Sunday, June 4, 2023

Cuba seeks to extend prepaid cards in foreign currency for tourism

Cuba want to extend between tourists that visit the island the use of prepaid cards in Freely Convertible Currency (MLC), a Cuban virtual currency based on foreign currencies, executives of the official ones reported this Friday Exchange Houses (cadecas).

Those cards They began to be marketed in 2021 with an initial balance of 200, 500 and 1,000 MLC (the exchange rate is similar to the US dollar) which is now being extended to 50 and 100 MLC cards, Cadeca official Ángela Maday explained at a press conference. .

He added that for each card purchased, a commission of 5 dollars or its equivalent in other currencies is applied.

Foreign visitors not residing in Cuba can buy them at exchange houses, hotels, airports and tourist poles and use them to pay for goods and services in stores that sell foreign currency, rent cars and others.

Maday commented that the service is not yet available for private businesses such as restaurants, nor do they allow recharges from abroad. Nor is it used to pay at service centers (gas stations).

The duration of these cards is two years and they can only be used in Cuba. Also, they are not personalized so they are activated with a PIN code.

Another feature is that they allow you to withdraw cash in Cuban pesos at ATMs at the official exchange rate of 120 pesos (cup) for every dollar, and the balance is also reimbursed if you have any left.

Since 2019, the MLC has been operating in the Caribbean country in the network of stores that sell exclusively in that virtual currency backed in foreign currencies.

In Cuba there are two official exchange rates: one for companies, at a rate of 24 pesos per dollar, and the one established for individuals, at 120 pesos per dollar. green ticket.

There is also a third, informal one, where the US currency was quoted this Friday at 175 pesos, according to the daily calculation of the independent media El Toque, the reference indicator for economists and transactions of this type on the street.


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