The Central Bank of Cuba has warned through an official note that the restriction of the use of cash in magnetic cards will be for all banks, outside the Banco Metropolitano de La Habana, which were the first to be able to do so.
In other words, Bandec and BPA magnetic cards will also impose these restrictions on movements and payments per month. According to the main Cuban bank, this is an “international practice”. It is also no coincidence that the action came at the same time that Western Union announced its return to the island and the increase in foreign currency on the cards would be apparent.
“The measure that the Banque Metropolitano has begun to implement will be implemented by other banks in the system in the coming days,” points Central bank statement.
What restrictions are in effect now? First on Banco Metropolitano magnetic cards and over the next few weeks on the rest of the cards. The maximum payments and transfers between natural persons are 80,000 per day and 120,000 Cuban pesos per month.
Determine the use of funds for all cards in Cuba
As for currency cards, the maximum that you can use per day is $1,000 and up to $5,000 per month. People who want to make transfers or use the card for larger amounts will have to actually go to a bank branch and order this transaction there.
The island’s main bank insisted that “the current measure aims to promote the use of accounts according to their nature, whether personal or corporate, and to establish greater transparency for citizens.”
The Central Bank reiterates that people will be able to continue to use their cards without restrictions to pay legal entities and other economic agents, such as paying for hotel reservations, goods in MLC stores or other magnetic card services from private companies.