Cuba Money - Remesas a CubaCuba is one of the few remaining communist states left in the world, meaning that the government is quite in control of almost anything that happens on the island. In order to understand why there are so many rules and regulations surrounding remittance of money to anywhere in Cuba, one must take a moment to consider its history and current state. Before the 1950s, Cuba was under the control of the United States. However, in 1959, the control was overthrown during a revolution led by Fidel Castro. After that time, Castro took total control of Cuba and created a very strict communist state. In 1962, the United States entered a confrontation between itself, Cuba and the Soviet Union. Called the Cuban Missile Crisis because for thirteen days, there was the threat of Castro sending a barrage of missiles aimed at the United States, the issue was quite volatile. Because of this event, the United States placed many embargos on the island, many of which still stand today.
Remittance to Cuba from the United StatesMany people need to send money to Cuba since they may have relatives or friends there. A great influx of immigrants from the island to the United States has meant a growth in the Cuban population. With this growth has grown the need for the ability to send money back home. However, the United States does still have many regulations that affect remittance to Cuba.Cuba MoneyThe rules placed on sending money to Cuba are law for all people living in the United States. This includes US Citizens and resident aliens.One sanction on Cuba from the United States makes it so that certain government officials and nationals cannot receive money from the United States. These 'Cuba money' sanctions are an effort to keep US money from funding dangerous operations. (1) There are different regulations for various types of Cuba money transfers from the United States. The first is called family remittance. This means that a person over the age of eighteen can send money to any proven immediate family member who resides in Cuba. However, there is An emigration remittance allows a person in the United States to send a one-time payment to a person in Cuba for up to one thousand dollars for the specific use to emigrate from the island. However, this one thousand dollar remittance has to be broken into two payments. In addition to these regulations, a person who chooses to send money to Cuba and qualifies will have to understand that certain fees and tariffs will be levied, leading to extra costs. These costs will include the United States Tariff, an eight percent processing fee, and the fees from the sending agency. Send Money to CubaMoney Transfer Agencies, Which Can Handle Remittance to CubaBecause of the many restrictions and regulations, not every money transfer company can handle a remittance to Cuba. A person must choose an agency that is licensed by OFAC.(2) Four agencies are known for their ability to send money from the United States to Cuba. These four include Western Union money transfer, Duales, Transcard, and Cash2Cuba. The Cuba Money Transaction and the ExchangeWhen American currency is sent to Cuba, it is not converted into standard Pesos. Instead, it is converted to the convertible Peso. When United States dollars are changed into Cuban Pesos, a 19% tax will be levied, meaning that one hundred dollars will only equal an exchange of approximately eighty dollars in pesos. All money that is exchanged from the United States dollar to Cuban currency will be charged this fee. United States dollars cannot be transferred as standard pesos in Cuba. Remittance to Cuba from other CountriesWhile the United States includes a number of regulations on trade and remittance to Cuba, not all countries include the same rules and embargoes. Often these countries will allow sending of money to Cuba, but they will restrict these money transfers to specialty remittance companies. Countries such as Canada, Australia, and the United Kingdom include such regulations. Because of past events, the strong embargoes and restrictions make it very difficult for people to send money from the United States to Cuba. In most cases, the only way to send money is to send it to a proven member of the immediate family. Even in this instance, there are regulations. While some of the regulations have been altered, most of the rules still remain in place. Other countries do not have the same embargoes, but they may include certain restrictions that a person will need to understand before they try to send money to Cuba.
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