Havana, Friday 22 de November de 2019 02:26 am

Cuba: convertible currency accounts, nine key points

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Cuba: convertible currency accounts, nine key pointsHAVANA, Oct 24 (ACN) Cuban News Agency outlines nine key aspects of new convertible currency accounts.

1-Permanent residents in the country can open U.S. dollar accounts, related to debit cards, in the offices of Metropolitano S.A., Credito y Comercio and Popular de Ahorro banks.
2-Accounts are created at the request of natural persons who do not work in the commercial activity, only with the presentation of their ID.
3-The debit card will be issued in 3 to 7 days (in Havana and provincial capitals) and up to 10 days for the rest of the country.
4-The account can be operated individually (only by the owner), or by more than one person, indistinctly. In the second case, the presence of the holders will be required at the opening of the account and each one may have a card.
5- Beneficiaries may be assigned.
6- These accounts do not require a minimum balance to open and no interest is calculated or applied.
7- Limits can be defined on the number of operations and amounts that can operate in a day, as well as a security mechanism for the client in case of card loss or misplacement, which can be changed at any time.
8- These bank accounts can receive funds through foreign transfers (which includes remittances that are currently processed against bank accounts), transfers from other foreign currency accounts or transfers between accounts of the same type.
9- They can receive cash deposits in US dollars, euros, British pounds, Canadian dollars, Swiss francs, Mexican pesos, Danish kroner, Norwegian kroner, Swedish kroner and Japanese yen. The exchange rate will be based on the US dollar and a levy will be applied as established in Resolution 80 of October 23, 2004.

 

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