Cubans Question New Bank Fee: "Is This a Joke?"

The Banco de Crédito y Comercio (BANDEC) recently released an infographic announcing a 0.2% fee for every cash withdrawal at the counter, as part of the Central Bank of Cuba's (BCC) new strategy to encourage digital payments. The response from Cubans was immediate, filled with sarcasm, disbelief, and a common question: "Is this a joke?"

The infographic explained that for every 100,000 Cuban pesos (CUP) withdrawn, a charge of 200 CUP would apply, justifying the fee by citing the "production, security, and logistics costs involved in making cash available."

Cubans were quick to highlight the irony: the bank intends to charge for cash withdrawals in a country where cash is practically nonexistent at bank counters.

"The fee is already paid once you make it to a bank counter and find cash available. It's easier for life to flourish on another planet in this solar system," commented one user.

Another pointed out the contradiction: "What cash do they have for this?"

A third drew a comparison with the informal market: "0.2%, so little, when on the street it’s 50%. Set it at 45% and everything’s fine."

Some warned of the unintended consequences: "This gives those charging 40% on the street more reason to ask for even more now."

Criticism of the system also emerged: "Charging a fee to withdraw cash isn’t a measure to promote transfers or digital payments; it’s another example of the socialist solution to problems: 1. Restriction, 2. Rationing, 3. Repression."

In response to the flood of criticism, BANDEC clarified in the comments: "The 0.2% cash withdrawal fee applies only to economic actors (non-state management forms and relevant entities). This does not apply to the general population. Regular customers continue with their banking operations under the conditions established for the population."

The measure is part of BCC's Resolution 74/2026, signed on July 10 by minister-president Juana Lilia Delgado Portal and in effect since July 20.

The package also includes a reduction in the online payment fee for businesses from 1.5% to 0.8%, the removal of the cash deposit fee, and the indefinite suspension of the 5,000 CUP limit for cash transactions between economic actors.

The context surrounding the announcement adds to the perception of absurdity. According to data from a provincial meeting on July 18, BANDEC in Guantánamo collects only about 35% of the nearly 15 million pesos it needs daily. Over 6,000 workers from sectors such as Culture, Sports, and Education hadn't received their July salaries due to a liquidity shortage.

Meanwhile, the informal market for converting transfers to cash operates with commissions between 30% and 50%, and only 3.77% of transactions in Cuba are digital.

A user aptly summarized the situation: "Meanwhile, ETECSA's infrastructure is virtually nonexistent, making digital transfers and transactions unfeasible. Ensure that digital transactions are always possible, then address the rest."

Even the official Cuban press acknowledged in April 2026 that banking services "function poorly," partly because private businesses refuse transfers, blackouts disable payment terminals, and ATMs frequently collapse.