First of all, consider the following aspect if you take or send money to Cuba: All foreign currency has to be changed by Cuban Convertible Pesos(CUC), the devise circulating in Cuba at the moment and transfers can be subject to fees and taxes. If you are in Toronto and need to send money to Cuba, you have options. Certain banks allow you to wire money to Cuba if you have an account with them.
What information do I need to send a wire transfer?
- Go to any CIBC or TD bank branch. You must have an account at one of these banks to use their wire transfer service.
- Provide the teller with the following information:
- -The full name, address (including city, province/state and country) and account number of the person you are sending money to
- -The full name and address (including city, province/state and country) of the financial institution receiving the funds
- -The amount and currency of the transfer
- -The receiving institution’s number and branch number, and the full name of the person receiving the transfer if the person does not have an account there.
- If the person receiving the funds does not have a bank account, they may still be able to receive funds by wire transfer through a financial institution by providing suitable identification. You must verify the availability of this service with the receiving financial institution. In this situation, you must provide CIBC or TD with the financial institution’s number and branch number, as well as the person’s name.
Tips & Warnings
- Take into account if sending money in U.S. dollars that there is a 10 percent tax on American money. You could avoid the 10% tax simply by sending the money to Cuba in Canadian Dollars or Euros.