Going to Cuba in March with a group. Am I better off to take American Dollars,AmEx Travelers checks or Mexican Peos? Is my ING debit card considered an American bank card?
Going to Cuba in March with a group. Am I better off to take American Dollars,AmEx Travelers checks or Mexican Peos? Is my ING debit card considered an American bank card?
Start by reading this, then come back with any further questions:
http://www.tripadvisor.ca/Travel-g147270-c109329/Cuba:Caribbean:Money.Exchange.html
Have fun.
Cheers,
Terry
You can't use American express anything in Cuba as it is connected to an American Bank...I have never seen a debit machine in Cuba but I think you would have the same issue with that being from an American bank.
Come to think of it I don't think I have ever seen anyone using Travellers cheques in Cuba so not sure how that exchange would go. As we travel to all inclusives we just bring a small amount of cash for incidentals and a credit card for emergencies only.
As for the cash you could possibly exchange it as it is cash but I would check the link above just to be sure....
Contributor
3,270 posts
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207 helpful votes You would be better off with Canadian dollars or Euros
Whiteknight if you were to read the link given by Terry you would realise that you are incorrect re Amex and also Travellers Cheques particularly for USAers.
Traveller666 why do you give that advice - doesn't it depend on what rate Chica can get TC's c/f to CAD/Euros and where both she is travelling to and for how long?
Chica for a very short trip and where very little money is required then simply using USD MAY be the best option. However changing to MX Pesos will always be the very worst option.
Ditto Fidel.
Cheers,
Terry
Ummmm.... Whiteknight was quite correct about both the US Debit, and AMEX credit cards. As well, travellers cheques are not worth the hassel.
That is all according to Terry's post.
Fidel: where have you heard that Amex is good, and that it is ever worthwhile to exchange US money?
1.) "... As well, travellers cheques are not worth the hassle..."
As you'll see from my link that is not true for an American traveller. American Express Travellers Checks are one of the best money exchange options available for Americans (and for that matter anyone who only has easy access to US Dollars.)
2.) "... and that it is ever worthwhile to exchange US money?..."
If you live in a part of the US where the banking system is somewhat modern you can get decent exchange rates on foreign currency and in those cases you can almost always get more bang-for-the-buck utilizing the double currency exchange.
If you're on an all-inclusive vacation or a pre-paid tour package where you won't need much cash then for some people the small savings isn't worth the hassle - simply exchange the USDs directly and eat the small loss in exchange.
Cheers
Terry
Edited: 9 years agoJust for fun I did the double exchange comparison for you using today's exchange rates at the Royal Bank in Canada and the Meropolitano Bank in Cuba...
1.) $100 USD = $97.22 CAD = 94.76 CUC
2.) $100 USD = 96.74 CUC - 10% surcharge = 87.07 CUC
For an all inclusive or fully hosted American traveller the 7.69 CUC savings per $100 USDs may not be significant enough to bother going to bank and jumping through the double conversion hoops, but for an American travelling independently and paying for everything in CUC then the savings is substantial.
Cheers,
Terry
Thanks so much for all your help. Most of my trip is paid for in advance . I will only need money for about 5 lunches and two dinners plus drinks & tips. So I think you are right I will just convert the American dollars and take the small loss. You are very good to give all this info. Thanks,Janet
Makes sense, Janet.
Have fun.
Cheers,
Terry