Rumour mill says, MasterCard is now allowed in Cuba? It seems lots of American friends keep telling me MasterCard can be used in Cuba now. This is partly correct, and partly incorrect. Here is the real deal. Are you willing to change Banks? For those that remember, last year, a Florida-based bank named Stonegate rose to the occasion of saving and handling all domestic banking transactions for the Cuban Embassy in the States (after M&T bank dropped out of that role). This is the first US Bank to accept a relationship with Cuba’s Banco International de Commercio aka BISCA, since the 1960 embargo (as well as Banco Popular from Puerto Rico). Reported June 27th, Cuban ATM’s will now accept MasterCard cash advances, including those from Stonegate Bank. Irma Margarita, VP of Cuban Central Bank (BCC), confirmed MC is already being used at Cuban points of Sale. This must mean mostly at State Hotels and State restaurants. The Cuban Bank also admitted that the service is only offered in the Capital of Havana, but will be expanded t the whole island in the future. Irma confirmed her desire to expand to more US Bank-issued Credit cards to be authorized for use in Cuba.
From my experience, it’s possible to travel a whole week in Cuba without entering State businesses. If you’re the type to frequent only casa particulars (home B&B’s) and paladars (Home restaurants), and use taxis, etc, then these sellers only accept Cash. That means, if you are an American, don’t get to comfortable in your plastic. Continue bringing all cash as usual until this makes more sense. The new rules can perhaps benefit only those who visit Cuba frequently for corporate travel. A big plus is that the Cuban government plans to waive the 10% penalty exchange on US dollars if you use the Stonegate Card. Stonegate is creating a Limited Edition MasterCard, issuing only 1,000 cards at first, with Cuban painter Michel Mirabal’s art 96 artist which Usher recently visited in Havana).