Use an American credit card in Cuba is now possible
From June 15th, 2016, American citizens and residents will be able to use credit card in Cuba thanks to the Mster Card issue by Stonegate Bank from Florida. This card could be used in restaurants and hotels without the need to carry any cash.
Last March 2015, Master Card authorized the use of their credit cards and recommended the users to check with their bank first if they could be used in Cuba.
However it is just now that a public entity anounces the use of this kind of transactions which has been penalized for more than 50 years in the Island.
This bank also issues debit card to facilitate the payment for those Americans visiting the Country and using the money available on their bank so they do not have to carry too much cash.
The Cuban Government already removed the 10% penalty on all transactions made with Amercican cards. Therefore the current exchange using cards is today 1 USD = 1 CUC, while changing cash the exchange rate is 1 USD = 0,87 CUC.
Will the Cuban residents in Cuba be able to open a bank account in Florida in the near future? It would be a great step forward for the Cubans if they could get access to the International Financial System.
If you want to find out more about practical information when visiting Cuba please follow this link.
We hope all these changes could help the financial system in Cuba, facilitating both the visitors and the Cubans living in the Country.
Un saludo a todos y hasta la proxima!