This is how Western Union works to send money to Cuba

One of the most popular news in Cuba and the United States in 2023 is that Western Union has resumed money sending services to the island.

As is known, the remittance giant had suspended its operations in November 2020 due to sanctions imposed by the government of Donald Trump. But last March, Western Union reported that it had successfully completed its beta test of transfers to Cuba and was now operating normally.

“Cuba is open for operations. Now you can send money to your loved ones again,” they posted on their official social networks. In this article we tell you everything you need to know about the topic.

With this announcement, Western Union said it has offered several options for sending money to Cuba from the United States and that customers can take advantage of this service from more than 4,400 locations across the country.

Likewise, they reported that remittances can also be sent to Cuba via the company’s digital channels, e.g westernunion.com Wave to request Moving.

To solve customers’ concerns, Western Union answers their most frequently asked questions. Cuban guide It provides you with a summary of the most important information.

Perhaps the most important new thing is that beneficiaries in Cuba no longer receive funds in cash, but on their bank cards in freely convertible currency (MLC, or virtual dollars). But there are more details.

Western Union Cuba

Deposit in CubaMoney sent to Cuba via Western Union is deposited in dollars in the beneficiary’s bank account on the island. This service is available to beneficiaries who have bank accounts and/or MLC debit cards at Cuban banks: Banco Popular de Ahorro (BPA), Banco Metropolitano SA (Banmet), and Banco de Crédito y Comercio (Bandec).

Western Union explained from its customer service that “users cannot send money to their own bank accounts/MLC debit cards in Cuba.” Likewise, they emphasized that money transfers are usually deposited within one business day.

Shipping rates and commissions: You should know that Western Union calculates its exchange rate based on commercially available interbank rates, plus a margin. To be aware of these prices and the applicable exchange rates, you can simulate a shipment on the web or in the app, filling in the shipping information: destination country and quantity to be sent.

In our site’s testing of a $100 shipment, Western Union’s fee was $10.50. That is, the sender in the United States must pay $110.50 in order for the recipient to receive $100 in Cuba.

Collecting Western Union transfers in cash: In theory, you can request to withdraw the money that WU sent you in dollars. However, whether you can take it out will depend on Availability of Cuban banks.

Another thing you should know is that although Western Union already operates for Cuba from the United States, it does not yet operate from third countries.