737. Are authorized travelers permitted to open bank accounts in Cuba?
Yes. Persons subject to U.S. jurisdiction who are traveling to Cuba pursuant to one of the 12 authorized categories of travel may open and maintain bank accounts in order to access funds while located in Cuba for authorized transactions, and are authorized to close such accounts. For a complete description of what this general license authorizes and the restrictions that apply, see 31 CFR § 515.560(c)(6). This general license excludes direct or, effective September 30, 2026, indirect financial transactions with entities and subentities identified on the State Department’s Cuba Restricted List. For a description of the scope of the prohibition on direct or indirect financial transactions and the restrictions and exceptions that apply, see 31 CFR § 515.209.
Updated on Sep 29, 2026
Cuba Sanctions
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737. Are authorized travelers permitted to open bank accounts in Cuba?
Yes. Persons subject to U.S. jurisdiction who are traveling to Cuba pursuant to one of the 12 authorized categories of travel may open and maintain bank accounts in order to access funds while located in Cuba for authorized transactions, and are authorized to close such accounts. For a complete description of what this general license authorizes and the restrictions that apply, see 31 CFR § 515.560(c)(6). In accordance with the NSPM-5, OFAC amended this general license to exclude from the authorization certain direct financial transactions with entities and sub-entities identified on the State Department’s Cuba Restricted List. For a description of the scope of the prohibition on direct financial transactions and the restrictions and exceptions that apply, see 31 CFR § 515.209.
09/23/2020
[9-30-26 Update – FAQ amended to reflect expansion of 560.209 to “indirect” financial transactions]
1) FAQ is a restatement of the text of provisions referred to. See 515.560, comments thereto.
2) FAQ amended on 9-23-2020 to fix a grammatical error.