🇨🇺 Sending to Cuba¶
CU · CUB
Restricted — sanctions National format SWIFT BIC required
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Sanctions Restrictions
GIB does not process payments to this destination. Submissions will be blocked by sanctions screening. Any exception requires written pre-authorization from GIB Compliance before submission.
Required information¶
For your end users
This country is subject to comprehensive sanctions. Wires may be blocked, returned, or held by screening. Consult your compliance team before initiating any transfer.
Last reviewed by GIB compliance on 2026-05-21. Reference material only.
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Currency
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Typical settlement
1-2 business days typical; longer for cross-border with FX or compliance review.
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SWIFT BIC
Required
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Local clearing
RTGS (Banco Central de Cuba) — sanctioned
Account format¶
How beneficiary account numbers are structured for Cuba. Failure to match this format is the single most common reason wires are rejected at the destination.
| Field | Value |
|---|---|
| Format tier | National format |
| Length | Cuba is not in the SWIFT IBAN Registry; BCC-assigned bank codes plus account numbers, format not consistently published |
Routing identifiers¶
Which routing codes the wire-creation API call must include for Cuba.
| Field | Value |
|---|---|
| SWIFT BIC | Required |
| BCC bank code | Required |
| Directory | ↗ Source |
| Local clearing | RTGS (Banco Central de Cuba) — sanctioned |
Address format¶
How Cuba expects the beneficiary address to appear on the wire. Free-form variations frequently trigger compliance holds.
- Recipient Name
- Calle, Numero, entre Calles
- Reparto / Municipio
- Provincia
- Postal Code
- CUBA
| Field | Value |
|---|---|
| Postal code | Optional — validated against the format below when provided |
| Postal code regex | ^[0-9]{5}$ |
| Example | 10400 |
Purpose of payment¶
Put the purpose in the remittance information (<RmtInf><Ustrd>) of the ISO 20022 wire-creation request, as the code format below describes.
Requirement: Mandatory
GIB check: a missing or unexpected purpose is reported as a validation warning; the wire is not held.
Not yet confirmed
We have not yet confirmed this country's purpose-of-payment requirement against a central-bank or correspondent-bank source. Including a purpose is recommended. We update these guides as we confirm each country.
Non-standard element
For Cuba, the purpose is placed in <RmtInf> (remittance info), not the standard <Purp> element.
| Field | Value |
|---|---|
| Code format | Free-text; CACR authorization category should be cited |
Operational notes¶
| Field | Value |
|---|---|
| Currencies accepted | CUP |
| Typical settlement | 1-2 business days typical; longer for cross-border with FX or compliance review. |
| Banking holidays | ↗ Calendar |
Known issues:
- OFAC program: CACR (Cuban Assets Control Regulations, 31 CFR Part 515); underlying authority Trading With the Enemy Act (TWEA), Cuban Democracy Act, LIBERTAD Act (Helms-Burton).
- Comprehensive embargo since 1963; default posture is prohibition with narrow CACR-authorized categories.
- May 2024 CACR amendments: reinstated U-turn transactions (funds transfers that begin and end outside the U.S. where neither originator nor beneficiary is subject to U.S. jurisdiction); authorized Cuban-national independent private-sector entrepreneurs in Cuba to open and operate U.S. bank accounts (including remotely); expanded internet-services authorizations.
- Civil penalties up to approximately $91,522 per transaction; criminal penalties up to $1M and 10 years.
- Cuba Restricted List (State Department) layered on top of CACR — direct transactions with listed entities prohibited even where CACR would otherwise authorize.
- Wires require OFAC compliance pre-clearance; CACR authorization category must be documented per 31 CFR 501.601 recordkeeping rules.
Common rejection reasons¶
Documented patterns that cause this country's banks to return wires. Universal reasons (sanctions holds, missing BIC) aren't repeated here.
All wires subject to sanctions screening hold and compliance review.
Beneficiary name mismatch.
Missing or invalid SWIFT/BIC code.
Insufficient remittance information.
Beneficiary or beneficiary bank on OFAC / EU / UN / UK sanctions list.
OFAC SDN / Cuba Restricted List match (GAESA, FAR-controlled entities, Ministry of the Interior entities).
Counterparty is a senior Cuban government official or Communist Party of Cuba member (CACR transfer prohibition).
Transfer originates from or terminates in a blocked account.
Transaction lacks an applicable CACR general or specific license.
Use of Cuban convertible peso (CUC, abolished 2021) references in legacy systems; only CUP applies.
Indirect Cuba nexus via Panama, Mexico, or Spain that strips Cuba reference contrary to OFAC guidance.
Validate before you send¶
Check identifiers before you submit. The IBAN check runs in your browser (format plus the ISO 13616 MOD-97 check digit). GIB's API checks the IBAN format for countries where an IBAN is required. The BIC lookup searches GIB's BIC directory and needs a dashboard login.
BIC lookup
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References¶
First-party sources — central banks, FX regulators, ISO registries. Always re-verify against these before pushing volume to a new corridor.
Disclaimer
These country guides aggregate information from central banks, regulators, and industry-standard references. Global Innovations Bank reviews them on a rolling cadence and notes the verification date on each page. Payment-corridor rules change between releases, so we cannot guarantee continued accuracy.
Always verify against the primary sources linked in the References section before going live in a new corridor. Re-check applicable sanctions lists (OFAC, EU, UK, UN consolidated, and any state-level requirements) at the time of payment, since designations shift between our refreshes.
For fintech partners on GIB's sponsor-bank rails, these guides do not replace your BSA/AML, KYC, sanctions-screening, or transaction-monitoring obligations under your program agreement with GIB.
Nothing in this material constitutes legal, tax, or regulatory advice, and wire-acceptance decisions remain at the discretion of GIB Compliance and the destination bank.