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MIAMI, Jan. 12 (AP) – Western Union said Wednesday it has resumed limited money transfer service between the United States and Cuba, two years after an essential economic lifeline was cut.
The company halted remittances in 2020, when U.S. President Donald Trump tightened longstanding U.S. sanctions on Cuba. The Biden administration has eased some Trump-era restrictions, including remittance payments, but many restrictions remain.
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Gabriella Fitzgerald, President of Western Union North America, said: “The close connection between our American clients and their families living in Cuba and the role our services play in helping to create a better life Inextricably linked.” “We are delighted to offer our clients this important connection once again.”
The beta phase is rolling out at select locations in Miami, and transfers can be sent to three government-run banks in Cuba — Banco Popular de Ahorro, Banco Metropolitano SA, and Banco de Credito y Comercio.
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Western Union says payments cannot be sent online, a widely used alternative, and can only be transferred in U.S. dollars. Payments are also limited to $2,000 per day and must be withdrawn using a Cuban ID card, Fitzgerald said at a news conference.
Reopening remittance payments could provide vital financial support to Cuban families at a time of record economic crisis in the Caribbean nation, one of many factors driving the island’s emigration.
Immigration has put political pressure on the Biden administration and prompted new talks with the Cuban government as record numbers of Cubans arrive at the U.S. southern border.
The suspension of remittances adds a major hurdle to the island’s post-pandemic economic recovery efforts.
Cubans abroad often have to resort to creative techniques to send money to relatives on the island, such as sending money through bitcoin trading apps or lugging large amounts of cash on the flight home. (Associated Press)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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