The Central Bank of Cuba (BCC) promoted on its Telegram channel a “safe” and “low cost” way to send remittances to Cuba.
“Send money to Cuba safely and at the lowest possible cost,” reads the message shared.
According to the text, transfers are made from “international cards issued in any country, to MLC, Classic and AIS USD cards from any province of Cuba.”
“In just minutes you will be able to verify the deposit of the transfers with your beneficiaries,” they add in the note.
It is essentially the Tocopay platform, associated with the Cuban financial company Fincimex, and with registered office in the Basque Country, Spain.
New Tocopay service: remittances to Classic Cards in dollars
Recently, the page announced a new feature. The possibility of reloading Classic Cards in dollars, a new Fincimex product for payments in Cuba.
“This means of payment is valid for the purchase of goods and services in the country’s commercial network, through point-of-sale (POS) terminals, with attractive discounts and incentives,” highlights Tocopay.
Furthermore, they state that “as a novelty, it also incorporates the possibility of paying for imports, as well as its use in the network of service centers enabled for the sale of fuel in USD.”
Send remittances to Cuba through Tocopay
To use this site promoted by the Central Bank of Cuba you will need an international card (Visa, Mastercard, Maestro or UnionPay), prepaid, credit or debit, enabled for Secure Internet Payments.
In Cuba, your beneficiary must be the holder of an AIS, CLASICA or MLC card from the Metropolitan, Popular Savings (BPA) or Credit and Commerce (BANDEC) banks. Likewise, with a successful first shipment, the sender may request the manufacture of a new AIS or CLASSIC card for the recipient on the island.
How much does Tocopay charge for money transfers to Cuba?
The platform has with a calculator which shows the type of shipment, the payment currency, the amount the beneficiary receives, the rate applied and the total to be paid.
For example, if you want to make a deposit on an MLC card and pay in dollars, for your family member in Cuba to receive 100 MLC you will have to pay Tocopay a fee of 10.47. That is, in total you will pay 110.47 USD
Do you want your family member in Cuba to collect the remittance in cash, whether dollars or euros? We recommend you read this article.
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