Means of payment

Bills of Exchange.

  • May be used by natural or legal persons.
  • Issued in hard currency and national currency.
  • Payable at sight, after days or months at sight, on due days or months, or on a fixed date.
  • May be endorsed before expiration date.
  • May be guaranteed, which constitutes a separate obligation from that agreed by the parties.
  • Acceptance of the bill is the drawee’s acknowledgement of its obligation to pay.
  • The protest is the means to certify the lack of acceptance or of payment, and must be made within 8 days from the day on which the acceptance or payment of the bill is demanded.
  • This can only be used in sales transactions of goods and services.
  • Negotiable only within the territory of the Republic of Cuba.

Related services.

The drawer presents the bills so that BANDEC can make provision for its acceptance.

Requirements:

  • Presentation of the bills.
  • Resolution or certified copy of the official authorized to issue and accept bills of exchange.

The drawer shall present the bills to the bank, requesting their payment collection on their due date.

Requirements:

  • Presentation of the bills.
  • Resolution or certified copy of the official authorized to issue and accept bills of exchange.
  • In the case of term bills of exchange, the drawer shall present a writ requesting the actions to be taken upon their maturity.

The bank shall endorse the bills accepted, thus establishing the commitment to provide additional payment besides that of the client.

Requirements:

  • Presentation of the bills to be endorsed.
  • Resolution or certified copy of the functionary authorized to issue and accept bills.
  • Must have a current account or collateral deposit.
  • Submit the request for endorsement.

The drawer shall present to the bank the bills that are not due, which will be deducted by applying the appropriate deduction rate.

The Banco de Crédito y Comercio shall transfer funds as required by its clients, to other BANDEC branches or banks, for the benefit of the client or other persons.

Currency:

Cuban pesos (CUP) and Cuban convertible pesos (CUC).

Intended for:

Personas naturales y jurídicas.

Main features:

  • The service can be delivered by means of a cash deposit or based on an account that the client may have in the bank.
  • The transfer of funds is processed by phone, telegraph, ordinary mail or email, according to the preference of the client.
  • There are no limits on the amount transferred.

Requirements:

  • Transfer application form.
  • Current account or cash deposit for the amount of the transfer, including the commission charged by the bank.

The Banco de Crédito y Comercio, acting by order of a client, is in the obligation to pay a third party, or authorize another bank to pay in the national territory, against delivery of the documents required, provided the terms and conditions established in the text of the credit are met.

Currency:

Cuban pesos (CUP) and Cuban convertible pesos (CUC).

Intended for:

Cuban and foreign legal persons based in the country.

  • Two BANDEC branches shall be the issuing bank and the negotiating bank, unless the client should request otherwise.
  • Payment or payments will be made, only if the terms and conditions of the contract are met.
  • The amount in the Letter of Credit of the balance of the client’s account, should the client have one, shall be reserved. If the client is not the holder of a current account at our bank, the client can present a certified check or an irrevocable bank guarantee for a sum covering the amount of the letter of credit, plus the expenses.
  • The letters of credit may be amended and cancelled by the client, by mutual agreement between the parties, regarding aspects such as the expiration date, amount and port of shipment. The name of the beneficiary shall not be changed.
  • The letters of credit may be: Revocable or irrevocable; at sight or with differed payments; confirmed or not; totally transferable or partially transferable to one or more beneficiaries; revolving, accumulative or non-accumulative.

Payer:

  • The application form to open a letter of credit must be completed.
  • A current account with sufficient available funds to cover the amount of the letter of credit plus expenses, or in its absence, a certified check or an irrevocable bank guarantee.
  • Formalization of the contract.

Beneficiary:

  • Presentation of a letter of notice of the letter of credit.
  • Identification of the beneficiary, through the signature log if the beneficiary has a current account, or through a personal identification document if the beneficiary does not have an account.
  • The documents presented by the beneficiary must match the clauses of the contract and there can be no discrepancies.

BANDEC has made available for sale, upon request of the clients, nominal management checks or payable cashier’s checks, for payments in national or hard currency within the national territory.

Currency:

Cuban pesos (CUP) y Cuban convertible pesos (CUC).

Intended for:

Natural or legal persons.

  • Nominal management checks may be issued for any unlimited sum, while payable cashier’s checks can reach a maximum value of $ 5.000,00.
  • The checks will expire 60 calendar days after their date of issuance.
  • They may be sold in cash or charged to the client’s account.
  • Management checks will not be issued in favor of banking offices (except for fund administration accounts), nor can they be cashed outside the national territory.
  • These checks shall be accepted by any bank authorized to operate in our national territory, and shall be denominated in the currency stated on the check.
  • Purchasers of management checks can return unused blank checks and request a refund for their amount from the banking office that issued it.
  • Application form
  • Payment of the amount of the check(s) including the bank’s commission.