Small World closes its doors: What has happened?

Small World closes its doors

Last month, an unexpected blow shook thousands of families who depend on food aid. international remittances. Small Worlda company renowned for its money transfer servicesannounced the immediate closure of its worldwide operations.

Overnight, the money sending and receiving transactions were paralysed, leaving thousands of users in uncertainty and despair. 

News of the closure spread like wildfire, generating an outpouring of reactions on social networks and in the media. 

The affected families have shared their stories with anguish and confusion. The money that they had sent to their families, and which they had worked so hard for, may not arrive.

The remittances sent through money remittance platforms are a vital source of income for many families. And, the sudden disruption of water and sanitation services is Small World has left many people in a difficult situation.

For this reason, today we tell you what has happened and what alternatives are available for send money to Venezuela if you are living in Europe o United States.

What happened to Small World? The reasons behind the closure

small world closes its doors for good

The past 11 June, Small Worlda company known for its international money transfer servicesThe announcement that it was suspending operations with immediate effect came as a surprise to the world.

The news came as a bucket of cold water for thousands of customers who depended on Small World for sending and receiving money to and from relatives abroad. 

The company, through a message, apologised for the inconvenience caused and offered the following e-mail address so that customers could obtain more information.

Problems with the FCA

Small World did not provide specific details about the reasons for the suspension, but according to the newspaper Euronewsweekthe Financial Conduct Authority (FCA) from United Kingdom played a crucial role in the decision.

The FCAresponsible for regulating the financial sector in the UKhad detected a series of regulatory breaches by Small World

These included problems related to competition and lack of transparency in the exchange rates.

In particular, the FCA discovered that Small Worldtogether with two other money transfer companieshad coordinated the exchange rates for certain customers in Glasgow, violating competition rules. 

This discovery led to the imposition of a fine from £139,500 a Small World.

Operational and financial problems

In addition to the regulatory problems, Small World also faced operational and financial challenges significant. 

These problems included difficulties in maintaining an adequate technological infrastructure for managing the volume of transactions y ensuring security of them.

Customers began to report delays in transfers and customer service problems, which aggravated the company's situation.

The combination of regulatory fines, operational problems and the intervention of the FCA could be what led to Small World to take the difficult decision to suspend operations.

A farewell affecting thousands of people

Affected persons

The abrupt closure of Small World Financial Services has left thousands of users around the world in a complicated situation. 

For many, the remittances sent through the company were a economic lifelinea vital source of income which allowed them to supporting their families abroad

The sudden suspension of these services has plunged these families into deep uncertainty and financial hardship.

For example, Vianela Custódio, resident in Spainis a heartbreaking example of the impact of this decision. 

She had eagerly sent €9,000 for the purchase of a plot of land at the Dominican Republica dream that is now vanishing before their eyes. 

The money is in limbo, trapped in the ruins of the Small WorldNow she faces the bleak prospect of losing all her savings earmarked for this crucial purchase.

Nara Baracho, resident in Switzerlandhas also fallen victim to the unexpected suspension. In the hope of helping his son in Brazil800 to cover his university fees. 

However, the money never reached its destination, leaving the young man without the necessary resources to continue his studies.

These are just some of the testimonies, collected by the newspaper Euronewsweekof the thousands of families that have been affected by the closure of the Small World. 

Desperation, uncertainty and fury in the networks, as the media search for answers

news of Small World's closure on social media

The news of the closure of Small World spread rapidly in the social mediaThe situation has been a wave of reactions filled with frustration, despair and desolation. 

The company's users, now victims of this abrupt decision, flooded the digital platforms with their stories and complaints.

User complaints

One of the aspects that most exasperated the customers was the fhigh level of clear communication and timely by Small World

The company did not provide detailed information on the reasons for closure nor on the steps to be taken to recovering funds. This alack of transparency only aggravated uncertainty and unease among users.

Many users found themselves in the agonising situation of having money stuck in limbowithout knowing whether they would be able to get it back. 

Uncertainty about the destination of their funds and the lack of concrete responses by the company generated deep despair among those affected.

Media amplifies the voice of those affected

The media were no strangers to this situation.

Several media outlets reported on the closure of Small Worldgiving a voice to the stories of affected users and questioning the company's management during this critical period.

These moving stories made it possible to make visible the magnitude of the problem and the need to find urgent solutions.

In addition, they also focused on analysing the company's management during the crisis. They questioned the lack of transparency, the absence of contingency plans and the lack of and the alack of empathy towards users.

Curiara, an alternative to Small World

Curiara an alternative to Small World

In this difficult situation, we want to help you to be able to continue sending money to your loved ones in Venezuela without any problem.

At CuriaraWe are aware of how important this money is for you and how important it is for your families.

For that reason, this platform is designed to make it easier, safer and more reliable to remittances to Venezuela. 

A application by Venezuelans for Venezuelans who have been in your shoes.

What makes Curiara different?

  • SpeedWe commit ourselves to sending remittances at less than 24 working hours, which ensures that your loved ones receive the money they need as soon as possible.
  • Security: We have more than 30 years of experience in the financial sector and capital markets. In addition, our application complies with all regulations established by the state of Florida and operates under the licence of "Money Service Business. And, we are a payment institution authorised by the Banco de Españaas you can see at the bottom of the website. 
  • Ease of use: Our platform is easy to use and navigateeven for those who are unfamiliar with the online money transfers.
  • Competitive exchange rates: We offer some of the most competitive exchange rates in the marketwhich means that your loved ones will be able toThey will receive more money for your remittance.
  • Customer support: We are available by WhatsApp 24 hours a day to answer any questions or help you make your remittance.

How does it work?

Send money to your loved ones in Venezuela with Curiara is a process simple, fast and safe which can be completed in just a few steps:

Create an account

Access the Curiara website or download the mobile application available for iOS y Android.

Register by providing your email address, full name, phone number and creating a secure password.

Add a beneficiary

Enter the beneficiary's information, including full name, Venezuelan identity card number and bank details (national bank account or mobile account).

Select quantity and payment method

Choose the amount of money you want to send in euros or dollars. Curiara will show you the equivalent amount in Venezuelan bolivars at the current exchange rate.

You can pay your remittance by making a bank transfer or using your credit or debit card. And, in the event that you are in Spainby Bizum.

 Confirm transaction

Carefully review all the details of the transaction, including the amount to be sent, the exchange rate, the applicable fees and the beneficiary details.

If everything is correct, confirm the transaction.

From which countries can remittances be sent?

Curiara allows send money to Venezuela from any EU country European Union, UK, Schengen countries, as well as from the state of Florida in the USA.