The Financiera CIMEX S.A. (Fincimex), controlled by the military conglomerate GAESA, has started promoting a new remittance service to Cuba with the promise of a “favorable exchange rate” for deposits in accounts in Cuban pesos (CUP).
The announcement, shared on social media, is part of a recent strategy to regain state control over the flow of foreign currency entering the country.
According to the entity itself, transfers can be made "from anywhere in the world" and deposited directly into CUP cards at the main state banks: Banco Metropolitano, Banco Popular de Ahorro (BPA), and Banco de Crédito y Comercio (BANDEC).
Fincimex assures that the process is "easy, fast, and secure," with "immediate deposit" once the transfer is completed.
The main draw of the service is the promise of applying a "favorable" or "attractive" exchange rate on each transaction; a concept the company reiterates in both its written advertising and audiovisual materials: "you know you can send remittances with an attractive exchange rate... security, trust, and transparency."
However, the financial institution has not specified what that rate is or how it is calculated, which has generated immediate skepticism.
Questions about the exchange rate
The lack of clarity regarding the exchange rate is the first point of friction.
In a context where there is a significant gap between the official exchange rate and that of the informal market, users are questioning what it really means for the exchange rate to be "favorable."
"Remittances in CUP, at a favorable exchange rate? Can someone explain...," wrote an internet user. Another insisted, "And what is that favorable rate?"
The doubts are significant. According to the Central Bank of Cuba, on April 22, the official exchange rate was 492 CUP per dollar and 577.95 CUP per euro.
However, in the informal market -a key reference for the population- the dollar reached 530 CUP today and the euro remains at 600 CUP, which signifies a significant loss in value if the conversion approaches the state rate.
In response to direct questioning, Fincimex stated that it is a "sliding rate [sic], approved for sector III of the economy", without providing specific figures, which did not help to alleviate the doubts.
Uncertainty regarding access to cash
The second major block of criticism revolves around the real possibility of having access to the money.
Although Fincimex claims that the funds can be withdrawn through ATMs, bank counters, or Cajas Extra, users are questioning the feasibility of those options amid the cash shortage.
"And how is that digital money MN converted into cash?" asked a user.
The official response—which can be withdrawn through the usual channels—provoked new reactions: “name 3 ATMs with cash that are operating throughout Cuba.”
Other comments reflect specific experiences: “In the end, you can't even withdraw it!”; “You give 1000, 2000, 3000, and even 5000. It doesn't go far at all”; “Withdrawing money at the counter is the scam of the century.”
These criticisms highlight the limitations at banks, where withdrawals are often partial and subject to availability.
Distrust in digital currency in CUP
A third group of questions focuses on the format of the money received: digital balance in national currency.
In an economy where cash is scarce and many products are sold in foreign currencies or in informal markets, the CUP loses its real functionality.
“National money on a card is ghost money; you can never actually hold it,” commented a user.
Another was more direct: "What do I need virtual money for if it's not accepted anywhere and you can't take it out of the bank either?"
Obstacles in the everyday use of electronic money are even mentioned: "Not even ETECSA wants the digital balance," wrote a commentator, referring to recent restrictions on recharge services.
Technical and operational issues
Structural criticisms are compounded by reports of failures in the shipping platforms.
"It is having issues saying that it is not accepting new beneficiaries. What should be done?" asked a user regarding the use of applications for transfers.
Others pointed out difficulties when operating from mobile devices or delays in delivery.
These incidents reinforce the perception that the system is not prepared to ensure a stable and reliable service.
An attempt to attract foreign currency amid the crisis
The new service from Fincimex comes at a time of increasing currency shortages and a loss of state control over remittances, many of which flow through informal channels that offer better rates and greater flexibility.
The initiative aims to attract those flows through foreign exchange incentives and increased banking participation, but it faces structural issues: lack of transparency, cash shortages, distrust in the financial system, and an economy where the Cuban peso continues to lose value.
In that context, the entity had already announced on April 7 another option for receiving remittances: the possibility of receiving cash in dollars through Cadeca.
As explained at the time, beneficiaries could either cash out the funds or partially or fully deposit them into accounts linked to the so-called Classic card, which came with "discounts and additional benefits."
However, both this option and the new modality in CUP reflect the same objective: to attract foreign currency to channels controlled by the state in a context where the population continues to exhibit more doubts than confidence.
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