How to Send Money to Cuba
Use a money transfer service., Transfer funds through a bank., Conduct an e-transfer.
Step-by-Step Guide
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Step 1: Use a money transfer service.
There are many money transfer services around the world, including Western Union, MoneyGram, and Ria.
The institutions that provide these services are often called cash-to-cash services, and each institution charges a different fee to send money to someone.
These institutions accept money from the sender, convert the sender's currency to the recipient's currency (in this case either the Cuban Peso or the Convertible Peso) minus the fees charged for transferring the money, and the recipient claims the remaining cash amount at a corresponding money transfer service branch in Cuba.Depending on the money transfer service you use, there may be a different set of fees for transfers conducted online versus transfers conducted in the office with an agent.Compare different services and service options to find the best option available in your country. -
Step 2: Transfer funds through a bank.
Transferring money from one bank account to another is easiest if both the sender and recipient use the same banking institution, but this is not necessarily a requirement.
Note that U.S. banks are not in Cuba, but rely on correspondent banks to facilitate transactions.
Potential transferees should be sure their bank has a Cuban correspondent.
In order to send money to someone who uses a different bank, you'll need the recipient's account number and routing number.
Note that certain fees may apply if the recipient does not use the same banking institution as the sender.Consider looking into any remittance programs available at your bank.
Some banks set up these programs to facilitate easier financial transfers from one country to another.
These vary by bank, but may include options like an account-to-cash transfer, a cash-to-cash transfer, and a cash-to-account transfer., Some banks allow you to transfer money online (called an e-transfer), similar to paying a bill electronically.
These transfers may cost less than a traditional bank transfer from one financial institution to another, though this will vary from one institution to the next.In order to conduct an e-transfer, you will need:
The recipient's full name, as it appears on his bank accountThe recipient's account number and routing numberThe recipient's SWIFT (Society for Worldwide Interbank Financial Telecommunication) Code or IBAN (International Bank Account Number) -
Step 3: Conduct an e-transfer.
Detailed Guide
There are many money transfer services around the world, including Western Union, MoneyGram, and Ria.
The institutions that provide these services are often called cash-to-cash services, and each institution charges a different fee to send money to someone.
These institutions accept money from the sender, convert the sender's currency to the recipient's currency (in this case either the Cuban Peso or the Convertible Peso) minus the fees charged for transferring the money, and the recipient claims the remaining cash amount at a corresponding money transfer service branch in Cuba.Depending on the money transfer service you use, there may be a different set of fees for transfers conducted online versus transfers conducted in the office with an agent.Compare different services and service options to find the best option available in your country.
Transferring money from one bank account to another is easiest if both the sender and recipient use the same banking institution, but this is not necessarily a requirement.
Note that U.S. banks are not in Cuba, but rely on correspondent banks to facilitate transactions.
Potential transferees should be sure their bank has a Cuban correspondent.
In order to send money to someone who uses a different bank, you'll need the recipient's account number and routing number.
Note that certain fees may apply if the recipient does not use the same banking institution as the sender.Consider looking into any remittance programs available at your bank.
Some banks set up these programs to facilitate easier financial transfers from one country to another.
These vary by bank, but may include options like an account-to-cash transfer, a cash-to-cash transfer, and a cash-to-account transfer., Some banks allow you to transfer money online (called an e-transfer), similar to paying a bill electronically.
These transfers may cost less than a traditional bank transfer from one financial institution to another, though this will vary from one institution to the next.In order to conduct an e-transfer, you will need:
The recipient's full name, as it appears on his bank accountThe recipient's account number and routing numberThe recipient's SWIFT (Society for Worldwide Interbank Financial Telecommunication) Code or IBAN (International Bank Account Number)
About the Author
Cynthia Martin
Writer and educator with a focus on practical home improvement knowledge.
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