Western Union Improves the Exchange Rate for the Dollar in Cuba

Western Union does not allow the sending of dollars to Cuba, but in its latest statement it does not rule out that it may occur. (14ymedio)

14ymedio bigger14ymedio, Havana, 5 October 2020 — Western Union, a US company, dropped the exchange rate between the dollar and the Cuban convertible peso (CUC) by 2%, according to El Nuevo Herald.

“We have made a correction in the exchange rate for money transfers from the United States to Cuba and from now on for each dollar sent 0.99 CUC will be paid,” said a company spokeswoman, who specified that the exchange rate varied from 0.97 at 0.99 CUC per dollar since last September 24.

Sending $100 to Cuba via Western Union from the US actually costs about $114, including commissions and shipping charges from the mobile app. In return, Cubans on the island received 100 CUC. Now, they will get 101.01 CUC. Details on rates are on the company’s blog .

Since the introduction of the Cuban Government’s new economic measures, especially the elimination of the 10% tax on the dollar and the expansion of its use for the purchase of food and personal hygiene and cleaning products, many voices have asked Western Union to allow the sending of remittances in the US currency, something the company has now opened the door to.

“Western Union is exploring all possible options to provide safe and reliable money transfer services for customers, including payment in dollars. At this stage, payment in dollars is not available,” the company says on its blog, where it is also clarified that the change in the exchange rate is not related to the Cuban government’s eventual abandonment of the Cuban convertible peso.


COLLABORATE WITH OUR WORK: The 14ymedio team is committed to practicing serious journalism that reflects Cuba’s reality in all its depth. Thank you for joining us on this long journey. We invite you to continue supporting us by becoming a member of 14ymedio now. Together we can continue transforming journalism in Cuba.