In recent years, with the increasing emigration of Cubans to all parts of the world and the deterioration of the economic situation on the island, there are more and more people who want to help their relatives on the island financially from abroad.
This context has led to the creation of new ways of making transfers of all kinds to bank accounts or through private agencies. Each of these options has its own characteristics and, in order to compete, new, cheaper ways of sending money as quickly and securely as possible are gradually appearing.
Classic options for sending money to Cuba
First of all, it is necessary to differentiate between options that carry out operations towards banks or entities linked to the state, and those that operate independently of the state.
Although most of the options for sending money include the possibility of sending remittances to Cuban cards and accounts, we refer to “classic options” as those that have been in operation for a long time and are not linked to economic agents that have recently been integrated into the Cuban economic system.
Western Union
This is the classic way to send money to Cuba from the United States, as it allows you to send money directly to Cuban bank accounts in freely convertible currency (FCM). Transfers can be made online using credit cards, debit cards or wire transfers. Money sent this way usually arrives within 1-2 business days.
Bank Transfers
You can send money to Cuban bank accounts in freely convertible currency (MLCs) or Cuban Pesos (CUPs).
Benefits
- Prestige: They have been operating regularly around the world for much longer than private options.
- Safety: Have channels for complaints, suggestions, and potential fraud
- Legal support: They operate within the legal framework authorized by the authorities of the countries in question.
Disadvantages
- Some are slower than private ones
- Shipment will require documentation and personal or bank information.
- If you receive money in Cuban banks, you will be subject to the exchange rate that they impose, which is very different from the informal foreign exchange market.
Note 1You will not be able to get your money in cash if the institution receiving the transfer is illiquid.
New ways to send money to and from Cuba
In this category fall the agencies that operate in sending money to Cuba through special mechanisms, many of them do not even have a legal personality, so some of them are unsafe and it is advisable to get references from an agency before requesting their services.
One of the most common mechanisms for sending money from the United States to Cuba is for the sender to transfer the amount plus 10 or 5% (in the cheapest cases) per cell to the number of the appropriate agency in the United States, so that its representatives in Cuba will immediately deliver this money in cash to the recipient with the funds they have on the island.
This mechanism not only benefits those who wish to send money, but also facilitates the financial mobility of these agencies abroad, which often have other businesses inside and outside of Cuba.
Benefits
- Speed: The process is much faster because you do not have to literally send the money to the island.
- Cash: Not involving the bank means that the person receives their money in cash and then decides how to exchange it if he/she wishes.
- The only limits are those set by Zelle at the time of the international transfer. There are no limits on the amount that can be sent or received.
Disadvantages
- They may be unsafe if not verified as to where they came from and where they are manufactured.
- Some of them have rates that are too high.
- There is no need to have any documents for the execution of the procedure.
Note 2MLC or MN can also be obtained through these agencies, but the change will depend on what the agency offers.
Although there are other options, these are more commonly used to send money to the island, but it is always advisable to explore the options available.
You should also consider if a family member or friend will be traveling to Cuba soon, as this option causes no loss to either party and up to $5 USD can be brought into the island without having to declare its origin to the authorities.
About Us
Opapeleo is your procedure agency 100% online or by phone We are in Washington DC 150 meters away from the Cuban Consulate. We provide services for Renewal of Cuban passports extensions and renewals, Legalizations, Powers of attorney of all kinds, authorizations for minors to leave Cuba, DVT, Visas to Cuba, Top-ups, Cuban certificate requests, official document deliveries, and all types of formalities related to Cuba.
