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Cubans Can Now Open Foreign Currency Accounts

Cubans will now be able to own a foreign currency account.

As of next Monday, Cubans will be able to open foreign currency accounts at the following banks: Banco Metropolitano, Banco de Crédito y Comercio and Banco Popular de Ahorro. These accounts can be used for the import and purchase of high demand consumer goods.

Irma Margarita Martínez Castrillón, Minister-President of the Central Bank of Cuba (BCC), stated that specific banking products had been designed in order to facilitate the process of buying consumer goods through state-owned companies in foreign currency.

Cuban citizens and foreigners with permanent residency status will be able to open these foreign currency accounts.

Ms Martinez also stated that these can be either single or joint accounts. The account holder will receive a debit card to conduct banking transactions because cash is not accepted.

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Account holders can designate a beneficiary for the account. It is not necessary for them to carry a minimum balance.

This new foreign currency account will be able to receive foreign funds via money transfer or remittances from overseas.

Accepted foreign currencies include the U.S. and Canadian dollars, euros, pound sterling, Mexican pesos, and others. National currency in the form of the Cuban peso and convertible CUCs are not accepted.

An exchange rate based on the U.S. dollar (USD) established daily by the banking institutions will be used as the exchange rate for the bank account. In the case of a cash deposit in U.S. dollars, a tax of 10 percent will be charged.

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