In recent years, sending remittances to Venezuela has meant a high-risk activity for those who find themselves in need of transferring funds from abroad. Constraints imposed by the international banking system, inflation and the need to triangulate transactions are constantly intertwined variables.
The United Nations High Commission for Refugees states that the Venezuelan crisis has forced more than 5.5 million people to seek a future elsewhere. In turn, the Washington-based think tank Inter-American Dialogue reports that the 300,000 Venezuelans living in Spain in 2019 sent nearly 400 million euros to their relatives in Venezuela, a figure that could have reached 450 million if the health crisis had not affected the economic situation.
These are respectable amounts in economic terms and coincide with the drop in income caused by the decline of the country's traditional industries, mainly the oil industry.
The report reveals that 170,100 households in Venezuela benefited from money remitted from Spain, with an average of 2,400 dollars (2,162 euros) per household. The average per remittance was about 175 dollars (158 euros) in about twelve operations per year per remitter.
The data are encouraging and reflect the enormous commitment of migrants, who remain connected to the monetary needs of their families at all times. The tools used for remitting foreign exchange are varied and can generate a number of inconveniences.
The neighbour's friend
There are users who turn to remittance receivers, businesses or contacts of Venezuelans, informal money changers who offer their services through WhatsApp messages indicating various types of exchange rates.
Much is lost along the way, and those who resort to such channels are the main ones affected. In most of these cases, the middleman makes (at best) very high commissions. Unfortunately, there are many stories where the money is not received by the recipient.
The greats of today and always
In this category we find companies such as Western Union, MoneyGram, World Remmit, which have a wide international presence and are commonly known when it comes to managing money transfers.
All of them have the security factor in their favour. As they are legally constituted companies, they have all the requirements to guarantee the responsible handling of the transactions they carry out.
The downside: high fees. Every penny counts, and when it comes to the choice of remittance method, the percentages take a toll that many families are unwilling to take on their income and expenditure balance.
For connoisseurs only, the Exchanges
These are platforms that allow fiat money to be exchanged for cryptocurrencies. The value of this type of currency is not based on a physical asset, such as gold, but on trust. They are backed by the state and their issuance is carried out by the Central Banks of each country.
Since the first Bitcoin was mined, the first platform to register such an exchange was PayPal on the New Liberty Standard platform. Today, there are a large number of applications such as BinanceBitpanda, Huobix, Bitfinex, Kraken, and many others where exchanges of all kinds can be made in different countries.
However, cryptocurrencies are incompatible with the Venezuelan financial system. As far as we understand, there is one that meets the conditions for integration with the country's economy: the Tether, which anchors its value to the dollar and has proved very useful for some users.
This option remains unfriendly, as it does not allow direct payments in shops and requires expert knowledge to translate into a currency that can be used in Venezuela.
What is the best alternative for sending money to Venezuela?
At Curiara we offer a reliable way to send remittances or, as we like to call them, "Curiaras". Backed by Easy Payment and Finance, a payment institution authorised by the Central Bank of Spain, we have one of the most secure systems for user verification.
In addition, we have the most competitive rates and commissions on the market that can be confirmed transparently before the transaction is made. All in a user-friendly environment, accessible from our website, by downloading the app from Google Play or Apple's App Store.
It works to make payments from euros to bolivars and can be used throughout the European Community. The fast delivery times make it possible to cover urgent needs or any type of unforeseen event.
How do I send a Curiara?
The registration process is very simple, takes no more than 10 minutes and is done only once. You have to fill in some basic information such as name, surname, fiscal address and identity document. It is a necessary and important step because we are an institution that adheres to current international regulations and we can only work with fully identified users. In less than 24 hours the account is confirmed, enabling our clients to send their Curiaras immediately.
In order to make payments, the beneficiary's bank coordinates must be provided, which will be recorded in the profile for future transactions.
Remittances can be easily paid by bank transfer via ACH, using a debit card, credit card or Bizum. It is also possible to make Curiaras if you do not have an account by going to a post office with cash and requesting a SEPA transfer.
You can track your order at any time via our platform. When the Curiara is received we send a confirmation email. All this allows our users to disengage from the process.
A very useful fact is that our transactions generate receipts that are fully valid for legal procedures, including the family reunification process.
Proudly Curiareros
Our team is made up of a group of entrepreneurs with more than 30 years of experience in banking and capital markets, we are experts in the Venezuelan financial sector. We have a committed team, highly trained to resolve doubts and help throughout the process.
When creating the platform we were inspired by the Curiaras of the Waraos Indians. These boats are built from the trunk of a single tree, which makes them a light, safe and reliable means of transport, used from generation to generation within these communities.
This is how our service works, designed as a livelihood to work together with our clients. Our goal is to facilitate the insertion of Venezuelans in the new economy, accelerating their integration, progress and keeping them connected at a distance with their loved ones.
Sources:
- Albertonews
- ABC Newspaper
- The Economist
- Infobae
- Binance
