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How to send money to Cuba from Singapore

Find the best way to transfer money from Singapore to .

Helen Champion

Updated

May 26, 2022

Fact checked

Despite the fact that the Canadian government has not imposed sanctions against Cuba, the island nation’s political relationship with its neighbour, the United States, makes it difficult to trade with and send money to. But not to worry! It’s possible to send money to Cuba through a bank, money transfer service provider or the AIS card program.

Load funds onto an AIS card

Cuban-based commercial corporation, Fincimex, used to issue American International Service (AIS) cards, onto which USD, euros or the Cuban Convertible peso (CUC) could be loaded to pay for purchases where foreign currencies are accepted in Cuba. Fincimex is no longer issuing AIS cards, but existing cardholders can continue to use their AIS cards as usual.

Getting an AIS card was relatively simple. If you wanted to send money to Cuba, all you had to do was provide AIS with your recipient’s full name, address and local identification number. A card would then be mailed to a FINCIMEX office close to your recipient’s home in Cuba, and he or she could go in person to pick it up. It could take from 5-20 business days to arrive.

Senders can still go online to deposit funds in USD or EUR onto AIS cards that have already been issued. Up to 3,000 CUC ($3,000 USD) can be sent per quarter, after which you’ll have to provide additional information if you want to send more.

Sendvalu

Accepts both Visa and Mastercard

Has received complaints for poor customer service

Sendvalu supports transfers for cash pickup at one of over 455 locations in Cuba or by direct deposit into the recipient’s Cuban bank account. Transfers are typically executed within 48 hours (longer during holiday periods), and both Visa and Mastercard are accepted. The company claims that its fees are less expensive than withdrawing money from a credit card at an ATM.

Sendvalu has a rating of 2.0 out of 5 stars on Trustpilot based on 500+ reviews. Complaints typically revolve around poor customer service and transaction delays. On the other hand, it has a much more positive rating on REVIEWS.io (a Google Licensed Review Partner), earning 4.67 out of 5 stars based on nearly 3,800+ reviews.

Enviodinero

Lots of options for receiving funds

Transfer process can be complex

Canadian-based Enviodinero also allows transfers to Cuba with several options for receiving funds: mobile top up, deposit onto the recipient’s AIS card, deposit into the recipient’s Banco Metropolitano S.A. bank account or cash pickup in either CUC or CUP at a Banco Metropolitano S.A. branch. Funds are generally available on AIS cards within 24-48 hours, although an Express Service is available that is supposed to deposit funds within a few hours (conditions apply).

As of the time of writing, there aren’t many customer reviews of Enviodinero available online. The company has around 10 reviews on Trustpilot with an overall rating of 3.0 out of 5 stars. Complaints typically concern the administrative complexity of sending transfers and the website being down frequently. If you decide to check out Enviodinero, you should do so cautiously.

Important! Carefully researching money transfers services before sending funds can save you time and money. Pay attention to customers reviews, and carefully review transaction terms and details before moving ahead with any transfer. If you suspect a company may be a scam, report it to the Canadian Anti-Fraud Centre. If you’ve actually lost money due to a scam, contact your local police as well.

Send money through your bank: Wire transfers and online banking

All of Canada’s major banks support international wire transfers to Cuba, although you could be looking at fees ranging from $15-$50+ per transfer. And some banks even allow customers to transfer to Cuba through online banking.

We reached out to Canada’s “Big Five Banks” to verify what options are available for sending money to Cuba. The table below summarizes our findings. (Note that this information is current as of November 13, 2020. Service availability can change, so you should check with your bank or credit union to find out exactly what options are available to you now.)

	TD Canada Trust	CIBC	RBC	BMO	Scotiabank
Wire transfer (in branch)
Money transfer via online banking	Via TD Global Transfer on TD’s mobile app or EasyWeb		Send up to $2,500 CAD (or more via in-branch wire transfer)

TD Canada Trust also offers Visa Direct, a service that lets TD Visa card holders send between $10 and $2,500 to 170+ countries (including Cuba) in 150+ currencies. Both the sender and the recipient must have a Visa Debit, credit or prepaid card enabled with Visa Direct. Funds are deposited within 24-48 hours into whatever account is linked to the recipient’s Visa card. Not all banks support Visa Direct, so you have to contact your recipient’s bank in Cuba to find out whether this option is available.

Bank fees for wire transfers

What you should know about Cuban currencies

There are 2 cash currencies being used in Cuba: the Cuban Convertible peso (CUC) and the National peso (CUP). The CUC was introduced after the CUP as a stronger, alternative currency and is pegged to the US dollar (1:1). The government reportedly plans to phase out the CUC over time and create a new, unified unified CUP (no specific date has been announced yet).

In light of economic pressure from COVID-19, the Cuban government recently introduced a third, card-only “freely convertible currency” called the Moneda Libremente Convertible (MLC). Cuban residents spend MLC by loading foreign funds onto a giro card, which can be used to pay for purchases at state-run “foreign exchange stores.” By making it easier to buy Cuban goods in other currencies, the government is attempting to prevent foreign money from being spent in nearby countries.

The table below summarizes the differences between these 3 Cuban currencies:

	National peso	Cuban Convertible peso	Moneda Libremente Convertible
Currency abbreviation	CUP	CUC	MLC
Date introduced	1857	1994	2020
Currency format	Banknotes and coins	Banknotes and coins	Loaded onto a giro card (card only; no banknotes or coins)
Relationship to the US dollar	1 CUP = 24 CUC = 24 USD. (Most state-owned companies and banks exchange CUP and CUC on a 1:1 basis, which can confuse the real value of assets held in either currency.)	Pegged to the US dollar (1:1)	Exchange rate fluctuates, but is generally around 1 MLC = 0.0054 USD. (So, $50 USD would be approx. 9,260 MLC.)
Where is it accepted?	Accepted in most places in Cuba (although a few stores only accept CUC). State workers are paid in CUP.	Typically used to pay for more luxurious purchases. Also used for tourism and transportation purchases like hotels, restaurants, taxis and buses.	Used to purchase everyday goods in state-run “foreign exchange stores.”

If you’re transferring money to Cuba, try to send CUC, and make sure your recipient knows to be on the lookout for scam artists who try to swap out CUC with CUP without being noticed.

Which currencies are popular in Cuba?

Given the political climate, Cuba does not welcome currencies from everywhere. You will find it difficult to exchange most currencies in the country, and travellers are warned that they will be hit with a sizeable commission fee when they are able to transact. Up until recently, the Cuban government hit US dollar transactions with a sizeable tax. The tax has since been removed in light of shifting trade relations with the US and the devastating effect coronavirus has had on the Cuban economy.

The most welcomed currencies in Cuba are the Canadian dollar, British pound sterling and euro, so your best bet is to bring currency from home if you decide to convert on the ground and put some CUC or CUP in your pocket.

Bottom line

Your options for sending money to Cuba are limited, but it’s not impossible. Bank wire transfers may be your easiest option, but you can also look into using private money transfer services or topping up an AIS card if your recipient has one. If you hold an account at TD or RBC, you can transfer money to Cuba via online banking.

Want to know about your transfer options to other countries around the world? Check out our A-Z listing of countries you can send money to, and compare transfer service providers to make sure you’re getting the best deal.

Frequently asked questions

No. As in most countries, you can only open a bank account in Cuba if you actually reside there. Recently, however, the Cuban government decided to allow non-permanent residents (i.e. foreign students, professionals, entrepreneurs and other groups) to open Cuban bank accounts to attract more foreign spending in hopes of lifting the economy post COVID-19.
Much about this government resolution remains yet to be clarified. But accounts reportedly come with a debit card and can hold 9 foreign currencies including US dollars, Mexican pesos, euros and Swiss francs.
No. To send money across Cuba using Correos de Cuba, you need to have a Cuban bank card and access to Cuba’s national internet network (.cu), among other things. You cannot get a Cuban bank card unless you reside in Cuba.
Although the government controls who can access certain websites, it’s possible to connect to Cuban websites using a VPN. However, Cuba’s national network has limited bandwidth and isn’t known for being reliable.
The Canadian and Cuban governments take very different approaches to managing national currencies, money transfers and international trade. Historically, the Cuban government has often chosen to encourage growth by limiting foreign influence on domestic affairs. This has sometimes been due to strained political relations with other countries, particularly the US. As a result, you won’t have easy access to Cuba’s currencies unless you actually live in Cuba.
That being said, COVID-19 has hurt the economies of many countries — including Cuba. The Cuban government has therefore reassessed some of its policies that had previously restricted foreign dollars from coming into the country.
For example, Cuban residents without permanent residency status (like foreign students and professionals) can now open Cuban bank accounts in multiple currencies. The Cuban government has also created a “freely convertible” currency — the Moneda Libremente Convertible (MLC) — which makes it easier to spend foreign dollars at specific, state-run Cuban stores.

Thank you for your feedback!

Helen Champion

Helen Champion is an associate editor at Finder. She has worked in communications for over 16 years and currently writes on a range of topics including insurance and money transfers in the hope of empowering people to make better financial decisions. During her broadcast career, she helped to produce hundreds of news and breaking news reports for Associated Press TV and ITV News. And in public relations, she managed several high-profile public relations campaigns for Macmillan Cancer Support, the General Medical Council and overseas for Qatar Foundation on behalf of BLJ Worldwide. Helen has a Bachelor of Arts in Journalism from the University of Lincoln, a passion for practising karate in the dojo and a deep love of making mischief with her sons.

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How to send money to Cuba from Singapore

Find the best way to transfer money from Singapore to .

Load funds onto an AIS card

Sendvalu

Enviodinero

Send money through your bank: Wire transfers and online banking

What you should know about Cuban currencies

Which currencies are popular in Cuba?

Bottom line

Frequently asked questions

Can I send money to Cuba using Western Union?

Can I open a Cuban bank account if I live in Canada?

Can Canadians transfer money to Cuba using Correos de Cuba (the Cuban post office) money transfer services?

Why is it so hard to send money to Cuba?

Helen Champion

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