Bank accounts and cards in Cuba: pesos, foreign currency and what happened to MLC
The foreign-currency accounts that replaced the MLC account regime, who can open them — including from abroad —, what they can be used for and which currency shops take.
In Cuba, transactions are made in Cuban pesos except where expressly authorised (Central Bank Resolution 178 of 2021). Decree-Law 113 of 2025 authorises foreign-currency transactions "until the conditions of the economy allow it and the Cuban peso is restored as the only legal tender".
What happened to MLC accounts
Card-linked accounts "in freely convertible currency" (MLC) were governed by Central Bank Resolution 222 of 2021. That resolution was repealed by Resolution 125 of 2025, which in turn was repealed by Resolution 102 of 2026, the rule now in force on foreign-currency accounts.
The Gazette publishes no rule saying literally that "MLC is abolished": what it records is that the specific regime for those accounts was repealed and that individuals now operate "foreign-currency accounts".
Who can open a foreign-currency account
Opening one needs no prior authorisation from the Central Bank (article 4 of Resolution 102 of 2026). Under article 7, each person presents at the bank:
- Cubans and foreigners with permanent residence in Cuba: their identity card.
- Foreigners with temporary residence: a valid passport with an updated visa or the Cuban identity document for temporary residents.
- Foreigners: a passport from their country of residence, valid and with the corresponding visa.
- Cubans resident abroad: a Cuban passport issued by the consulate of their country of residence, valid and with the corresponding visa.
What goes in and out of the account
| Receives (article 15) | Allows (article 16) |
|---|---|
| Transfers from abroad | Transfers to other foreign-currency accounts |
| Transfers from other foreign-currency accounts | Paying for goods and services in foreign currency or pesos, at the exchange rate in force |
| Cash deposits in accepted currencies | Cash withdrawals in foreign currency, subject to each bank’s availability |
| Transfers from non-state businesses | Withdrawals in Cuban pesos at the official rate |
| Foreign currency bought on the exchange market | Selling foreign currency on the exchange market |
Which currency shops take
Under Resolution 103 of 2026 of the Ministry of Economy and Planning, retail trade is conducted in national currency and may be conducted in foreign currency where that ministry authorises it (article 19). Non-state businesses accept cash payments in foreign currency "at the customer’s choice" (article 20).
If you pay in pesos with an international card, the bank buys the foreign currency at the Segment III rate the Central Bank publishes daily (article 35 of Resolution 128 of 2025). If you pay in pesos from a foreign-currency account, the applicable exchange rate in force is used (article 16 of Resolution 102 of 2026).
Frequently asked questions
- Can I open an account in Cuba if I live abroad?
- Yes. Resolution 102 of 2026 covers Cubans resident abroad, who present their valid Cuban passport issued by the consulate of their country of residence, with the corresponding visa.
- Do MLC accounts still exist?
- The regime for freely convertible currency accounts under Resolution 222 of 2021 was repealed. Foreign-currency accounts under Resolution 102 of 2026 now apply. No Gazette rule literally says MLC has been abolished.
- Is there a limit on withdrawing dollars from the bank?
- Resolution 102 of 2026 leaves foreign-currency cash withdrawals to each bank’s availability and commercial policy. No figure is published in the Gazette.
- Can a private business charge me in dollars?
- Non-state businesses accept cash payments in foreign currency if the customer chooses, under article 20 of Resolution 103 of 2026 of the Ministry of Economy and Planning.
Sources
- Resolution No. 102 of 2026 of the Central Bank of Cuba (Official Gazette No. 76 Ordinary of 10 September 2026) — foreign-currency accounts; repeals Resolution No. 125 of 2025.
- Resolution No. 103 of 2026 of the Ministry of Economy and Planning (Official Gazette No. 76 Ordinary of 10 September 2026) — articles 19 and 20.
- Resolutions No. 127 and 128 of 2025 of the Central Bank of Cuba (Official Gazette No. 94 Ordinary of 18 December 2025) — exchange segments.
- Decree-Law No. 113 of 2025 (Official Gazette No. 89 Ordinary of 11 December 2025) and Resolution No. 125 of 2025 of the Central Bank of Cuba (same Gazette) — repeals Resolution No. 222 of 2021.
- Resolution No. 178 of 2021 of the Central Bank of Cuba (Official Gazette No. 51 Extraordinary of 21 June 2021).
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