FINCIMEX, the financial company of the Cuban military business conglomerate, GAESA, has announced the reactivation of AIS dollar cards, allowing for deposits from abroad that can be recharged through the website Tocopay. This comes after the sanctions imposed on the company by the Donald Trump Administration in 2020, which included the closure of Western Union offices on the island.
FINCIMEX recently reported on their social networks that shipments to AIS cards have been restored, following a computer virus affecting remittance reception from abroad. This disruption led Western Union to suspend wire transfer operations to Cuba from the United States.
The newly introduced Classic cards by CIMEX, also under GAESA, were created for use in service centers in dollars as part of the government’s economic package. FINCIMEX has announced that the international recharge of Classic cards is now available through Tocopay.com.
With these new developments, GAESA aims to increase its foreign currency reserves, aligning with the government’s efforts to recover the flow of remittances. The government seeks to finance itself through emigrants’ remittances sent to relatives in Cuba, especially with the high exchange rates in the informal market.
To facilitate the transfer of funds, Tocopay allows individuals to send up to 3,000 dollars or euros quarterly to beneficiaries in Cuba holding AIS or Classic cards, as well as MLC bank cards. The website, based in Bilbao, Spain, charges commissions of more than 10% for each transaction.
The reopening of AIS card services and the availability of international recharge for Classic cards demonstrate Havana’s efforts to capture foreign currency and bolster its financial resources amidst economic challenges.