Banco Central de Cuba eliminates trade margin for bank account transactions in foreign currency

The Cuban Central Bank (BCC) eliminates margin trading for bank account transactions in Currency exchange rate of the natural persons on the island.

Agreement No. 27/2022 of the Monetary Policy Committee provides that the trade margin shall not be applied in cash deposits and withdrawals from foreign currency accounts of natural persons. The lower the trading margin, the greater the benefit to the client! Banco de Crédito y Comercio (BANDEC) noted on Twitter about the measure that has been in place since last Friday.

The agreement is valid for cash transactions, incoming and outgoing in foreign currency bank accounts of residents of the island, reports state media. Sept. 5.

According to the above-mentioned media, the BCC Monetary Policy Committee No. 27 agreement sets zero percent cash dividends for commercial banks to provide the service, which reduces the operating cost for the population.

They also explain that for depositing with cards in US dollars, backed by freely convertible currencies (MLC), the amount of currency you have must be multiplied by the current exchange rate for purchase – now with no trade margin – and that balance is Divide by 120 CUP, the exchange rate from US dollars to the national currency , and also without a commercial margin.

Likewise, operations without a trade margin of EUR in cash apply an exchange rate of 125.97600 CUP and a trade margin of 123.45648 CUP; With interest to the customer of 2.51952 CUP for every peso, which was formerly the bank’s profit.

In addition, they show that if 10 euros is multiplied by 125.97600 CUP – the exchange rate for this currency – divided by 120 CUP – the dollar exchange rate; The amount to be deposited to the card is $10.50; At the previous exchange rate, he received $10.29.

This account applies to deposits of freely convertible currencies (MLC) in the country, which include Australian dollars, Canadian dollars, Swiss francs, euros, British pounds, Japanese yen, Mexican pesos, Danish krona, Norwegian krona and Swedish krona. .

They also recommend that you review the operation and card number before signing the voucher and consult the operation carried out through electronic mobile banking, Enzona, phone banking or ATM platforms.

They also indicate that users of the Transfermóvil application can find out the exchange rate for the day by authenticating themselves in the application, accessing the BANDEC query module and selecting the “Exchange Rate” menu.

However, they clarified that the restrictions on depositing dollars in cash into bank accounts still apply and that withdrawing funds will continue subject to the availability of current currencies.