The United States has stern restrictions in place when it comes to any business transactions or travel from the U.S. to Cuba, but even despite all the trade embargoes, it still is not impossible to send money to Cuba.
It’s difficult to figure exactly how much money is transported into Cuba on a yearly basis, but many independent groups project between 490 million to one billion is shifted into Cuba in one year. As low as that figure may appear, it is a lot taking into account that only people with relatives may transfer money at a $300 limit per transaction. U.S. citizens can, however, transfer funds every three months for up to $1,200.00 a year.
Although U.S. officials know of the illegal ways to send money to Cuba, most often they look the other way. George Bush’s administration had the most profound affect over the last few years, but even still they were powerless to slowing the money trafficking from the U.S. to Cuba.
So now the U.S. is led by President Obama, whose administration wishes to the U.S. relationship with Cuba. It is unclear how this will affect money transfer services in the future, but at the least we know it can only get easier in with every passing day.
Don’t be mistaken though, despite the rules on sending money into Cuba, the easiest way is by transferring online. Besides that, senders also have the option of using different services which are not in association with U.S. banks, so they are restricted by any of the U.S. embargoes.
Even despite the sanctions, people needing to wire money to Cuba have the same options other nations do. And the expanding internet is making it even easier to send money, considering Cuba’s Government lacks the resources to monitor all the transactions.
Most likely, the trade embargoes created by the U.S. are deciding factor as to why the Cuban government faces such difficulty when it comes to tracking money flow. This creates a difficult situation because if the sanctions are withdrawn, money transfers would be completely legal and the Cuban Government would be able to use the technology needed to watch over all money transfers into Cuba.
Regardless of which direction this industry heads, one thing is clear; people will not cease sending money to Cuba. It’s getting less complex for Americans to wire money to Cuba these days, and someday the trade embargoes will even be banned. When the day comes money-flow into Cuba will expand significantly, in addition Cuba will discover a big build up of business dollars. Until then, the internet remains the best way to transfer.
