CADECA has successfully carried out its first cash remittance transaction in U.S. dollars at a branch in Guantánamo, proudly announcing on social media that the service is both "fast and secure" while emphasizing its role in "bringing peace of mind and closeness to Cuban families."
This development is part of a broader initiative announced by Financiera CIMEX S.A. (Fincimex) on Tuesday, which stated that remittances sent from abroad can now be received in cash in U.S. dollars directly at CADECA offices nationwide, "from anywhere in the world, in just minutes."
On Wednesday, Fincimex released a comprehensive list of branches equipped to handle these transactions across all 15 provinces, from Pinar del Río to Guantánamo. In Guantánamo alone, there are three designated collection points: the main city, Baracoa, and the Guantánamo II shopping center.
To claim the funds, beneficiaries must present their identification and the code provided in the payment notification.
Fincimex clarified that if the remittance is intended to be paid in cash, it will only be disbursed in that form, although there is an option to deposit the amount into a Classic card, a dollar-denominated financial product offered by the entity.
Public reaction on social media was largely skeptical. "It's a trap. In a few days, they won't have any cash," one user commented.
Another user questioned, "What's the fee they charge? That's the end of the excitement." A resident from Matanzas reported that in her province, "no orders have been given, and there is no cash available."
Several comments called for additional information that CADECA did not provide in its announcement: the exact procedure for sending money from abroad, applicable fees, and the platforms being used.
One user offered an explanation: "Money is sent via tocopay.com, collected in cash dollars, and can be deposited into either a Classic or Tropical card if desired."
This announcement comes amid a drastic reduction in formal remittance channels, which have plummeted by 70% since 2019 when they peaked at approximately $3.7 billion.
Following the Trump administration's sanctions against Orbit S.A. in January 2025, Western Union indefinitely halted its transfers from the United States to Cuba in February of that year, with Cubamax following suit in April. Over 95% of the remittance flow subsequently shifted to informal channels.
Fincimex operates under the direct control of GAESA, the military conglomerate that holds sway over key sectors of the Cuban economy and was formally designated by the U.S. Department of the Treasury in 2020.
Experts estimate that 74.3% of every $100 entering Cuba as remittances is retained through taxes and inflated prices in stores that operate in freely convertible currency, with markups reaching up to 240% above market price.
Understanding CADECA's New Remittance Operations
How can remittances be received in Cuba through CADECA?
Remittances can be received in cash in U.S. dollars at CADECA offices across Cuba by presenting identification and the payment code provided.
What are the fees associated with the remittance service?
The announcement did not detail the specific fees, prompting skepticism and demands for transparency on social media regarding the costs involved.
What are the implications of GAESA's control over Fincimex?
GAESA's control over Fincimex means remittance operations are managed by a military conglomerate with significant influence over Cuba's economy, raising concerns due to its designation by the U.S. Treasury.