How to Send Money from Cuba to Canada

Get the best deals when you transfer from Cuba to Canada. Find the cheapest, fastest, and most reliable providers with the best exchange rates.

Read on for the best deals, expert information, and all you need to send money to Canada from Cuba.

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How to send money to Canada from Cuba

The best way to send CUC to CAD

Wise

The total number of Cuba to Canadian Dollar providers

3

The average cheapest way to send money from Cuba to Canada

Instarem

Best option for debit card transfers

Instarem

Best option for bank transfers

CurrencyFair

You can always compare rates and fees based on your transfer amount and payment options when sending money.

The best way to send money from Cuba to Canada

We recommend using Wise for money transfers to Canada from Cuba.

We analyzed 3 providers that allow CUC to CAD transfers. Wise emerged as the best option in 66.7% of searches.

What’s the cheapest way to send money from Cuba to Canada?

Based on results from the last 3 months, of the 3 providers we list, the cheapest way to send money from the Cuba to Canada was Instarem, and the average cheapest payment method was bankTransfer.

Instarem has averaged 2.4% cheaper than the next nearest provider for money transfers to Canada from Cuba.

Just to make you aware, bankTransfer was the overall cheapest payment method.

The cheapest way to send money isn't always the fastest

Be sure to pick the right option, Instarem is the most cost effective way of sending, but make sure the timeframes work for you.

How the cost of sending money to Canada from Cuba is calculated

The cost of sending money from Cuba to Cuba depends on several things, including:

The mid-market rate

The current mid-market rate between CUC and CAD is 1.357905. The rate the time you transfer will impact your overall cost. As an example, Wise has averaged -0.05% below the mid-market rate over the last 3 months, generally making sending money a little cheaper before fees.

The markup and fee

Providers will often charge a markup on the rate, fees, or both, for transfers between Cuba and Canada. This is why Instarem is listed as our cheapest option - they offer the best combination of Peso Convertible to Canadian Dollar (0.15) and fees (1.16).

Bank transfers from Cuba to Canada

Bank transfers are the most common way of sending CUC to Canada as they are secure, reliable, and convenient.

If you want to send Peso Convertibles to Canada through a bank transfer, CurrencyFair has been the top rated provider in our comparison system for the last 3 months, being recommended 100% of the time.

That’s because companies like CurrencyFair bypass the SWIFT network by relying on their own digital network of banks, making transfers faster and cheaper. As an example, CurrencyFair's transaction fees for Peso Convertibles into Canada have averaged significantly lower than banks for the last 3 months.

Credit card payments from Cuba to Canada

Sending money with a credit card is quick, convenient, and typically more secure than other methods, thanks to backing by the issuing party. Some users may even be able to rack up reward points when making large transactions.

If you want to send Peso Convertibles to Canada with a credit card, Instarem has been the top rated provider in our comparison system for the last 3 months, being recommended 66.7% of the time.

Beware of charges

Credit card payments are often classified as cash advances, which bring their own charges, not to mention currency conversion and usage fees. And forgetting to pay your balance can result in high interest charges or even damage your credit score.

Debit card payments from Cuba to Canada

Debit card payments let you send money from the Cuba to Canada with the similar convenience of a credit card, and there are usually no tax advance fees. That said, when sending money from a debit card, you might still face currency exchange fees, processing fees, and other expenses, making this a pricier option than a simple bank transfer.

If you want to send Peso Convertibles to Canada with a debit card, Instarem has been the top rated provider in our comparison system for the last 3 months, recommended 66.7% of the time.

Finding the best exchange rate for CUC to CAD

The mid-market exchange rate changes daily, so timing your transfer can make a big difference to how many Canadian Dollars you can get for your Peso Convertibles. The average Peso Convertible to Canadian Dollar mid-market rate over the last month was , with a low of and a high of .

For comparison, the best exchange rate for CUC to CAD right now is through Wise, at a difference of 0.23%.

How we find the best transfer deals from Cuba to Canada

We’ve compared the cost, speed, and product offering of the top money transfer services (including Wise) available between Canada and Cuba.

We also produce unbiased, detailed reviews of all the top money transfer companies for sending Peso Convertible to Canada, helping you in making smarter, simpler choices. We pride ourselves on our objective reviews, maintaining complete independence in our analysis and ratings.

Take a look at our comprehensive editorial policy for more information about our dedication to integrity and transparency.

Frequently asked questions

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Contributors

Keith Hodges
Keith is a digital specialist with a background in the financial industry, both as a marketeer and a journalist. Keith joined MoneyTransfers.com in order to take the business to the next level and expand our offering in multiple international money transfer markets.
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