Wire Money to Cuba: A Step-by-Step Guide

Wiring money to Cuba can be a bit tricky, but don't worry, I've got you covered. The US Department of the Treasury's Office of Foreign Assets Control (OFAC) regulates transactions with Cuba, and you'll need to follow their rules.

You'll need to use a special type of account, called a U.S. Treasury account, to send money to Cuba. This account is specifically designed for transactions with countries subject to U.S. sanctions.

To open a U.S. Treasury account, you'll need to provide identification and proof of address. The bank will also need to verify your account information to ensure it's compliant with OFAC regulations.

The Bank of Nova Scotia, a Canadian bank, is one of the few banks that allow US citizens to wire money to Cuba.

To send money to Cuba, you'll need to complete an Electronic Remittance Affidavit template, a legal declaration that must be filled out before the money can be sent.

The process can be complex, especially if you're new to it, so be sure to carefully follow the directions.

You can send money to Cuba through Western Union, which has recently resumed remittance services in a limited capacity.

Payments cannot be sent online, but can be made in person at select locations in Miami.

Money can only be transferred in dollars and is limited to $2,000 a day.

To receive the money, the Cuban recipient must have a Cuban ID card.

This limited capacity is a step in the right direction for Cuban families who rely on these remittances as a lifeline.

The suspension of remittance payments had added significant hurdles to Cuba's economic recovery efforts following the pandemic.

Cuban citizens who receive cross-border payments have had to resort to less secure and more expensive options, such as bringing cash on flights or using cryptocurrency.

Western Union is proud to be resuming money transfer services to Cuba, even in a limited capacity, and hopes to expand services in the future.

If you're planning to send money to Cuba using a money transfer, you'll need to understand the rules and restrictions. Western Union is still bound by law to impose some limitations on how money can be sent.

Only $2,000 per transaction is allowed, and the sender can only send to close relatives, who are defined as individuals related by blood, marriage, or adoption within three generations. The sender cannot send to themselves, and payments must be made in USD.

You can only send money to MLC account and debit cards, and the payee must be a Cuban National. The payee also cannot be a prohibited official of the government of Cuba or a prohibited member of the Cuban Communist Party. Customers must be at least 18 years old to send money.

Here are the key criteria that must be met to enable a transfer to take place:

Western Union's decision to resume money transfer services to Cuba is a game-changer for Cuban residents.

The 2020 regulations had left many Cubans with limited options for receiving cross-border payments, forcing them to use less secure and more expensive methods.

These methods included having someone fly into Cuba with cash, transferring money through small companies, and even receiving transfers in cryptocurrency, which can result in loss of value due to volatility.

For Cuban residents, family remittances are often a lifeline, and Western Union's decision to resume services is a welcome relief.

To send money to Cuba, you'll need to meet certain criteria, including a maximum transaction amount of $2,000.

Here are the key requirements to keep in mind:

Understanding these requirements will help you navigate the process and ensure a successful transfer.

Yes, U.S. persons can send remittances to Cuba using digital payments, provided the underlying remittance transactions are authorized under 31 CFR § 515.570 of the Cuban Assets Control Regulations (CACR).

Digital payments include transfers of funds sent through mobile money, mobile wallets, digital bank accounts, credit/debit cards, online payments, or other digital technology.

U.S.-registered money transmitters or other qualifying banking institutions can process authorized remittances to Cuba via digital payments.

Banking institutions must conduct a level of due diligence commensurate with their overall risk profile and internal compliance policies and procedures.

However, banking institutions may rely on the statements of their customers that remittance transactions are authorized unless they know or have reason to know a transaction is not authorized.

Section 515.572(a)(3) of the CACR does not authorize transactions involving any entity or subentity identified on the State Department’s Cuba Restricted List (CRL).

Transactions that fall within the scope of the authorizations in 31 CFR § 515.570 and 31 CFR § 515.572 are generally self-executing, meaning U.S. persons may execute such transactions without further assurance from OFAC.

For transactions that don't fall within these authorizations, U.S. persons may apply for an OFAC specific license.

To wire money to Cuba, you'll need to understand the eligibility and options available to you.

You can wire money to Cuba using a money transfer service, but you'll need to have a valid reason for sending the funds, such as supporting family members or paying for a trip.

The US government allows you to send up to $8,500 per transaction to Cuba, but you'll need to meet certain requirements and follow specific regulations.

To meet the requirements, you'll need to have a valid passport and a US Treasury Department license, which can be obtained through the Office of Foreign Assets Control (OFAC).

You can also use a credit or debit card to wire money to Cuba, but be aware that some banks may charge a foreign transaction fee.

The money transfer service you choose will also charge a fee, which can vary depending on the service and the amount you're sending.

Make sure to research and compare the fees and services offered by different money transfer providers to find the best option for your needs.

Choosing the right service to wire money to Cuba can be overwhelming, but Sendity stands out from the rest. We operate in 20 countries with the best exchange rate, making it easy to send money to Cuba from Europe.

Sendity's competitive service rate is a major advantage, especially when compared to other online providers. We reach 19 countries in Latin America, including Cuba, with a much more competitive service rate.

Before you pay for your transfer, you'll know exactly what you're getting - no hidden commissions or surprise fees. Sendity always offers the actual market exchange rate and outlines our service fees openly.

Sending money to Cuba with Sendity is as easy as making a domestic transfer. All you need is your credit or debit card, and you can make an immediate and secure payment in EUR.

You can trust that your money will reach its destination quickly - up to 24 hours, depending on the delivery method you choose. This is a big deal, especially when you're sending money to loved ones.

With Sendity, your funds are 100% safeguarded. We're an authorized Electronic Money Institution, and we're required by law to protect your money by keeping it in a low-risk financial institution.