but this was provided by another player in the marketplace – Moneygram.Users may be disappointed by the slightly limited list of countries you can currently send money to. If your chosen country doesn’t appear on the list, there’s a chance it soon will. And with Lebara offering very competitive exchange rates, the ability to lock those rates for 30 days and a quick and easy interface, Lebara may be one to bookmark for the future.
Is Lebara Money Transfer reliable?
Don’t be fooled by Lebara Money’s short stint in the game. It may have only been operating in the money transfer market under this name for just over 12 months, but the parent company, Lebara Mobile, has been testing the waters for years. Previously it offered this service using other companies’ tech. Branching out with its own service is going well, plus Lebara is regulated and authorised by the FCA (Financial Conduct Authority).
How much does Lebara Money Transfer charge?
As is often the case with currency brokers, the fees aren’t that straightforward. The exact amount will vary, depending on the amount, the country you’re sending money to, and when you’re sending it. Lebara will always show you the transfer fee and exchange rate details before you send any money, so there shouldn’t be any nasty surprises. Here are a few fee breakdowns for the service:
– Sending an amount to Europe: 0.4% of the transferred amount, with a minimum fee of £2.
– Sending an amount to Bangladesh: 0.6% of the transferred amount, with a minimum fee of £2.
– Sending an amount to Africa: 0.5% of the transferred amount, with a minimum fee of £2.
How easy is Lebara Money Transfer to use?
Lebara’s mission is to give customers more control when sending money abroad. Part of that mission includes a quick and easy three-step process to transfer funds. Add in the brand’s rate alert service – so you never miss out on a great rate – and the process couldn’t be simpler. At the moment, you can only transfer money to 42 countries, which is a downside. Though, Lebara assures customers more countries are being added all the time. Currently you can only transfer money online or via the app.
What do the Lebara Money Transfer reviews say?
Lebara’s online reviews are so overwhelmingly positive, you almost start to become suspicious. The kind of reviews companies dream of populate Trustpilot, so the brand is clearly keeping its customers happy. Words such as reliable, quick, great service and more, crop up time and time again. Naturally, we looked at the negative reviews Lebara received – but only one of the one star reviews currently on Trustpilot were from verified orders. Of course, that’s not to say these aren’t genuine customers – but we’re always wary in these instances.On TrustPilot, Lebara has an impressive average score of 5/5, with customer quotes including:‘Their exchange rates are amazing and excellent. I always recommend my family and friends. Fast money transfer.’‘Easy to send money. User friendly navigation. Very good exchange rates. Fast delivery. What else you need?’‘Works like a charm. Sometimes transfer takes 2-5 days. But for me it is not that important. The interface on the webpage is clear and stable.’
Has Lebara Money Transfer won any awards?
Let’s give Lebara a chance here. With just over a year in the game the brand hasn’t had chance to get a shelf up for some trophies, never mind win an award. That said, the brand has scooped the gong for Best New Money Transfer Service at Moneynet’s 2017 Personal Finance Awards. Impressive work for just over 12 months’ work under Lebara’s belt. Given the current customer service record, it looks like Lebara may want to get that trophy shelf built sharpish. More awards must surely be on the horizon.
Anything else to know about Lebara Money Transfer?
Lebara is taking the bold step of offering users the ability to lock in a rate they like the look of for 30 days. Virtually unheard of in the currency market, this is a real game changer. If you spot a great rate, but you haven’t yet got the funds ready to make the transaction, you can keep it until you’re ready to send the money. This could spark similar services from other transfer companies, and ultimately further change the marketplace in favour of consumers.