A Cuban woman recently shared a video on Facebook, capturing a financial trap that suffocates millions on the island with a single phrase. She found a street vendor offering detergent and soap, accepting bank transfers. However, a technical glitch in the vendor's account prevented the transaction from going through.
"Our wages are on a card, and when it comes to buying what we need, it's like this. You think you can solve it, but it's not easy," the woman states in the 58-second clip posted on the "Mi mundo" page, which drew nearly 6,000 views within hours.
Banking Crisis: A Vicious Cycle
This testimony highlights the vicious cycle crafted by the Cuban regime's mandatory banking policy. Salaries and pensions are deposited onto cards, yet banks face a severe cash shortage for withdrawals. Additionally, vendors struggle to consistently accept transfers due to frequent system failures, blocking numerous transactions.
"Whenever someone appears to meet our needs, using the salary that's stuck on the card, there's always a problem. Something always goes wrong," the woman laments in the video.
Widespread Financial Struggles
This issue is not isolated. In Matanzas, employees plead with merchants to accept their transfers, while some stores impose extra charges of 10% to 30% for digital payments or only accept amounts between 1,000 to 2,000 pesos.
In Santiago de Cuba, converting a transfer to cash can incur a 50% fee. In Morón, individuals pay 500 pesos to a middleman just to secure a spot to withdraw their salary. In Santa Clara, accessing 40% of one's salary in cash may take up to three days.
Root Causes of the Banking Crisis
The banking crisis stems from structural issues. In June 2026, the Banco Metropolitano of Havana reduced withdrawal limits from 5,000 to 3,000 pesos per transaction, and over half of the ATMs in the capital were non-functional by May of that year.
Nationwide, only 3.77% of transactions are digital, even though Central Bank Resolution 111/2023 mandates all small and medium-sized enterprises (SMEs) to accept transfers, under threat of fines up to 60,000 pesos and business closure. More than 475 businesses have been shut down for non-compliance.
Social Impact of Financial Policies
The average state salary is approximately 6,649 pesos monthly, about 12 dollars, based on an informal exchange rate of 550 CUP per dollar. Economists estimate a family requires over 50,000 pesos monthly for basic expenses. In 2026, the informal dollar rate hit a record 550 pesos per unit.
The woman's experience in the video is part of a growing wave of complaints on social media. On July 7, Liss Karla La Loba from San Antonio de los Baños garnered over 116,000 views by exposing that her bank only allows her to withdraw 500 pesos once a week, insufficient for caring for her morphine-dependent sick mother.
On July 3, 2026, the official newspaper Venceremos acknowledged the banking crisis had escalated from a "banking problem" to a "social problem," a recognition that comes too late for those who have been unable to transform a digital number into food or soap for months.
Understanding the Cuban Banking Crisis
Why are Cubans facing banking issues?
Cubans are facing banking issues due to mandatory banking policies that require salaries to be deposited on cards, coupled with a severe cash shortage for withdrawals and frequent system failures that prevent stable transactions.
What is the impact of the banking crisis on Cuban citizens?
The banking crisis has led to difficulties in accessing cash, with some citizens facing exorbitant fees to convert digital money to cash and others experiencing delays in accessing their salaries, severely impacting their ability to meet basic needs.
How has the Cuban government responded to the banking issues?
The Cuban government has imposed regulations requiring businesses to accept digital transfers, but the lack of infrastructure and frequent system failures have exacerbated the crisis, transforming it from a banking issue to a broader social problem.