VISA to Lift Ban on U.S. Issued Card Transactions in Cuba

Following policy changes announced by President Obama, the U.S. Department of the Treasury’s Office of Foreign Assets Control amended the Cuban Assets Control Regulations, effective January 16, 2015. The Amendments ease certain restrictions on Cuba pertaining to travel, remittances, financial services, transacting with Cuba national outside of Cuba, telecommunications trade and shipping.

The Amendments authorize the use of U.S.-issued credit, debit, and prepaid cards in Cuba for authorized transactions-, and allow U.S. financial institutions to process these transactions.

As a result, beginning June 1, 2015, VISA will remove the current blocking functions in its authorization and clearing systems, which will enable the acceptance of SMCU-issued card transactions in Cuba. 

Seattle Metropolitan Credit Union, March 12, 2015

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