Every forward thinking nation has matters of currency at the core heart of the nation. Cuba is definitely one of such countries, with a very unique way of handling its currency. Let us look deep into this country's way of dealing with matters pertaining to money transfer. There are a few great ways to make a money transfer in Cuba. Money transfer services are among the top on the list. These cash-to-cash service institutions like Ria, MoneyGram and Western Union convert the Cuban Peso or the convertible Peso, deduct the service fee charged leaving the recipient to claim the remaining amount of cash at a corresponding branch in Cuba. Transferring funds through the banks is another alternative option in Cuba, except that it requires the transferee to ensure that their bank has a Cuban correspondent. The role of e-transfer can also not be ignored as an option of money transfer. This method is similar to paying bills electronically. It is cheaper than the traditional bank transfer. Let us weigh in on the restrictions involved in sending and receiving money in Cuba. It should be noted that US dollars are not accepted anymore in Cuban retail outlets, and exchanging the dollars into Cuban Peso can lead to up to a commission of 10%. Inflated charges could also occur when the recipients of travellers cheques fail to cash them in at the banks or official exchange bureaus. These are restrictions that are difficult to overlook. The process of sending money is rather easier than one would think. One is required to have a credit card that has a low maximum credit balance or debit card with a controllable withdrawal limit. With this, it is easy to control the cash flow allowing the recipient to access the cash instantly at no fee except the exchange rate. The planned economy of Cuba, whose enterprises are mainly state-run, has been going through adverse conditions in the recent past. However, good news is that measures are being adopted to lessen the impact of a likely downturn in the economy. Apart from the Central Bank of Cuba, and a number of retail banks licensed by the Central Bank, the Scotiabank has a significant presence in the country, offering a wide range of good correspondent banking services.
Cuban Peso and Cuban Convertible Peso? Cuba's official currency is the Cuban Peso and each Peso is made up of 100 centavos. The other 'tourist' currency that is in circulation in Cuba is the Cuban convertible Peso or CCP. This was introduced in order to prevent shops and other vendors from displaying signs which were both in the US dollars and Cuban Pesos. When you want to send currency to a recipient in Cuba make sure that you check the currency rate Cuba is offering for Cuban Pesos. Checking the exchange rate for foreign currency is totally free when you use an online exchange broker.
Currency no longer accepted
Another good reason to complete an online money transfer to Cuba is that since 2004 US dollars are no longer accepted in retail outlets. So if you have previously sent currency in US dollars via the mail you should no longer use this method. In addition to this exchanging US dollars into Cuban Peso can cost up to 10% in commission.
Use official exchange bureaus or banks
If you choose to send travellers cheques to Cuba you need to make sure that your recipient cashes them in at official exchange bureaus or banks. Failure to do this can lead to inflated charges which can be avoided when you transfer money to Cuba. This is the method of sending money to any recipient in Cuba without incurring any extra charges. If you want your money to go further complete a simple transfer online and you will save yourself money in fees.