Western Union resumes limited money transfers to Cuba
MIAMI –
Western Union stated Wednesday it has resumed remittance companies between the U.S. and Cuba in a restricted capability after two years of the important financial lifeline being severed.
The firm stopped the cash transfers in 2020 after then President Donald Trump tightened long-standing U.S. on Cuba. The Biden administration has loosed a handful of the Trump-era restrictions, together with remittance funds, however has nonetheless left many in place.
“The close connection between our U.S. customers and their families living in Cuba, together with the role our services play in helping create better lives, are inextricably linked,” stated Gabriella Fitzgerald, president of Western Union North America. “We are delighted to offer this critical connection once again for our customers.”
The check section is being rolled out in choose areas in Miami, and transfers will be despatched to 3 government-operated banks in Cuba — Banco Popular de Ahorro, Banco Metropolitano SA and Banco de Credito y Comercio.
Western Union stated funds can’t be despatched on-line, a broadly used different, and cash can solely be transferred in {dollars}. Payments are additionally restricted to $2,000 a day, and cash have to be picked up with a Cuban ID card, Fitzgerald stated in a news launch.
The reopening of remittance funds may supply Cuban households key financial assist throughout a time of document financial disaster within the Caribbean nation, considered one of numerous elements fueling a migratory exodus from the island.
The migration has put political stress on the Biden administration as a document variety of Cubans arrive to the U.S. southern border, additionally prompting new dialogues with the Cuban authorities.
The suspension in remittance funds had added vital hurdles to the island’s financial restoration efforts following the pandemic.
Cubans overseas would usually should resort to inventive strategies to get cash to family members on the island, reminiscent of sending cash via bitcoin buying and selling apps or lugging massive quantities of money on flights again dwelling.
