Finding Affordable Ways to Send Money to Cuba
Sending money to Cuba presents unique challenges due to economic sanctions, currency restrictions, and limited financial infrastructure. For families supporting loved ones or businesses facilitating transactions, finding the cheapest way to send money to Cuba is crucial. This guide compares fees, exchange rates, and transfer options to help you maximize every dollar sent while navigating Cuba’s complex remittance landscape.
Key Factors Affecting Transfer Costs to Cuba
Understanding these elements helps identify truly low-cost options:
- Transfer Fees: Flat fees per transaction (often $2-$15)
- Exchange Rate Margins: Hidden markups on USD-CUP conversions
- Delivery Method: Bank deposits cost less than cash pickup
- Transfer Speed: Slower options (3-5 days) are typically cheaper
- Service Providers: Fees vary significantly between companies
Top 5 Cheapest Money Transfer Services for Cuba
Based on fees, exchange rates, and reliability:
- Zelle via Fincimex: 0% transfer fee when sending USD to Cuban ATMs (requires Cuban bank account)
- MLC Transfer Services: ~2% fee via platforms like Remitly for deposits to Cuban MLC accounts
- AIS: $1.99 flat fee for bank deposits with competitive exchange rates
- Western Union: $8 for cash pickups at CADECA offices (widest network)
- WorldRemit: $3.99 for first transfer, then $6.99 with mid-market rates
Step-by-Step: How to Send Money Cheaply
Follow this process for maximum savings:
- Compare real exchange rates on sites like Monito or SaveSend
- Choose bank deposit over cash pickup (saves 3-7% in fees)
- Bundle transfers (send larger amounts less frequently)
- Use first-time user discounts (many apps offer fee waivers)
- Verify recipient’s ID type matches provider requirements
- Track transfers via app to avoid redelivery fees
Pro Tips to Reduce Costs Further
- Time transfers mid-week for better rates (avoid weekends)
- Send USD when possible to avoid double conversion fees
- Use referral programs for $10-$20 transfer credits
- Monitor Cuba’s currency reforms for new low-cost options
- Avoid credit card payments (3% surcharge common)
Frequently Asked Questions
Q: What’s the absolute cheapest method for small transfers?
A: Zelle to Fincimex accounts ($0 fees under $1,000/month) if recipient has Cuban bank access.
Q: Are there hidden fees when sending to Cuba?
A: Yes! Always check the USD-CUP exchange rate against Cuba’s official rate. A 10% margin is common.
Q: Can I use PayPal or Venmo?
A: No. US sanctions block major digital wallets. Use Cuba-specific services instead.
Q: How much money can I send monthly?
A: Most services limit $2,000-$10,000 monthly. Cuba’s government caps foreign transfers at 5,000 CUP/month per recipient.
Q: Why are bank deposits cheaper than cash?
A: Cash handling involves security, logistics, and CADECA commissions. Electronic transfers skip these costs.
Final Tip: Always confirm current regulations at Banco Central de Cuba as policies change frequently. By combining strategic timing, provider selection, and transfer methods, you can consistently achieve savings of 15-30% compared to standard services.
