Compare the best ways to send money to Cuba

Don't settle for the first option. Always compare ways to send money to Cuba to find out about fees, speed, and reliability.

Our analysis included 5 providers that operate in Cuba.

Through this, you get a comprehensive view of all the options you have when sending money to Cuba.

The cheapest way to pay for your transfer to Cuba is via Bank transfer with Wise. It is 0% cheaper than the next best option.

The way you pay affects the cost, speed, and the amount of CUC you receive.

Here are your cheapest options:

*Based on a $2,000 transfer to Cuba using our 6-month comparison data. Transfer time is based on averages from multiple companies.

Avoid using a Bank transfer option for transfers to Cuba, as it’s the most expensive.

Credit card transfers to Cuba come with cash advance fees and higher interest rates on CUC.

Wise, for example, charges $48.39 when paying with a credit card vs $39.28 via bank transfer by Wise.

When possible, avoid sending CUC over the SWIFT network. Despite its name, SWIFT transfers to Cuba are slower with steeper fees.

Some services have limits on how much you can transfer, both minimum and maximum thresholds.

Different services might offer better rates or lower fees for different transfer amounts.

For example, we recommend using Wise if you need to send large amounts of CUC abroad.

In general, the quicker you need CUC delivered, the more it will cost you in fees.

Transfer speed to Cuba depends on the CUC amount, the time you initiate the transfer, and your payment method.

Take, for instance, an urgent need to transfer $2,000 from the US to Cuba.

Overall, of 5 companies serving Cuba, Ria Money Transfer is the fastest regardless of the deposit method, appearing 50.5% of the time in our searches.

For bank or debit card deposits, services like Ria Money Transfer excel in this regard, offering near-instantaneous and cheapest CUC transfers with $4 or $15.86 fees respectively and 2.8% markup.

Credit card transfers via Wise to CUC can take up to a day with a $47.85 fee and 0% markup (keep cash advance fees in mind). This is based on 6-month data from comparisons on MoneyTransfers.com.

For most urgent transfers to Cuba, cash pickup will be the fastest, via Western Union or Ria Money.

Avoid SWIFT for CUC transfers as it's slower due to intermediary banks in Cuba.

When sending money to Cuba, you may be limited by who you send money to and the method you use to transfer.

According to the USA’s current Code of Federal Regulations, money transfers are limited to close family members.

Additionally, remittances to members of the Cuban Communist Party are strictly prohibited, regardless of family status. For example, if your parents work for the Cuban government, you’ll be prohibited from sending money.

At present, bank transfers and international money orders to Cuba are illegal unless you have an account at a bank outside the United States.

Here are a few options you have when sending money to Cuba:

• Online: There are a few money transfer providers such as TropiPay that let you send money to Cuba. This is the most convenient and fastest way to make a transfer to Cuba.

• In-person: You can use major high street exchanges such as Western Union to send cash to Cuba. These are almost instant but will require the recipient to visit the nearest agent to collect it.

• Cryptocurrency: In addition, Tether can be a viable option since any governing body does not presently regulate it. However, it’s not the most convenient, as recipients will have to convert their Tether into local currency to spend it.

While regulations make it challenging to send money to Cuba, recipients still have multiple options for receiving their funds, including:

• Bank deposit: Recipients can receive money directly into their bank accounts, and money transfer apps can complete the transfer within two days or less. TropiPay or Western Union are good options for that. However, if you're using Western Union, you can only deposit money into the following banks: Banco de Credito y Comercio, Banco Metropolitano SA, and Banco Popular de Ahorro.

• Cash pickup: The recipient will need to visit their local agent or bank branch (depending don't he company you use to send money) to pick up the cash. In some cases, cash can be delivered to their door as well.

• Digital wallet: You can also receive funds in a digital wallet, which eliminates the need to have direct access to a Cuban bank. For example, you can receive money in your TropiPay e-wallet or Etesca mobile wallet.

To receive money in Cuba, you will need:

• Valid forms of ID: this could be a National ID, passport, or driving license.

• Sender's information: the full name and address of the sender.

• Transfer details: the amount of CUC to be received.

• Transfer reference number: will be needed for cash pickup or home delivery.

When you're sending or receiving money in Cuba, you have to be ready to share some documents.

The exact documents you need might vary by the company you use. Usually, you will have to:

• Show a government ID like a passport or driver's license.

• Give your contact details such as phone number and email address.

You will also need the recipients' details in Cuba. Sometimes this may include an IBAN or a SWIFT code depending on your payment method.

If you're making a large transaction to Cuba, a provider may ask you for proof of address (e.g. a phone or utility bill) and your source of funds (e.g. a bank statement).

That’s why we suggest Wise in this case. They know how to handle large CUC transfers and will help you get things done fast.

Transfers to Cuba are limited to family members.

Transferring money to Cuba for commercial purposes is a bit trickier since only family members can receive remittance, and current regulations limit the kinds of companies that US residents can do business with.

Cuban tax law can be complex; the exact tax depends on the amount received and its purpose. Recipients may want to consult a local tax professional to understand the requirements.