• Submitted by: manso
• Society
• 12 / 22 / 2010

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Recently, Western Union received approval from the U.S. Department of Treasury Office of Foreign Assets Control (OFAC) to begin paying out Money Transfer transactions in Cuba in local currency, the Cuban Convertible Peso (CUC). This is great news for our consumers!

- Consumers will receive money in CUC at the exchange rate set at the time the money transfer transaction is sent.

- The consumer will receive a receipt that provides both the exchange rate and the exact amount that the Receiver will be paid in local currency.

- Pay out in local currency will relieve Receivers of the 10% tax imposed on U.S. dollars.

- On December 20, 2010, Western Union will have the ability to send funds to Cuba in CUC and will eliminate the U.S. dollar payout for Cuba. This has triggered additional changes to the service as outlined below.

- Elimination of the U.S. dollar pay out option when sending to Cuba and introduction of pay out in Cuban Convertible Peso (CUC) when sending to Cuba.

- The send amount limit restriction of $5,000 for Family Remittance transaction has been raised to $10,000.

Previously, Western Union was prohibited from paying out in CUC due to government restrictions. However, with the recent approval of local currency pay out, there is no longer a need to pay out in U.S. dollars. Consumers were required to convert all U.S. dollars to local currency upon receipt. These dollars were previously subject to a local tax that was incurred by the recipient of these funds. By removing the ability to pay out in U.S. dollars and implementing local currency pay out, Receivers will no longer incur any additional fees when picking up funds in Cuba.

http://cuba.westernunion.com/WUCOMWEB/

WALTER LIPPMANN
Los Angeles, California
Editor-in-Chief, CubaNews
http://groups.yahoo.com/group/CubaNews/

Source: http://groups.yahoo.com/group/CubaNews/message/119760