How to send money to Cuba from US with the best USD-CUC rate

An exchange rate determines the price you will pay when buying Peso Convertible. A better exchange rate means more money sent from the United States to Cuba.

The current rate between the US Dollar and Peso Convertible is 1.

The USD-CUC exchange rate changes almost constantly.

Understanding the averages, and then waiting a day or two can help you get more CUC for the same amount of US Dollar.

A better option is to use a forward contract that also allows you to lock in an agreed exchange rate between the United States and Cuba.

A bank transfer is the payment method that will get you the best price on a transfer from the United States to Cuba.

Wise is the company offering the best price.

Using Wise for a bank transfer is 2.79% cheaper than the second-best option in the market.

United States and Cuba have different regulations and ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators contains details on regulation for money transfers between United States and Cuba.

Some companies offering money transfers between the United States and Cuba have minimum or maximum thresholds on how much you can send or receive.

Rates and fees for different transfer amounts could change - that’s why it’s best to compare USD-CUC rates for your specific transfer amount. For regular transfers to Cuba, shopping around each time can make a huge difference.

For sending large amounts of USD to Cuba, we’d recommend Wise. They offer a solid combination of rates and fees when sending from the United States to Cuba that is the most competitive, even at larger amounts.

There are different options for receiving Peso Convertible in Cuba. The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account. Not all providers offering transfers from the United States to Cuba will offer every method for incoming Peso Convertible, so it’s best to check ahead of time.

Sending directly to a bank account is one of the most common ways to send money from United States to Cuba. For most part, this is because it means the recipient has to do very little.

Wise is the best company for bank transfers between United States and Cuba.

Mobile wallet or P2P services and payment apps like PayPal, Xoom, and CashApp are popular because of convenience, but they come with more limitations and higher costs compared to money transfer providers like Wise.

When sending US Dollar to Cuba, through a money transfer company, you will need to verify your ID at the sign up stage.

The documents you need will vary and in some cases you might need a couple of options.

For the most part, ID can be verified in the United States through a government issued ID such as a passport or driver's license. If the recipient needs an ID to collect money in Cuba it will be similar.

Large transactions between United States and Cuba, can be subject to additional checks such as proof of funds for anti-money laundering purposes.

One of the reasons Wise has scored so highly for transfers to Cuba is their easy sign up process in the United States.

As well as proof of funds, when sending large amounts of money between United States and Cuba.

Some transfers into Peso Convertible may need to be reported to tax authorities in Cuba as well, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Cuba based on age, income and a few other elements. When in doubt, please contact a tax professional in United States or Cuba to discuss your personal circumstances to ensure you are not missing any specific tax declarations.