- Western Union ( NYSE: WU ) said Thursday it expanded its pilot program for money transfer services from the U.S. to Cuba, two months after the company resumed the remittance services in a limited capacity.
- The initial test phase of the pilot included send service from a select group of U.S. retail locations in the Greater Miami area.
- The services are now available at over 4.4K retail locations across the U.S. and Puerto Rico. Additionally, digital remittance services from its website and mobile app are now available.
- For now, funds can only be received into consumer bank accounts and debit cards at three Cuban government-operated banks - Banco Popular de Ahorro, Banco Metropolitano and Banco de Credito y Comercio.
- Deposits are only available in USD, which has equivalent value to Cuba's digital currency Moneda Libremente Convertible.
- In 2020, Western Union ( WU ) stopped money transfer services in Cuba, given sanctions imposed on the country by former U.S. President Donald Trump. The Biden administration later eased some curbs.
- Earlier, Western Union and Beforepay partnered to offer Send Now, Pay Later service .
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Western Union expands pilot program for remittance services from US to Cuba