Payment services company Trans-Sending Limited (LCC), also known by its brand names Small World Money Transfer, Express Funds and Global Link, has officially ceased new business and stopped accepting funds from customers, following action by the UK’s Financial Conduct Authority (FCA).
As reported by Euronewsweek over the weekend, the company recently offered remittance services in over 180 countries. Launched in 2005, Trans-Sending Limited (LCC) has offices in Belgium, Brazil, Canada, Chile, Congo, Ivory Coast, France, Germany, Ireland, Italy, Mexico, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom and the United States.
The FCA asked LCC to sign a formal agreement, in which the company promised to remain closed to new business and stop accepting funds from existing customers. However, the remittance link remained active on the Small World Money Transfer (LCC) portal over the weekend, days after the agreement was signed between the money transfer company and the UK Financial Conduct Authority.
Many customers from European countries including Spain, the UK and Switzerland are experiencing problems accessing funds they recently deposited.
“From June 10thDaySmall World LCC gave me several different versions of what was happening. Mostly they said they didn’t know when they would return the money I sent,” said Vianella Custodio, who lives in Spain and has used the company before, despite previous delays in clearing payments.
“All Small World offices have been closed for several days, and they are not answering the phone. They say they have laid off all the staff and the company is closed. We are very scared because we sent 9,000 euros on June 7th.Day “We are trying to buy land in the Dominican Republic to build a family home for our daughters. Now we are just days away from losing the money we gave the seller upfront to buy the land. We are at risk of losing all our savings,” said Vianella, who plans to file a lawsuit against the company that collapsed soon.
Another former customer of Small World LCC also shared with Euronewsweek his struggles to recover money he had sent to the company.
“The 800 euros I sent to Brazil to help pay for my son’s college and general upkeep has not arrived in over a week,” said Nara Barracho, a worker living in Switzerland.
Trans-Sending Limited (LCC), which also operates under the names Swiss Transfers, UNO, Bayba (UK) and Universal de Envíos, has had thousands of customers in Europe affected by the sudden suspension of its business. Friday, June 14DayCustomers visiting Small World LCC’s offline branches in the UK, Italy, Spain and Switzerland have seen “Service interruption” signs posted on the closed doors, informing them that the company is unable to process payments.
Jennifer Cortegana, a student living in Peru, has been waiting since June 7 for funds sent by her father, a transport worker living in Spain.Day. “The money is for my college and health care. He used Small World LCC before and had no problems. Now he is not responding to any form of contact. The office is closed and he is not responding to phone calls or emails.” Jennifer is concerned.
“Last week I sent £210 to Brazil through the Small World LCC branch in London to help my family buy tickets to visit me. On Wednesday the transaction had not cleared and after a few days I returned to the same branch and was told there was a delay in the system and that the funds would be available soon,” said Adilson Mamede, a car paint technician, another victim of Small World LCC. When he returned to the branch it was closed and to this day he has not received his money, a refund or any communication from the company.
The closure of Trans-Sending Limited (LCC) comes just months after the company, along with two other money transfer companies, was fined £139,500 by the UK’s Financial Conduct Authority (FCA) for breaching competition rules.
At the time, the UK regulator found that Small World, Hafiz Bros and Trans-Sending Limited (LCC) had been cooperating with specific exchange rates offered to Glasgow customers when converting pounds to Pakistani rupees when sending money.
From June 14thDayEuronewsweek has made several attempts to contact Trans-Sending Limited (LCC) representatives to get an update on whether customers will receive a refund. All customer service phone numbers and individual branches in the UK, Spain, Switzerland and Italy have not responded.
“Unfortunately, there are no guidelines in place for communication. It’s best to keep trying your numbers,” said Rana Shahzad, head of sales for Small World Financial Services in the UK and Ireland, when contacted via LinkedIn.
Euronewsweek also contacted Equistone Partners, one of Europe’s leading mid-sized private equity firms, twice. Equistone Partners invested in Small World Financial Services in 2018, but there was no response from its UK office.
