Cuba (CU)
Cuba is a unique socialist island nation of 11 million people in the Caribbean — a country of vintage American cars, world-famous cigars, Havana salsa, colonial architecture, and extraordinary natural beauty.
Banking in Cuba
Recommended banks, payment culture and credit score basics.
CRITICAL: Cuba banking is unique due to the US embargo. US-issued bank cards (Visa, Mastercard, Amex, Discover — from ANY US-headquartered bank) do NOT work in Cuba. All foreign visitors must bring sufficient cash in EUR, CAD, GBP, or other non-USD currencies. The Cuban banking system is entirely state-owned. The dual-currency CUP/CUC system was eliminated in January 2021 — only the Cuban Peso (CUP) is now the official currency. The MLC (Moneda Libremente Convertible) system allows hard foreign currency to be loaded onto Cuban prepaid debit cards for use at MLC-accepting stores. Foreigners generally cannot open standard CUP bank accounts; options are restricted to diplomatic staff, long-stay work-permit holders, and joint-venture employees.
Recommended banks
Banco Metropolitano (BM)
Monthly fee: No monthly fee for basic accounts; MLC card loading fees apply
Requirements: Residency-level documentation required. Difficult for short-stay visitors; possible for diplomatic staff and long-stay work-permit holders. Bring passport, valid work or residency permit, Cuban address proof. In-person visit to Miramar or Vedado branch.
- + The primary bank serving the Havana expat and diplomatic community
- + Branches in Miramar (diplomatic quarter) and Vedado with some English-speaking staff
- + Can facilitate MLC prepaid card (Tarjeta MLC) issuance for qualifying foreigners
- + Handles hard-currency deposits for MLC spending
- - Only available to foreigners with legitimate long-stay work or diplomatic status
- - No international SWIFT transfers in or out in a practical sense for individual expats
- - Very limited English service
Banco Financiero Internacional (BFI)
Monthly fee: No monthly fee; transaction fees apply for international wires
Requirements: Primarily for foreign businesses and joint ventures operating in Cuba. Individual accounts possible with sponsoring institution (employer, embassy, or international organisation). Passport, work permit, institutional letter of sponsorship required.
- + Handles foreign currency transactions for joint ventures and international organisations
- + International wire transfers possible — one of the few Cuban banks with real SWIFT capability
- + Used by UN agencies, foreign embassies, and international NGOs operating in Cuba
- + Slightly better compliance and documentation processes than other Cuban state banks
- - Not accessible to individual expats without institutional sponsorship
- - Extremely limited scope — cannot be used for personal daily banking
- - SWIFT transfers to/from the US are prohibited under OFAC rules regardless of bank
BANDEC (Banco de Crédito y Comercio)
Monthly fee: No monthly fee for basic accounts
Requirements: Primarily a commercial and agricultural bank. Individual accounts for foreigners are possible in some provincial branches for joint-venture employees and NGO field staff. Passport, work permit, employer letter, Cuban address proof required.
- + Cuba's main commercial bank with widest provincial branch coverage outside Havana
- + Relevant for expats working in agricultural, environmental, or development projects in regions outside the capital
- + Processes CUP salary for joint-venture employees in provincial settings
- - Not a realistic option for expats based in Havana — Banco Metropolitano is the Havana choice
- - No international transfer capabilities for individual accounts
- - Services are primarily in Spanish with no English support
CADECA (Casa de Cambio)
Monthly fee: No account — currency exchange service only; exchange rate margin applies
Requirements: No account needed. Present passport and foreign cash (EUR, CAD, GBP, MXN, CHF accepted). Note: USD is technically exchangeable but historically subject to restrictions — confirm current policy on arrival.
- + Official currency exchange service — best legitimate rate for CUP
- + Locations at José Martí Airport (Terminal 2/3), Vedado, Miramar, and hotel lobbies
- + No account or registration required — immediate exchange
- + EUR, CAD, GBP, MXN, and other currencies exchangeable to CUP
- - Cash-in, cash-out only — no banking, transfers, or cards
- - Queues can be long, especially at the airport
- - Informal exchange rates outside CADECA may differ — only use official CADECA to avoid legal and security risk
Banco Popular de Ahorro (BPA)
Monthly fee: No monthly fee
Requirements: Primarily for Cuban citizens. Foreign nationals face very limited access — a work permit and employer sponsorship are required even to enquire. Not a realistic primary banking option for most expats.
- + Nationwide branch coverage across all provinces — the bank most Cubans use
- + Basic savings account functionality for those who gain access
- - Effectively closed to most foreign nationals without deep institutional ties
- - No international banking capabilities
- - Spanish-only; no English support
- - Not a practical banking solution for expats
Payment culture
Cuba is a cash economy. Bring substantially more cash than you expect to need — EUR, CAD, and GBP are the most practical currencies. USD can be exchanged officially at CADECA but historically faced restrictions and a surcharge; confirm current policy on arrival. Card payments for foreigners are limited to the MLC prepaid card system: load hard currency at Banco Metropolitano or participating hotel branches onto a Tarjeta MLC (MLC debit card), then spend at MLC-accepting supermarkets, pharmacies, and select restaurants. Most restaurants, taxis (state and private), casas particulares, street food vendors, and smaller shops are cash-only in CUP. Carry multiple denominations of both CUP and EUR/CAD in case exact change is required.
Cash access
ATMs in Cuba: very limited in number, primarily at hotels and tourist areas in Havana. Non-US foreign debit cards (e.g., European Mastercard issued outside the USA) have worked intermittently at some Havana ATMs, but reliability is extremely low and the situation changes frequently — NEVER rely on ATM access. Always carry the full cash you need for your planned stay. CADECA offices at José Martí Airport, Vedado, Miramar, and major hotel lobbies offer the safest and most reliable exchange. Always exchange at official CADECA outlets — informal street exchanges carry legal and safety risks.
No Cuban credit score system
Cuba does not operate a credit scoring or credit reference system for individuals. There is no equivalent of SCHUFA, Experian, or Equifax. Banks assess Cuban business and agricultural creditworthiness on a case-by-case basis through direct state bank relationship management.
For foreign nationals, there is no credit history infrastructure in Cuba. You cannot build or access a credit score. All significant transactions require cash or institutional advance payment. Your home-country credit history is irrelevant inside Cuba.
International transfers
Sending money to Cuba from abroad: Western Union suspended US→Cuba transfers in February 2025 following expanded US sanctions (Secretary Rubio's Cuba Restricted List). From non-US countries, Western Union may still operate via non-US partner channels — verify current availability. Wise does NOT support Cuba due to OFAC embargo regulations. Sending money from Cuba internationally is extremely limited — only BFI has meaningful SWIFT capability and only for institutionally-sponsored accounts. US persons sending money to Cuba face heightened restrictions under expanded 2025 OFAC regulations. For practical long-stay expats: arrive with substantial cash and verify available remittance channels before each trip as the situation changes frequently.