Fincimex S.A. announced on April 7 that remittances sent from anywhere in the world can be cashed in cash in dollars directly at CADECA offices located throughout the 15 provinces of Cuba, which the regime presented as one of the most significant changes in the remittance system in recent years.
On April 9th, CADECA celebrated on social media what it called the "first operation" of the new service, carried out at a branch in Guantánamo, featuring images of a woman cashing dollars at the counter as a symbol of the launch of the mechanism.
The reaction from Cubans, however, was largely one of skepticism. "Did they have a connection? Miracle... that was just for the photo," wrote a user on social media. Another was more direct: "Western Union has been doing it since 1871."
The procedure, according to Fincimex, works in three steps. The sender abroad must register with an associated remittance agency, create a user account, validate their email, and declare the beneficiary.
Once the registration is complete, the system assigns a code to the sender, who then communicates it to the beneficiary in Cuba.
That beneficiary must go to any authorized CADECA office, present their identity card, and the assigned code to withdraw the money in dollar bills.
The sender assumes all the operation costs; the beneficiary does not pay any fees. charges 111.29 dollars to send 100 dollars to a Classic card and 110.97 dollars for a Tropical card.
Remittances can be sent from any country and in any currency. The transaction applies the current exchange rate at CADECA to convert to dollars, and the beneficiary receives the amount in cash.
Fincimex also promotes the Classic card as a complement, which costs four dollars, can only be recharged in dollars, and offers discounts ranging from 4% to 10% at state stores such as CIMEX, Tiendas Caribe, Trimagen, and Gaviota. However, the prices in those stores are up to four times higher than those in supermarkets in the United States, despite the discounts offered.
One of the most questioned points by Cubans is the actual availability of cash. The very logic of the system reveals its Achilles' heel: the amount of dollars available at each branch depends on the bills collected daily, so it is not guaranteed for all beneficiaries at all times.
"This is a trap: then you go and they don't have cash", warned a user. "Anyone who sends money through there is crazy... later they'll say there's no cash," wrote another. "If there's power, of course..." added a third, referring to the chronic blackouts that hinder the island.
The collapse of the formal remittance system
The new service arises in a context of collapse of the formal remittance system. Until 2019, the transfers accounted for between 2.055 and 3.7 billion dollars annually. Since then, a series of U.S. sanctions have dismantled the formal channels.
In June 2020, the Office of Foreign Assets Control (OFAC) sanctioned Fincimex for its connection to GAESA, the Cuban military conglomerate, which forced Western Union to suspend operations in November of that year. The regime responded by creating Orbit S.A. as an alternative operator, but the Department of State included it on its Restricted List on March 10, 2025, resulting in the indefinite suspension of Western Union from the United States in February 2025.
The result was devastating for the state's finances: in 2024, GAESA collected just 81.6 million dollars in formal remittances, only 4.13% of the total, compared to 1.972 billion in 2023. More than 95% of the flow migrated to about 150 "informal banks" that operate outside the state system.
Analysts estimate that the Cuban government retains 74.3% of every 100 dollars sent through formal channels, due to taxes and markups in stores that accept freely convertible currency, with margins of up to 240%. Fincimex, a subsidiary of GAESA, controls approximately 41% of formal remittances and operates CADECA as a collection network.
Since January 2026, additionally, a federal tax of 1% on remittances sent in cash, money orders, or cashier's checks came into effect in the United States as part of the legislative package known as "One Big Beautiful Bill," which adds an additional disincentive to using formal channels from that country.
In parallel, Correos de Cuba resumed its international money transfer service in April 2026, contributing to the government's strategy to expand formal mechanisms for attracting foreign currency during a time of great need.
The accumulated distrust from years of unfulfilled promises colors the public's reception of the new service. "Just wait a few days and the stories will start about how you can't withdraw money," wrote one user. "I still have a nagging doubt," summed up another, in a phrase that encapsulates the feelings of those who have learned to be skeptical of every announcement from the regime.
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