The new exchange rate for operations of foreign currency accounts in Cuba

The Banco de Crédito y Comercio (Bandec) has announced a new exchange rate for operations with foreign currency accounts in Cuba.

According to an article published in the newspaper Sept. 5The aim of the new measure of the Central Bank of Cuba (BCC) is to benefit the natural persons who own the account to deposit and withdraw currencies in cash.

The text says: “The lower the bank’s trade margin, the more money the holder will receive.”

In this way, they transmit it From December 2, 2022, the Credito e Comercio (Bandic) Bank of Cienfuegos will not apply “a trade margin of the exchange rate for monetary transactions – credit (inputs) and debit (outputs) – to bank accounts in foreign currencies.”

This provision was approved as Agreement No. 27 of the Monetary Policy Committee of the BCC and “sets zero percent of cash profits for commercial banks to provide the service, which reduces operating costs for the population.”

In this sense, they specify, those who wish to deposit on cards in US dollars, “must multiply the amount of currency at the current exchange rate of purchase – which will not have a trading margin – and this balance is divided between 120 CUP, the rate of change from US dollars to the national currency, too without a commercial margin.

For example, when considering the exchange rate on December 2, in operations without a trade margin of the euro in cash, the exchange rate of 125.97600 CUP and with a trade margin of 123.45648 CUP is applied. Customer benefit 2.51952 CUP for every peso.

According to the information provided, the account applies to deposits of freely convertible currencies (MLC) accepted in Cuba: Australian dollars, Canadian dollars, Swiss francs, euros, British pounds, Japanese yen, Mexican pesos, Danish krona, Norwegian krona, Swedish crown.

However, they reiterate that “the restrictions imposed on the deposit of dollars in cash in bank accounts continue and that the extraction of funds will take place according to the availability of existing currencies.”

The text recommends that Bandec customers who want to take advantage of these operations, “before signing the voucher, check the transaction and card number.”

This can also be done “through electronic mobile banking, Enzona, phone banking or ATM platforms”.