Miami Entrepreneur Brings E-Commerce to a New Market in Launching a Prepaid Card for Use in Cuba

International Port Corp. (IPC), the Miami-based company which is the first American company with a legal physical presence in Cuba, has created a prepaid card for use by Americans visiting that country, in an agreement finalized with the Cuban banking system.

The “Club Malecon” instant issue prepaid card, created by Larry Nussbaum, President of IPC, is being announced the same day that U.S. President Barack Obama and Cuban President Raúl Castro – who initiated the historic resumption of diplomatic relations between the two countries -- are meeting at the U.N. General Assembly for the last time, before the next American head of state assumes the presidency in January 2017.

The “Club Malecon” prepaid card addresses the lack of a usable credit card or ATM card for Americans visiting Cuba (which is still a problem, since most U.S. banks, despite the resumption of Washington’s diplomatic relations with Cuba, have opted not to make available such cards until the U.S. trade embargo against that country is fully lifted).

IPC’s “Club Malecon” instant issue prepaid card will be the first such card sold in US Dollars which will be accepted throughout Cuba.

  • The card will be accepted at all ATMs, CUBAN money exchange stores (CADECA) and all point of sale installations by all merchants throughout Cuba.
  • The “Club Malecon” card will be the most cost-effective, efficient and safest method of exchange.
  • The exchange rate on the “Club Malecon” card is 1 US Dollar = 1 CUBAN convertible peso.
  • The use of the “Club Malecon” card eliminates the 3% currency exchange fee and the current 10% Cuban surcharge when Americans exchange US currency for Cuban convertible pesos (CUCs).

The “Club Malecon” card was created to help American travelers have sufficient funds during their stay in Cuba.  It will be marketed to all Cuba-bound travelers, to friends and family who want to make gifts to friends and family in Cuba, and for all authorized payments to Cuban residents or Cuban nationals for services rendered (including casas particulares and paladares).  The “Club Malecon” card will have:

            ●  No hidden fees

            ●  No minimum deposit

            ●  Easy to use throughout Cuba

            ●  Cross-services usable

            ●  a US$10,000 limit

            ●  a PIN code to increase security

            ●  The Club Malecon Card complies 100% with both Cuban Banking and Security Laws.

            ●  can be used by residents for remittances

            ●  the Club Malecon Card balance is maintained in US Dollars

            ●  Any unused deposits on the Club Malecon Instant Issue Card will be refunded without penalty.

First-time users must enter the following website to apply for the “Club Malecon” card:

IPC already runs various Cuba-centric operations in several sectors, including air and maritime cargo shipping -- ranging from commercial to non-commercial, and humanitarian shipments through IPC; import-export through “Food Bridge”; e-commerce solutions for all Cuba-based embassies and NGOs (including consignment inventory through “Diplomatic Depot”); parcels to Cuban residents (including consignment inventory through “Club Malecon”); and individual & group travel packages (with educational & cultural itineraries) through “Cuban Guru”.

Nussbaum already made history when his firm, IPC, which was already granted the first humanitarian cargo vessel license from OFAC, made a shipment directly from Miami to Havana on July 11, 2012 – the first such vessel to do so in 50 years (since the enactment of the U.S. trade embargo against Cuba), a feat that generated worldwide media coverage.   In May 2015, IPC was also the first entity to receive licenses from both OFAC and U.S. Dept. of Commerce to conduct direct passenger ferry service from Florida to Cuba.

For further information, contact:

Larry Nussbaum
International Port Corp.
Cell:   (201) 218-4988​

Source: International Port Corp.


Categories: Emerging Businesses, Consumer Banking, Personal and Family Finances, Travel, Transportation, and Hospitality News

Tags: Club Malecon, Cuba, Cuban Banking, Cuban peso, International Port Corp., pesos, pre-paid card, travel, USD