Forex sales: Questions and Answers

Forex sales: Questions and Answers


Wednesday, August 31, 2022

1. How much cash can I buy?

Answer: In each operation, the client is authorized to buy up to 100 US dollars per person or its equivalent in another Freely Convertible Currency.

2. Can I buy less than 100 dollars?

Answer: Of course, the limit is maximum. If you want to buy a lower amount, you can do it and it will leave availability for another person.

3. How many times can I buy MLC?

Answer: The customer only has to buy once a day. Please note that demand currently outstrips supply.

4. Does CADECA sell me the currency that I need?

CADECA will be able to satisfy the client's need, as long as it has availability in that currency. The sales operations of MLC to clients depend on the currencies that we buy in the Exchange Market itself, with which if EURO enters, we sell EURO. If dollars come in, we sell dollars. And so with all the currencies that CADECA quotes. Remember that in Cuba foreign currency bills are not issued, nor are we able to import bills to supply the monetary cone, since that operation would compete with the country's need for foreign currency for its normal development. The design of the foreign exchange market is clear and simple. All the currencies that someone wants to sell us are bought in the network of offices and the amount and bills of the currencies purchased in cash are sold in the selected offices in this market.

5. Do all CADECAs offer this service?

Answer: At the moment, foreign currency is sold in the 37 CADECA offices selected and authorized. On the Isle of Youth, it is a Branch of the BPA that executes this service. This network of offices is published on the CADECA website and in the institutional profiles of CADECA. ( %ADs)

6. When I am traveling abroad, can I buy MLC at the airport?

Answer: No. This service is only being provided at authorized offices. None of them are in airports or hotels.

7. How can I know the number of people who are going to attend on the day?

Answer: The number of people served daily depends on the availability of foreign currency for each day. In the morning, when the service opens in each branch, customers are informed of the day's availability.

8. Once I buy my currency with you, can you deposit it on my MLC card?

Answer: You can deposit them, but you must go to a Bank, because at the moment CADECA does not provide this service. We are working to achieve it, but developments are required that are not ready yet. Remember that US dollars cannot be deposited into bank accounts.

9. Where can I find out the daily exchange rates for CADECA?

Answer: Every day CADECA publishes the current Exchange Rates in the institutional profiles and on the CADECA website.

10. Is it necessary to keep proof of the operation performed?

Answer: We always recommend that customers check the receipt for an error and keep it. It is a guarantee of the service received and for us, it is an important consideration.

11. Can customs duties be paid in cash dollars?

Answer: Given that upon arrival in Cuba, the collection of customs duties is carried out in CADECA offices in the customs halls themselves, our cashiers can receive any currency, including the US dollar, converting it into the payment currency of tariffs and completes the collection service. With this, if you arrive with dollars, CADECA accepts them, to complete the collection of customs duties.


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