US to Cuba wire transfer hassles cause big problems

Global Business

US to Cuba wire transfer hassles cause big problems TN1

The rapprochement between the U.S. and Cuba was envisioned to make some business and travel between the two nations easier. The transition hasn’t been without challenges, though.

CCTV America’s Nitza Soledad Perez reports from Miami.

US to Cuba wire transfer hassles cause big problems

US to Cuba wire transfer hassles cause big problems

The rapprochement between the U.S. and Cuba was envisioned to make some business and travel between the two nations easier. The transition hasn't been without challenges, though.

One of those challenges involves wire transfers of money to Cuba that fund passenger charter flights to the island. U.S. banks sometimes hold up the process, which seldom happened before normalization, ironically.

Air charter companies say they are suffering the consequences. The Cuban government used to be more patient with the hassle, but now if it doesn’t get its landing and passenger fees ahead of time, landing rights are canceled.

Earlier this year, Florida-based Stonegate Bank became the first U.S. bank to establish a corresponding banking relationship directly with Cuba, under terms of the two governments’ new relationship. The hope now is that other banks will follow suit, in order to make wire transfers to the island easier.

CCTV America