Western Union Goes National For U.S. Transfers To Cuba.... When Will Cuba Permit U.S. Investment And Financing For MSMEs In Cuba? No Excuse For Delays.

“… But for that to happen, the Cuban government also needs to issue regulations establishing a clear path for foreign investment in the private sector, said John Kavulich, president of the U.S.-Cuba Trade and Economic Council, who last year received authorization from the Treasury Department to invest and provide financing to a Cuban private business.”

“The [Miguel] Díaz-Canel administration in Havana needs to now implement what it has reiterated for two years would be permitted: that small and medium private enterprises receive direct investment and direct financing from sources in the United States,” he said. “There is no valid reason for more stalling and depriving those private enterprises of resources they desperately need and the Biden-Harris administration has already authorized.”” Miami Herald, 2 March 2023

Western Union Expands Initial Test Service from the United States to Cuba
March 02, 2023

Pilot program now includes more than 4,400 retail locations across all 50 United States
Digital service now available over WesternUnion.com or the Western Union mobile app
Money can be received electronically into accounts at three major Cuban banks

DENVER--(BUSINESS WIRE)-- Western Union (NYSE: WU) today announced a major expansion of its pilot program providing money transfer services from the U.S. to Cuba.  The initial test phase of the pilot program, launched on January 4, included send service from a select group of U.S. retail locations in the Greater Miami area. Today, it has grown to more than 4,400 retail locations across the United States and Puerto Rico, as well as the availability of digital send service from WesternUnion.com and the Western Union mobile app.  Currently, customers can send money from the U.S. to receivers with bank and debit card accounts at the following banks in Cuba: Banco Popular de Ahorro, Banco Metropolitano S.A. and Banco de Credito y Comercio (Bandec).  To process transactions to Cuba, Western Union signed an agreement with Orbit S.A. who received authorization from the Central Bank of Cuba in February 2022 as a non-banking financial institution to process money transfers to the island.

Service Details

Funds can be received into bank accounts and debit cards only. Service is limited to consumer money transfers only. U.S. customers can remit up to USD2,000.00 per transaction by presenting valid government-issued identification.  Money will be available for receipt same day if sent prior to Noon U.S. Eastern Time. Remittances sent after Noon U.S. Eastern Time will be available the next business day.  Service is available to receivers with Carnet de Identidad IDs and bank and/or debit card accounts at the following banks in Cuba: Banco Popular de Ahorro, Banco Metropolitano S.A. and Banco de Credito y Comercio (Bandec).  Customers cannot send funds to their own MLC bank accounts/debit cards in Cuba.  Deposits are available in U.S. dollar currency only, which has the same equivalency to the Cuban Moneda Libremente Convertible (MLC).  The company has plans to expand the program further this year.

About Western Union

The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and nearly 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com