Cuba Allows Foreigners to Open Bank Accounts

RIO DE JANEIRO, BRAZIL – Cuba’s central bank now extends the use of currency accounts to foreigners. The regulation applies to individuals with temporary residence permits, such as foreign students, professionals, entrepreneurs and other groups, although this is not possible with a tourist visa.

The accounts can be held in Euros, US dollars, Swiss francs, Mexican pesos and six other foreign currencies, and are linked with a debit card. Accounts can be opened at Banco Metropolitano Bank (Havana only), Banco Popular de Ahorro or Banco Crédito y Comercio.

Debit cards can be used not only in the over 80 new foreign exchange offices, but also in all stores equipped with card terminals, including the CUC supermarket and stores selling products in Cuban pesos (CUP). The amounts are converted according to the official exchange rate.

Cards can also be used at ATMs to withdraw CUC at the official exchange rate. As a result, payments in US dollars or Euros can now be effected in many places in Cuba with no foreign currency circulating. While there is no fee for holding the account, there is a ten percent fee on every transaction in US dollar accounts. This does not apply to other currencies. There is no minimum amount for opening an account.

With the debit card, users can also benefit from the island’s growing online commerce. Payment by card is already mandatory in new stores, and in the future most transactions will be processed via smartphone apps, President Miguel Díaz-Canel recently said at a cabinet meeting. The two apps Transfermóvil and EnZona, which were recently linked to the first online stores of the state-owned supermarkets, are now available for this purpose.

When and how Cuba will reopen its doors to foreign visitors is currently still unclear. After the peak of the coronavirus epidemic on the island in late April, the country is now preparing for an initial easing of the coronavirus measures introduced on March 24th.

On May 15th, the Ministry of Tourism announced that Cuba would “not yet” open its borders, thereby rejecting rumors that tourism would restart in June.