In a letter published by the SRF radio station, the entity gives an account holder two weeks to withdraw their funds.
14ymedio, Havana, 28 March 2025 — The Swiss bank PostFinance gave Sandra, who lives in Cuba, two weeks to find a new bank. The financial institution sent her a letter on 17 March telling her that they are “forced to terminate the business relationship and close the account and associated services”. According to Swiss radio station SRF, the decision follows pressure from US sanctions on the island.
In its report, the media outlet says that “the short deadlines raise questions” and supposes “the US authorities put direct pressure on the federally controlled bank”. The bank did not provide any information on this to the broadcaster. “The reaction suggests the conclusion that fear of Donald Trump has reached the head office in Bern,” said SRF.
PostFinance, for its part, denied it, telling Reuters that the SRF report was based on speculation. Any possible termination of business ties was carefully reviewed in advance, PostFinance said.
“Due to bank-client confidentiality, we cannot comment on the specific reasons that ultimately led to the termination of individual business relationships,” the bank responded.
Regarding Sandra’s case, PostFinance stated that the client’s profile “did not match the commercial policy orientation” of the institution, but did not explain further.
Sandra tried to make a withdrawal after receiving the letter, but was unable to do so. As a Swiss citizen living abroad, she pays higher bank charges. She now lives in uncertainty because “it is not clear how they will receive their AHV payments (old-age and survivors’ pensions paid in Switzerland) in the future”.
The radio station confirmed that Sandra’s case is not unique. PostFinance is systematically closing its services to clients with a connection to Cuba.
SRF recalled that a few years ago major Swiss banks suspended payment transactions with Cuba due to US pressure. However, PostFinance remained the only large institution that continued to make payments, until 2019 when the institution stopped processing them. “This led to criticism. Filippo Lombardi, a former centrist member of the Council of States of the canton of Ticino, argued that PostFinance had been mandated by the federal government to guarantee basic payment services, including for retirees abroad.”
On 20 January, Donald Trump assumed the presidency of the United States and among his first actions was to reverse the last-minute decision of Joe Biden’s administration to remove Cuba from the list of state sponsors of terrorism.
PostFinance said that international sanctions are subject to constant change and that sanctions against Cuba are nothing new, but have also evolved over time. PostFinance has therefore constantly adapted its internal policy on this, he added.
Translated by GH
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