Lumey Guzmán, a Cuban entrepreneur, has taken to social media to express her frustration over what she describes as "the biggest scam in Cuba"—the severe restrictions and fees imposed on citizens attempting to withdraw their own funds from banks.
In a Facebook video, Guzmán detailed how current banking policies restrict cash withdrawals to roughly 5,000 Cuban pesos per transaction, an amount she deems negligible amid the country's rampant inflation.
"The biggest scam in Cuba is at the bank," Guzmán declared. "You try to withdraw your money, but you can’t because they limit the number of withdrawals. They’re capping it at 5,000 pesos."
This insufficient amount barely covers basic expenses or supports a business. Guzmán further highlighted that customers face a steep commission—sometimes up to 10% of their total—if they wish to withdraw all their funds. "If I withdraw 100,000 pesos, I have to pay them 10,000 CUP," she lamented.
She urged banking authorities to rethink these policies and reduce the fees. "Ease up, you can still earn a 3% profit. Don’t tighten the noose so much. Give us a break too," she pleaded.
Guzmán proposed raising the withdrawal limit to 20,000 pesos to ease the burden on self-employed individuals and small businesses.
"Use your heads. Increase the withdrawal limit to 20,000 pesos and reduce your profit margins, so the public stays happy and you earn more in taxes," she suggested.
She also criticized the charges applied to micro, small, and medium-sized enterprises (MSMEs). "You just want to take it all, charging 15 and 10 percent from the accounts of business owners. The money is mine," she asserted.
Guzmán warned that private businesses might retaliate against the Central Bank of Cuba's policies by refusing to accept bank transfers.
"If we businesses unite and stop accepting payments via transfers, your little scheme will collapse," she stated.
The outcry has sparked discussion among social media users, with many agreeing that self-employed workers and MSMEs are among the hardest hit by these cash withdrawal restrictions.
Some emphasized that the money in the bank belongs to the customer and should not incur withdrawal fees. Others reported feeling pressured or extorted to pay additional percentages just to access their cash.
Understanding Cuba's Banking Policies and Their Impact
What are the current cash withdrawal limits in Cuban banks?
Currently, Cuban banks limit cash withdrawals to approximately 5,000 pesos per transaction, which many citizens find inadequate given the country's economic situation.
Why do Cuban banks charge such high fees for cash withdrawals?
Cuban banks impose these fees as part of their policies, which some argue is a way to capitalize on the limited cash flow. These fees can reach up to 10% of the total withdrawal amount.
How are small businesses and entrepreneurs affected by these banking policies?
Self-employed workers and small businesses, known as MSMEs, face significant challenges due to these restrictions, as they struggle to access sufficient cash to sustain operations and cover expenses.