Is Sending Money to Cuba via Tocopay Safe? Fees and Delivery Times Explained.

remittance to cuba tocopay

Sending remittances to Cuba? If you’re like most, you prioritize both speed and reliability to ensure your money reaches its destination as anticipated. Of course, customer support is equally essential.

About Tocopay: What do you need to know?

Tocopay emerged on November 16, 2021, as a replacement for which mysteriously went offline.

Tocopay offers remittance services to Cuba from anywhere globally, including the US.

Sending Money with Tocopay: The Process

To send money via Tocopay, you can use international credit cards like Visa, MasterCard, or UnionPay. The platform accepts prepaid, credit, or debit cards eligible for online transactions.

Remittances are deposited in AIS cards or MLC or CUP accounts in Cuba. The sending limit per quarter is 3000 USD or EUR.

However, in exceptional cases, this can be extended to 4950 dollars or euros by emailing [email protected] with the subject “More than 3000”.

Yet, using this feature requires you to verify the source of your funds with relevant documents, making the process a bit cumbersome.

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For sending $100 to Cuba via Tocopay, the fee is 12.43%, meaning to send $100, you’d deposit $112.43. In comparison, Havana Ship charges a mere 7%.

User Reviews: The Good, The Bad, The Ugly

While registering and account activation should be straightforward, many users have reported glitches. A concern, as this is a fundamental step.

However, assuming no hitches there, you’d then proceed with recipient details and initiate the transfer. Here lies Tocopay’s main challenge: delivery delays. They claim a 3 to 7 business day window, but many users report delays stretching up to two months.

Customer service is also found lacking, with generic responses being the norm. Quite different from the personalized touch Havana Ship promises.

One user even lamented, “There’s a lack of trust in their service.” Interestingly, such negative comments aren’t found on Tocopay’s Facebook page, likely due to content filtering to favor positive feedback.

The Background of Tocopay: A Deeper Dive

Tocopay’s origins are shrouded in mystery, reminiscent of tactics employed by Cuban military institutions.

If comments from disgruntled users weren’t worrying enough, the background story of Tocopay replacing a platform that “temporarily” vanished with little explanation doesn’t inspire confidence.

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Furthermore, in June 2020, the inclusion of Financiera Cimex S.A. (Fincimex) in OFAC’s restricted entities list raised concerns in the banking sector.

All these operations are seemingly linked to Cuba’s Armed Forces, positioning Tocopay as just another tool for profiteering off familial separation.

Moreover, the inability to withdraw funds except in Cuban pesos (CUP) at unfavorable rates implies money often remains in the Cuban banking system. And with Fincimex being the proprietor, it indirectly aids Cuban elites.

The question stands: Do you want your money funneled into communist coffers or prefer it swiftly and securely reaches your loved ones?

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