Banking & Finance
Cash or card? Local bank or digital? In Cuba, the answer depends on where you live and how long you're staying.
Banking Overview in Cuba
| Feature | Details |
|---|---|
| Currency | Cuban convertible peso (CUP) $ |
| Bank Account for Foreigners | We found no record — confirm with the bank |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Cuba
Opening a bank account in Cuba as a foreigner may have some restrictions. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Banks in Cuba — remote & non-resident opening
Named banks operating in Cuba, and what our automated research found about non-resident remote account opening (no branch visit required). This has not been verified by a human reviewer — use it as a starting point and confirm directly with the bank.
| Bank | Remote opening | Confidence | Details |
|---|---|---|---|
| Banco de Crédito y Comercio (BANDEC) | May require an in-person visit — confirm with the bank directly | High | Cuba under comprehensive OFAC sanctions; no remote non-resident onboarding. |
| Banco Financiero Internacional | May require an in-person visit — confirm with the bank directly | High | Cuba comprehensively sanctioned (OFAC); no remote non-resident onboarding. |
| Banco Metropolitano | May require an in-person visit — confirm with the bank directly | High | Cuba under comprehensive OFAC sanctions; no remote non-resident onboarding. |
| Banco Popular de Ahorro | May require an in-person visit — confirm with the bank directly | High | Cuba under comprehensive OFAC sanctions; no remote non-resident onboarding. |
Last checked 2026-06-22 · Source: official bank websites, gathered via automated research that has not been reviewed by our founder — treat every row as a lead, not a verified fact, and confirm directly with the bank before you rely on it. Research confidence: High = clear supporting evidence found · Medium = partial or indirect evidence · Low = weak or conflicting evidence · Unrated = no confidence assessment recorded (unreviewed automated research).
Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Cuba. While you may be able to send money to Cuba, full local account features may not be available. Check their website for the latest on Cuba-specific services.
N26
We have no record of N26 operating in Cuba — check N26's own country list, as their coverage changes. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Cuba, consider these factors:
- Exchange rate: The currency is CUP. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Cuba is approximately €40 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
Frequently Asked Questions
How do international money transfers work from Cuba?
You can transfer money from Cuba via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
What is the local currency in Cuba?
The local currency in Cuba is Cuban convertible peso (CUP), represented by the symbol $. Most payments can be made by card, though cash may still be important in some contexts.
Can I get a credit card as an expat in Cuba?
Credit card availability for expats in Cuba depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Start with a debit card and apply for credit later.
How do ATM withdrawals work in Cuba?
ATMs are widely available in Cuba. Your bank's ATM network is usually free; out-of-network ATMs may charge $1-5 per withdrawal. International cards may incur additional fees.
Can I open a bank account remotely before moving to Cuba?
Remote account opening is generally not available in Cuba. You will likely need to visit a branch in person with your documents.
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About the author
António Mira is the founder of whereTOemigrate. For over a decade he has worked at the intersection of Portuguese real estate and overseas business, helping international clients navigate the cross-border decisions that come with relocating. He sits on the board of CCIAP (Portuguese-Arab Chamber of Commerce), the Portuguese-Saudi Business Council, and the Portugal-Hong Kong Business Association — always with one focus: enabling overseas business and human mobility into and out of Portugal.
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