Two Cubans arrested while exchanging transfers for cash at an ATM

Officers of the National Revolutionary Police (PNR) arrested two men in the main municipality of Santiago de Cuba for their alleged involvement in an informal network that exchanged bank transfers for cash, charging a 15% interest in their favor.

The police operation, announced by the pro-government profile Héroes del Moncada on Facebook, revealed not only a widespread practice but also another symptom of the collapse of the Cuban financial system.

The arrested individuals, identified as Leodan and Yunior, were caught at the ATM of the building known as the "18 floors of Garzón," where - according to the cited source - they were offering cash to those waiting in line in exchange for electronic transfers.

At the time of the arrest, more than 250,000 pesos in national currency and several magnetic cards were confiscated, which they allegedly used to operate their exchange network.

The official source strongly condemned this type of activity and urged the public to report those who "profit at the expense of others' needs and sacrifices."

The "cash business": How they did it

The question that is most frequently asked among Cubans, even in the comments on the official post, is: where were they getting so much cash?

The answers, while unofficial, are being repeated insistently:

-Business with bank employees. Many users claim that there is collusion among tellers and bank staff, who authorize larger withdrawals in exchange for commissions.

-Trips to Havana. Others claim that those involved traveled to the capital to withdraw large amounts of cash, which they then transported back.

-Contacts with small and medium-sized enterprises. It is speculated that they accessed cash through private small and medium-sized enterprises (SMEs) that accumulate it through cash sales and then "resell" it to these operators.

The truth is that behind these two individuals who were arrested, there seems to be an entire criminal network involving private interests, corrupt state employees, and a desperate public trying to access their money.

The context: Banking without cash backing

Far from being an isolated incident, this case is part of a structural issue: the deep liquidity crisis affecting the Cuban economy.

Since years ago, state banks have been experiencing a shortage of cash, forcing citizens to wait in long lines to access their own funds.

Despite the government's attempts to progress in what's referred to as "bankarization," promoting electronic payments with incentives, cash remains indispensable in everyday life: for paying for transportation, buying food, acquiring medications from individuals, and making purchases in small and medium-sized enterprises that refuse transfers.

The Minister of Economy himself, Joaquín Alonso Vázquez, recently acknowledged that only about 10% of Cubans hold 60% of the cash in circulation outside the banking system, which reveals a parallel economy where money circulates beyond state control.

Reactions: Between rejection, resignation, and structural denunciation

The comments collected on social media indicate that public opinion is divided. The main opinion groups are summarized as follows:

-Those who hold the State accountable and justify the practice

"If it weren't for them, we couldn't buy food or medicine"; "Thanks to those changes, we have cash to go to work or address the essentials"; "What they do is no different from an interest loan; in developed countries, they also charge a fee"; "The banks don't give money and individuals don't accept transfers, what other options do we have?"; "The problem was caused by the government, not these men."

-Those who demand justice and denounce abuse

"That is taking advantage of the needs of the working people"; "They especially exploit retirees who receive a pittance"; "This must be punished firmly; they cannot continue operating with total impunity"; "There must be a strong hand against those who profit from other people's money"; "This needs to be done at all ATMs, not just one."

-Those who suggest that the problem is much deeper

"There is no way that such a large amount of cash can come solely from an ATM; this involves bank employees and small businesses." "This is just one link in the chain; the true culprits are in the offices." "The very bank workers are involved in the business." "The state created this situation with forced banking and without cash backing." "The authorities know that this happens at all ATMs; this is not new."

-Those who propose structural solutions

"Micro, small and medium enterprises must be required to accept electronic payments and deposit cash into the bank"; "If banks were functioning properly and ATMs had money, this wouldn't happen"; "We need to thoroughly review the institutions that allow this chaos"; "The solution is not to crack down on the last link, but to change the model that makes this possible."

One more symptom of a failed system

This case exposes much more than a single criminal act. It reveals the failure of an economic model that does not guarantee basic financial services for its citizens, and that has pushed thousands to depend on informal networks to obtain what the system does not provide.

The State, instead of acknowledging its responsibility, criminalizes those who fill that vacuum, even if they do so by charging exorbitant fees.

And while these operators are being suppressed, the root of the problem remains unchanged: the lack of cash in banks, the inefficiency of the financial system, the inequality in access to resources, and the absence of transparent mechanisms to channel demand.

Solution or band-aid?

The detention of Leodan and Yunior may seem like a blow to informality. But if the cash shortage is not resolved, if small and medium-sized enterprises are not required to operate through electronic means, if banks and their employees are not audited, and if workers are not guaranteed free access to their salaries, these businesses will continue to thrive.

The "cash business" was not invented by these two men. It is the result of a strangled economy that has turned the simple act of withdrawing money from the bank into a daily odyssey for millions of Cubans.

Frequently Asked Questions about the Cash Crisis and Detentions in Cuba