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Best Currency to bring to Cuba

Cork
posts: 7
reviews: 10
Best Currency to bring to Cuba

Does anyone know what currency is best to take with you to Cuba, I've read not to take dollars so would euros or sterling be the best

Havana, Cuba
posts: 4,110
reviews: 5
1. Re: Best Currency to bring to Cuba

Any of the two is OK.

United Kingdom
Destination Expert
for Holguin, Guardalavaca
posts: 14,321
reviews: 34
2. Re: Best Currency to bring to Cuba

You are quite right, dont take USD dollars. Euros or Sterling are fine to take and are widely accepted in Cuban money exchanges/banks.

Calgary, Canada
posts: 10,671
reviews: 64
3. Re: Best Currency to bring to Cuba

Hey kittykat

Take a look at this from bellagio. It will help.

tripadvisor.com/Travel-g147270-c69372/Cuba:C…

Cheers

Cork
posts: 7
reviews: 10
4. Re: Best Currency to bring to Cuba

Thanks for the Advice Guys

montreal
posts: 578
reviews: 58
5. Re: Best Currency to bring to Cuba

Almost anywhere else in the World U.S. dollars are a good bet for travel currency, in Cuba you will pay an exchange penalty.

Toronto, Canada
posts: 690
reviews: 205
6. Re: Best Currency to bring to Cuba

Euros, Pounds or Canadian Dollars is preferred. American dollars are exchanged with 20% penalty.. or something ridiculous like that.

Montreal, Canada
Destination Expert
for Camaguey, Cuba
posts: 9,644
7. Re: Best Currency to bring to Cuba

Agent226, it's a 10% penalty for exchanging US dollars.

Calgary, Canada
posts: 3,522
reviews: 4
8. Re: Best Currency to bring to Cuba

Maybe Agent226 is thinking of the combination of the 10% penalty and the exchange rate of 1.08 USD per CUC that was in effect up until March of this year. Effectively, that meant that the USD was really only worth 0.83 CUC at the time.

However, on March 14, 2011, the CUC was pegged at 1 CUC = 1 USD, but the 10% tax/penalty still applies, as Gengen says.

Havana, Cuba
posts: 4,110
reviews: 5
9. Re: Best Currency to bring to Cuba

As per today USD in cash change would mean 0.8715 so 1 CUC = .8715 USD.

The total hit is still around 13%

Calgary, Canada
posts: 3,522
reviews: 4
10. Re: Best Currency to bring to Cuba

I agree, Voy, but just to clarify, 10% of that is the penalty or tax, and the remaining 3% is simply an exchange fee that applies to all currencies. It is reflected in the spread between the buy and sell rates.

(I know you know that, but just hoping to clarify it for anyone that may not have a clear understanding.)

For example, based on todays rates on the Banco Central website, the the CUC can be purchased for 1.05625 Canadian dollars. Or put another way, $100 CDN will buy 94.67 CUC.

But, to exchange CUC back to Canadian, the rate is 0.98946, so that it would take 98.95 CUC to buy $100 Canadian at the bank in Cuba.

So, in a sense, you could say that the CUC is worth about $1.02 CDN (as a mid market rate), when buying CUC, you pay a mit over 3% more than that.

Edited: 4:18 pm, October 19, 2011