Cuba: Doubts persist about Fincimex and remittances in dollars

Havana/The possibility opened by the Cimex Financial Company (Fincimex) to receive remittances in dollars in cash through the state Exchange Houses (Cadeca) it has hardly any reception, at least for the moment. It was not until this Thursday, two days after the corporation sanctioned by the United States and belonging to the Business Administration Group (Gaesa), of the Armed Forces, announced the measure, that an operation took place.

If it is known, it is because the authorities themselves have reported it with pomp. “In the early hours of this morning, the Cadeca Villa Clara branch made history by carrying out the FIRST operation to receive remittances from abroad,” the state financial company published on its social networks. Red Payment Services SA (Redsa), accompanying the post with a photograph of the client who received the “instant cash.”

The publication demonstrated what 14ymedio observed the day before, on a tour of several of the Cadecas of Havana selected by Fincimex Tuesday night: Even in the offices that claimed to be providing the service, no one was using it. “Yes, of course, we are already sending remittances in dollars and cash, from any country,” responded an employee of the Cadeca de Santa Catalina, in La Víbora, in the Diez de Octubre municipality. “Giving the identification number of the transfer is enough,” he specified, without those who asked specifying the operation.

Many of the comments on Fincimex’s Facebook posts give an idea of ​​the general opinion among Cubans. “I need to know which application can be used to send money from South Africa, Fonmoney does not include that country,” asks user Odalis Mejica. Another commentator, Xiomara Hernández, elaborates: “It is important to say what are the applications through which remittances can be sent so that they reach Cadeca and receive cash.”

So far, in fact, Fincimex has not specified which company sends remittances, nor what commission it applies, although it is understood, from what it advertises on networks, that the intermediary is Tocopay. To send 100 dollars, according to their rates, you have to pay 111.29 dollars or 100.20 euros from abroad. Does Cadeca charge a commission if you prefer to receive cash and not deposit on the Classic card? They don’t specify it either.

“This service cannot compete with private ones, nor other services like Sendvalu,” explains a young man who receives money from a relative abroad. “If they send me 650 USD, I receive it at my house, and they charge my uncle 685 USD.” That is, a commission of 5.38%, compared to almost 9% for Tocopay, which does not make home deliveries. “Who is going to line up at a Cadeca later, if you don’t even know if they will have the cash available?”

In euros, by the way, it is not shipped. This is stated in the Cadeca on 23 and J, in El Vedado. Outside that branch, dozens of people were queuing, but none to collect remittances. The majority were waiting to be able to withdraw national currency from their card, and they would only be allowed to withdraw 1,000 pesos, less than two dollars at the informal exchange rate.

In line at the Cadeca de Neptuno, in Central Havana, although none of those waiting, mostly retirees, were going to receive remittances, they are clear that this is not going to prosper. “Yesterday there were two tellers and there was no money, and today there is money and there is only one teller,” said one woman. Around the line, informal money changers loitered, offering to exchange euros and dollars at the current rate. on the leftof 520 pesos per dollar and 590 per euro. Shortly before noon, the connection went out. “Is this how you can charge something?” an old man left indignantly.

In the Belascoaín Cadeca, this Wednesday, there was not even electricity. Of course, the tellers stated, “we are already paying remittances from Fincimex.” Pure will, as proven today by the post from Redsa in Villa Clara.