We are traveling soon to Cuba and must have cash as no American credit cards apparently are accepted as we are still "the new kids on the block". Canadians have been going back and forth for years. We understand that the exchange rate is worse for the American Dollar than Canadian money. Would it be advisable to exchange USD for CAD which then would get exchanged yet again to Cuban funds?
We would appreciate any insight!
Thanks
Frank (Tresana) went there about a year ago and was advised to take euro because they didn't accept USD, but that was before we "normalized" relations.
We just visited Cuba with a volunteer group. We exchanged our US money there.
We totally loved Cuba !
Joan,
Although diplomatic relations have been normalized with Cuba, I don't believe that the situation with U.S. credit cards has changed yet. You could probably make some money by exchanging U.S. dollars for Canadian, given the current exchange rates. When in Cuba, you'll have to use the "Cuban convertible peso" while there, rather than the peso that the locals use.
You may find it helpful to have a look at this website.....
I'm not sure how current it is, but it will give you an idea what to expect there.
Happy travels!
You need to bring cash and convert to CUC. Best rates in descending order appears to be at a bank, an official "cadeca", the airport, or private currency exchange like a hotel front desk. There appears to be a 10% surcharge on exchanging USD, so it will be better to bring different world currency like CAD.
I have never been to Cuba, but am hoping and planning on a trip later in the year. My brother has been several times and has confirmed the above. He says he usually converts at a cadeca at the Cuban airport just for the convenience. He usually stays at an all inclusive resort and only converts about a hundred dollars for the week to have tipping money. Apparently, if you want any decent service, you need to tip. But the cost of living is so low that a small tip will go a long way.
Read the tripadvisor cuba forum for more info. Some travellers have posted that they give little gifts, such as pencils, tampons, or left over shampoo. I am perplexed by such advice and only plan to tip cash. Also, it is better to tip in CUC, and not your home currency which creates a hassle for the local worker to exchange. Foreign coins cannot be exchanged, so a CAD loonie is useless. My bro says it may be difficult to get small bills from the cadeca. He suggests talking with the hotel housekeeper or bartender to break the big bill into smaller bills. But it is important in any exchange or purchase to get CUCs back and not the local CUP currency, which is worth less.
Rick is blogging from Cuba now - give it a look...
http://blog.ricksteves.com/
There is a 10% government "surcharge" on exchanging US dollars that does not apply to other currencies like Canadian dollars and euro. But any hotel will exchange your US dollars right at the desk (usually adding 2-3% fee on top of that). I got 87-88 C.U.C. for every $100 US at hotels.
The problem with euro or Canadian dollars is that hotels don't exchange them. You'll have to go to a bank and wait in lines there. People in our group tour that went with Canadian regretted it and would have gladly exchanged the 13% for the convenience.
That is strange. Even though i have not gone yet, i would not think that there should be any problems exchanging CAD anywhere based upon the experiences of friends and family. Canadians (and Europeans) make up a huge percentage of the tourists in Cuba so exchanging CAD (or Euros etc) should not be a problem.
A good hotel will change CAD, EUR, GBP, etc. Not sure where Douglas above stayed but the Hotel Nacional will change any of those for guests. I am not sure if they will do any exchange for non-guests.
I wonder with the expected opening of the US-Cuba relations whether there is currency speculation and hoarding of USD which may be motivating private exchangers like a hotel front desk to prefer the USD. If private exchangers can exchange USD with the 10% surcharge, hold the greenbacks until the surcharge is eliminated, then they will profit. Just guessing on my part.
Anyways, banks and official cadecas (which can be found in the airport, large resorts and city) will not discriminate and will give you best rate for CAD, Euros, etc..
