Cubans resort to these options to get dollars and euros in cash

Many Cubans are interested in ways to get dollars and euros in cash. How can they do it on the island?

The reality is that the value of these currencies continues to rise in the informal Cuban market. In January 2024, the euro is exchanged above 270 Cuban pesos, while the US dollar is already close to that figure.

Moreover, the banking process implemented in Cuba has intensified the distrust of many people in financial institutions and the fear of depositing their local and foreign currency, not being able to use their money later.

In this situation, most remittance platforms in Cuba transfer online and beneficiaries can only access that financial aid through virtual dollar cards (called MLC cards on the island), which only work in the country and have a very low exchange rate. .

As is well known, requests by Western Union (WU) to deliver money sent from the United States to Cuba to recipients in US dollars could not be completed. WU, remittance giant, Metropolitano, BPA and BANDEC transfer currency directly to MLC accounts of banks.

Get dollars and euros in Cuba

In this regard, WU’s partner in Cuba, the company ORBIT, informed Cubans that the only option they had to collect cash was “to request from the bank depending on their availability.” But we already know that this option is almost impractical. After some years, those who have Certificates of Deposits They are still waiting for their foreign currency.

For all these reasons, many Cubans prefer to continue sending money to the island through family and friends, although more and more people negotiate all kinds of exchanges and transfers.

In Spain, for example, it is common to find advertisements in Facebook groups where commissions are charged for transfers by Bism, or other contracts, and euros are delivered in cash to beneficiaries in Cuba.

“I give USD in Havana for Euro in Spain, 1 for 1”; “I need 300 euros or exchange rate in CUP here in Havana, I pay it through Bizum”; “I buy 200 euros for 270 for Bizum in Havana, I have references,” are some of the most recent publications of Cuban groups in Spain.

Since Cuban Americans are the second largest group of visitors to the island, from the United States, similar businesses are frequented. The most common payment methods are Zelle or PayPal.

Those living on the island often prefer to take their chances with these more informal options, so that the currency can be handled and handled more quickly.