Send Money to Cuba Despite Several Restrictions

When it comes to transferring money to Cuba, there can be several restrictions. Federal regulations with regards to sending anything to this country from the United States are extensive, and items can take months to arrive. Before you try to send money to Cuba via a personal check that could take weeks to get there, consider other options.

You should be aware that carrying cash into Cuba can cost you a lot of money. If you take US dollars and want to buy the Cuban currency, which is Cuban convertible pesos, you will be charged around 21% tax. If you convert from any other currency, such as British pounds, you will only pay 11% tax. Additionally, know that Cuban hotels, restaurants, bars, and retail stores only accept Cuban currency, not US dollars.

These are important facts if you plan on visiting or moving to Cuba, though to send money to Cuba to relatives, many of these tips don’t apply. Instead, other limits used to be upheld, such as a limit on the amount and number of times per month one could send money to Cuba to their family and friends. In April 2009, those restrictions were lifted, meaning that sending money to this country just got a bit easier.

One of the simplest, slowest methods of sending money is to mail a personal check. However, expect it to take up to a month for it to arrive and clear at the bank. If your family needs money immediately, there are faster methods, but there will be some fees no matter which route you take.

You will probably find that transferring from a bank to Cuba is likely to be more difficult than it would be to any other country, even after restrictions have been lifted. There are, however, a few companies that specialize in remittance to Cuba. Most can be spotted easily online because they contain the word Cuba in their company title in order to attract those having a difficult time getting money to Cuba through any other way.

In mot countries, you could use a prepaid debit card to send money to Cuba. However, Cuba does not accept debit cards in most areas. Credit cards with the Visa or MasterCard symbol are allowed as long as they are not connected to a US bank. For this reason, as long as you have a credit card connected to either an international bank or one from another country, such as England, you could send one to your family. Plenty of people open a credit card account and get an extra card for their relative, simply helping them pay it off every month as needed. It might not be as convenient as a prepaid debit card that you could easily add money to, but it is one of the best methods you will be able to use when it comes to getting money to Cuba.

It is rather difficult to send money to Cuba, but there are ways to do it. Though many restrictions have been lifted, the absence of the ability to send a prepaid debit card or simply transfer from your bank makes it harder to get money to Cuba than to most other countries. As long as you think outside the box, though, it can be done.

Leave a Reply

Your email address will not be published. Required fields are marked *