Lebara have come a long way since their inception in 2001, helping migrants make their lives easier. Lebara now offer money transfer services to over 40 countries worldwide, with services such as rate alerts and rate lock-ins to help you get the best deal on your international money transfer. Continue reading our handy review to find out if Lebara’s service is right or you.
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Table: sorted by a combination of service offering and the amount your recipient will receive
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
What are Lebara’s fees?
Lebara pride themselves on their transparent fees, and are currently offering a zero fee charge on all transfers for new and existing customers over £100 to all countries except India, where fees are waived on the first transfer and a 50% discount applies thereafter.
Available currencies and transfer limits
The minimum amount for a transaction is £10, and the maximum is £5,000 – though this may vary from one currency to the next.
What types of transfers can you carry out with Lebara?
Lebara can send money to a recipients bank account in one of the countries outlined previously. For Kenya, Ghana and Uganda, using a mobile wallet is also an option. If you ever require assistance with a transfer or have a question about Lebara’s service, a useful FAQ page is offered with a large selection of frequently asked questions. You can also contact customer service via email or over the phone.
The registration and transfer process
You’ll need to register for an account before you can send money overseas with Lebara, but this can be done quickly and easily online. You’ll only need to provide basic details such as your name and contact information, but extra identification may be required if you wish to send larger transfer amounts. You will need to supply all the relevant details of the transaction you wish to send, including:
The amount of money you wish to send and in which currency you would like to send it
How the money will be transferred and received
Where the money is going
Details of your recipient, such as their name, address and bank account information
How you will pay for the transfer
At this stage you will be able to review the details of your transfer, including the exchange rate and fee that apply. If you’re happy with what you see, you can pay for your transfer using your debit card or a bank account transfer. Transactions can be tracked online and should be complete in 1-3 days.
What are the pros and cons of using Lebara?
Safe & quick. Lebara can send money quickly and is backed by the FCA, meaning your money is safe throughout the whole transfer process.
Affordable. Compare Lebara’s fees and exchange rates with those you receive from banks and other money transfer providers – you’ll soon see that Lebara offers a competitive money transfer solution.
Limited currencies. You may not find the currency you were looking to send on Lebara’s system.
This varies depending on the country you’re sending money to, when you choose to send the money and which bank, financial organisation or mobile wallet provider your recipient uses. For example, it may take longer if you choose to transfer on a weekend or bank holiday.
However, most transfers take between 1-3 business days.
Transfers are normally sent to a bank so the money will appear in your recipient’s bank account. However, for money transferred to mobile wallet, it depends on which mobile wallet provider your recipient uses.
All available options will be shown during the transfer process, after you select the country/currency combination you want to send money to.
The minimum and maximum amounts vary depending on which country you send money to and what delivery method you choose.
Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
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