The military finance company FINCIMEX SA informed its clients about the interruption of the global operations of the English company Small World Financial Services, which since 2011 was dedicated to sending remittances to Cuba.
The CIMEX corporation entity said that so far they do not have an official statement from Small World that details the causes or the scope of the interruption, the official portal published. Cubadebate.
FINCIMEX asked money senders from Europe to use other means of remittances to Cuba such as those authorized by the Government tocopay.com,grupotitanes.com, moneyexchange.es and fonmoney.com through oceancard.com.
According to the entity’s note, these channels guarantee direct remittances to bank accounts, Classic cards and AIS in minutes and with competitive prices.
Due to its stability, security and immediacy, The financial service with the English company Small World Financial Services was in high demand from Europe.
According to FINCIMEX, At the time of closure there were no transactions in transit or pending. He promised information to consumers about any news of interest in relation to this interruption, which he described as “unexpected.”
Despite the mass migration which continued in 2023, the remittances to Cuba experienced a decrease of 3.31% compared to the year 2022, totaling 1,972.56 million dollars, a decline of 46.93% compared to pre-pandemic levels in 2019revealed the economist Emilio Morales in a dossier from Cuba Siglo 21 published in January 2024.
At the beginning of June, the American company Western Union, which recently resumed its operations in Cuba, announced an alliance with the Katapulk company, owned by Cuban-American Hugo Cancio, to offer money transfer services to Cuba from the US in Katapulk Marketplace.
As highlighted by both parties, funds can be received in bank accounts and debit cards only. The service, which is limited to Katapulk consumer money transfers only, It covers the sending of up to $2,000 per transaction, as long as the sender presents a valid identification issued by the US Government.
In an article by Roberto Álvarez Quiñones on the issue of remittances published in DIARIO DE CUBA, the journalist specified that money transfers would hardly have “the results expected by the castrato. “The days are gone when the diaspora sent up to 7,000 million dollars annually to Cuba in remittances, packages, or in the pockets of Cubans who traveled to the Island.”
