Connect with us

Hi, what are you looking for?

Banking

Mastercard Now Functioning at Havana ATMs

mastercard-cuba

Cuba’s central bank and U.S. financial institutions are improving working to improve collaboration on matters of remittances and credit cards regardless of legal problems forced by Washington’s blockade again the Island.

Prior this year, as a major aspect of his endeavors to enhance relations with Cuba, U.S. President Barack Obama had loosened restrictions on financial services to decrease risks to American tourists carrying lots of cash while traveling to Cuba.

On Monday at the  first Conference on International Monetary Transfers, Irma Margarita Martinez, first VP of the Cuba’s National Bank, made a statement to the press, “Until today, Cuba hasn’t been able to do financial transactions directly with U.S. banks although we’re working together with several institutions to do it in the near future in a safe and efficient manner.”

She also stated in a BCC communique made available to the press,”That possibility is starting now that the pending financial and legal issues have been resolved and thanks to the efforts of the Cuban entities tasked with processing MasterCard and the foreign provider who is facilitating the handling of its operations for us.”

Stonegate Bank, of Popano Beach Florida, is the first U.S. bank to have a banking relationship  with Cuba after it opened an office in Havana in July of 2015.

The bank’s customers can now visit the island and use both a debit card and the Stonegate Bank Mastercard while traveling.

Martinez also stated that all  MasterCards, including Stonegate’s, can be used at ATM machines in Havana, something that could not be done earlier.  Credit and debt card use will begin in Havana and spread later to the rest of the nation.

The Cuban authority said Havana is interested in building financial relationships with U.S. Banking institutions.

She also added that currently banking transfers from the United States to Cuba are still being done via third countries due to restrictions imposed by Washington’s economic, financial and trade embargo on the island.

Advertisement. Scroll to continue reading.

On Twitter, Angelica Paredes @aparedesrebelde, Cuban journalist at Radiorebelde tweeted that all Mastercards, the Stonegate bank MasterCard and Banco Popular de Puerto Rico, can be used in the ATMs (automatic cash machines).

tweet-cuba-accepting-mastercard-debit-cards

Tania Fernandez, the Cuban banking manager at Stonegate, stated that around 500 credit cards have been issued in the last two weeks to Cuban-Americans on family visits and U.S. business people traveling to Cuba eager to investigate business opportunities on the Caribbean Island.

Related News:

Banking

Like similar financial districts, distributed in an area of ​​approximately two square kilometers, this building was the epicenter of what came to be called...

Banking

In a televised address to the nation, Cuban President Miguel Díaz-Canel, in the presence of Raul Castro, First Secretary of the Communist Party, made...

Interviews

Spanish lawyer Hermenegildo Altozano is a leading world expert on matters involving foreign investment with Cuba. Since 2011, Mr. Altozano is a partner at...

Banking

Please note: this article was published on December 28, 2019 and is now outdated. Currency unification will actually take place on January 1, 2021....

error: This content is copyright protected.