Currency management for an American in Cuba

[JY0]

We are headed to Cuba via a Cruise in May. As an American I know I need cash to purchase cigars in Cuba. My credit/debit cards are from US banks and I do not want another card.  

I've read various things but it seems the best approach is to buy Euros or Canadian dollars before we go and covert those to CUC in Cuba? Is this the best way?

I'm a Cuba newb so thanks for your patience!

 

Suggestions appreciated. 

[jerrybrowne]

I'd just calculate what the cost of the double conversion would run and then compare to the 13% conversion fee for USD to CUCs. 

One thing I would suggest looking into is the cost of having your bank send you Euros or CAD while you are home in the US.  If a big bank and depending on what kind of account you have, they often have more favorable rates than currency exchanges.

[GotaCohiba]

We were able to get USD converted to Canadian for 2% through Bank of America

Them 3% in Cuba to conver from CDN to CUC

Much better than taking the 13% hit. 

 

[madandana]

Stonegate CC works in Cuba. We have one and no problems. Only that the rollers won't take CC for customs.(except Jorge)

[Ethernut]

3ish percent for USD to EUR/CAD is what I see locally. Add 3% in Cuba for the second version and it costs you 6%. Use USD and it costs you 13%. 13% sounds bad, but it's only $7 on the hundred more and roughly what we pay in state tax here in the mid west. It's easier for me to just use USD as I'm not worried about the extra 7 bucks. I have found other methods (locals) that will exchange for 10% or less so, the difference between 7% and 4% gets even smaller. 

I say, don't sweat it either way.. 

[GotaCohiba]

8 minutes ago, Ethernut said:

3ish percent for USD to EUR/CAD is what I see locally. Add 3% in Cuba for the second version and it costs you 6%. Use USD and it costs you 13%. 13% sounds bad, but it's only $7 on the hundred more and roughly what we pay in state tax here in the mid west. It's easier for me to just use USD as I'm not worried about the extra 7 bucks. I also have found other methods (locals) that will exchange for 10% or less so, the difference between 7% and 4% gets even smaller. 

I say, don't sweat it either way.. 

Guess I depends on how much you intent to spend

For $3k your 7 bucks is now $210 dollars ....  that’s 3-4 boxes of RA Superiors 

[Ethernut]

Just now, GotaCohiba said:

Guess I depends on how much you intent to spend

For $3k your 7 bucks is now $210 dollars ....  that’s 3-4 boxes of RA Superiors 

Oh I promise I can do multiplication and you're correct. Each his own. Which is why I said don't sweat it either way.

[Ethernut]

The other thing I might add is if you do convert USD into CAD/EUR and you don't use it all, you'll lose that conversion ratio again turning it back into USD. So, that's a factor. ...and I dont believe Cuba will give you USD from unused CUC's so best to use all the money you're going to take or at least be careful with your spending patterns. I like @madandana's suggestion of the Stonegate card. May investigate that. Can you get cash from the ATM with it?

[Fuzz]

34 minutes ago, Ethernut said:

The other thing I might add is if you do convert USD into CAD/EUR and you don't use it all, you'll lose that conversion ratio again turning it back into USD.

Depends. I converted from AUD to EUR, then when I converted back, I waited till I had a favourable rate and made a little extra.

[Ethernut]

2 minutes ago, Fuzz said:

Depends. I converted from AUD to EUR, then when I converted back, I waited till I had a favourable rate and made a little extra.

..that time you used bitcoin right? ?

[Fuzz]

Nope, just waited till the exchange rate was better. I didn't need the cash straight away, so I could afford to wait.

[JY0]

Thanks all. As an FYI Stonegate was acquired by Centennial in late September.

[jerrybrowne]

Are they still issuing credit cards that you can use in Cuba?

[JY0]

Don't know, sorry.

[mk05]

Be friendly to Cuban locals, cabbies, and be rewarded.

[jerrybrowne]

On 1/26/2018 at 5:06 PM, madandana said:

Stonegate CC works in Cuba. We have one and no problems. Only that the rollers won't take CC for customs.(except Jorge)

Hi, any idea what conversion rate they use to USD?  Thanks!

[madandana]

Hi Jerry,

I'll see if I can find my receipts but as I recall it was 1 to 1. I know I was very pleased with it.

[madandana]

I was charged 3%. I think that represents a 1 to 1 exchange but a 3% foreign exchange. I'm not sure that's accurate but either way it's an excellent rate.

[jerrybrowne]

Thanks for checking. Looks like an excellent deal and a great option!


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[cmbarton]

As FatherOfPugs and GotaCohiba stated, you will save a great deal of money if you exchange USD to CDN (Canadian) with your Bank before you leave. Then in Cuba, convert the CDN to CUC. Fortunately the terminals that the cruises have been using has a currency conversion counter in it with favorable rates for CDN (versus USD and even EUR). I brought Euros to Cuba last July and when I did the math, I would have been slightly better off with CDN.

Exchanging CUC to USD was not a problem and I did not get charged a conversion fee above the ~3% that’s charged for any other conversion. Cuba doesn’t want USD which is why they charge such a high rate to exchange USD for CUC; they are more than happy to get CUCs back in exchange for USD!

Another option is to just spend all the money you brought because, well, it’s CUBA! Between art, rum, and cigars, there shouldn’t be any money left over!

[JY0]

My bank is getting Canadian dollars for me at a great rate. I'm traveling on a cruise, visiting  Santiago de Cuba and Cienfuegos for one day each, then Havana for 2 days.

Do I have to find a bank to covert or can an LCDH do it for me? I'm trying to find the most effiecient way so I can spend more time shopping and less time standing in line. Havana is the last stop

I'm sure the cruise ship exchange rates are high.

 

Thanks all.

[GotaCohiba]

14 minutes ago, JY0 said:

My bank is getting Canadian dollars for me at a great rate. I'm traveling on a cruise, visiting  Santiago de Cuba and Cienfuegos for one day each, then Havana for 2 days.

Do I have to find a bank to covert or can an LCDH do it for me? I'm trying to find the most effiecient way so I can spend more time shopping and less time standing in line. Havana is the last stop

I'm sure the cruise ship exchange rates are high.

 

Thanks all.

You can exchange in Havana at the cruise terminal 3% to exchange

You can also exchange at most of the larger hotels for the same 3%

[GotaCohiba]

16 minutes ago, JY0 said:

My bank is getting Canadian dollars for me at a great rate. I'm traveling on a cruise, visiting  Santiago de Cuba and Cienfuegos for one day each, then Havana for 2 days.

Do I have to find a bank to covert or can an LCDH do it for me? I'm trying to find the most effiecient way so I can spend more time shopping and less time standing in line. Havana is the last stop

I'm sure the cruise ship exchange rates are high.

 

Thanks all.

What cruise line are you taking for so much time in Cuba?

[JY0]

Thank you.

[JY0]

Oceana. 8 days from Miami.