Cuban Non-Residents Can Now Open Foreign Currency Accounts

Banking in Cuba is evolving. A new law, Resolution 73/2020 of the Central Bank of Cuba (BCC) published in the Gazette of the Republic, allows non-resident Cubans to open bank accounts in MLC (freely convertible currency) for retail sales and the importation of products authorized by the Ministry of Foreign Trade and Foreign Investment (MINCEX).

These bank accounts can be opened at any of the following banks: Banco Metropolitano SA, Banco Popular de Ahorro, and Banco de Crédito y Comercio. The accounts can be used for purchasing goods in the “dollar stores” and importing merchandise authorized by MINCEX. Account holders can also carry out RED card transactions with Cuban and convertible pesos.

Accounts can be accessed with magnetic strip bank cards (debit cards). Transactions can be made in US dollars, Cuban and convertible pesos at ATMs, retail sales in foreign currencies, and other payment channels.

Last October, Cuban citizens and foreigners with permanent residency status were permitted to open a foreign currency account. Foreign currencies include the US and Canadian dollars, British pounds, Swiss francs, Mexican pesos, Danish crowns, Norwegian crowns, Swedish crowns, and Japanese yen.

For authorized importation of products, a special license can be obtained from the Central Bank of Cuba to open an account in US dollars at Banco Financiero Internacional S.A.

Cuban citizens’ foreign currency bank accounts are currently funded by bank transfers from abroad (remittances) and cash deposits in any convertible currency.

For US dollars, a 10% tax (service fee) will be applied to all transactions.