Say, for example, one was going to purchase a home in Cuba ( I know the rules, the risks, must have it in a Cuban's name, etc), how would one get a sum of money over $10,000 into Cuba? Or say, for example, one had a Canadian credit card with say, a $50,000 limit, could one simply put that cash in the credit card account and withdraw it at a bank in Cuba? How does one pay to purchase a property in Cuba? In cash? I gather certified cheques don't exist there.
1
yinkx
I'm just picturing withdrawing $50,000 in a bank in Cuba... :-)
Apart from bringing it in on your person (and declaring it), what about a bank transfer to a Cuban bank account?
2
YanquiBoy
Don't Canadian banks flag you guys if you start taking out large sums of money from the bank?
3
CubanWaters
Bank Transfer. There is a good chance that the Cuban receiver will be asked why they received a large transfer from a foreign country. I am not sure of any implications of this but it won't go un-noticed.
I guess that one could load up the credit card with a large surplus and withdraw a few times from that but make sure the credit card company is aware beforehand of the withdrawal transactions that are intended. You wouldn't want your credit card frozen in mid process.
4
johnabbotsford
Debit or credit card is the obvious method. Most have a daily limit so you would need to check with the bank and given the large amount in total as per Cubanwaters inform the bank of where these withdrawals will take place.
I've certainly had no problem withdrawing 1000 CUC from a Cuban bank using my Debit card.
5
beardouk
Of course, one of the reasons that property transactions tended to be in cash was because they did not want to declare the amounts involved. Is that still the case ? Or have things relaxed there ?
I would think that multiple withdrawals on a card might be as noticed as bank transfer.
6
friendly_checkingirl
As a foreigner you can carry an unlimited amount of currency on your person. Anything over $5000 just has to be declared.
7
carlan1
First define large amount. For me 10k is not that much cash. You could send it bank wire or other methods you all have there in Canada. I carry or use WU and send it in multiple transaction.. I guess if you could send the money to different family members not to call attention but 10k isn't hat much. As Beardo says they don't want to disclose the actual sell price for obvious reasons.
There are larger sums of money than 10k sent to Cubans without implications from officials but then pueblo pequena inferno grande. Hence multiple transactions and different persons.
If you need a short term loan I,ve got that there. jeje.
8
YanquiBoy
In the US any withdrawals of $10,000 USD or more require banks to report that activity to the federal government,IRS/Treasury to monitor and prevent money laundering,among other things,also known as the the Patriot Act post 9/11 and the Bank Secrecy Act of 1970/ Currency and Foreign Transactions Reporting Act.
9
carlan1
Yanki, I sure Canada as the US looks into cash transactions. If you are staying within the lines then well there isn't a problem. 10k isn't very much money. I deal with cash transactions frequently, in the six figure digits, for many years. I'm not one of the bad guys so never had problems and doubt I will. As I said I stay with in the lines.
Pro tip
Lonely Planet
trusted partner
trusted partner