Exchange Rates

[Edward Bentley]

#19050

Can anybody tell me the current exchange rates for both Euros and Canadian dollars?

Fees?

Any real difference between airport and intown exchanges?

[Mario]

#19053

Hi, the cuban exchange rates are posted here http://www.banco-metropolitano.com.cu

It can be difficult to understand the chart. Basically, as of today, 1.35289 CAD will get you 1 CUC.

For euros, they didnt write it properly, i think. It will be like .98 euros for 1cuc.

The ratea at the airport and at hotels will be about 2 to 5% worse for exchanges. The best rates are at banks or Cadeca exchange offices anywhere in the towns or cities.

There are no other fees. Always bring your passport to the exchange office.

Hope this helps,
Mario

• This reply was modified 7 years, 11 months ago by Mario.

[Andrew Anderson]

#19092

We just got back from Cuba.   The exchange rate is as follows.   US .96 per 1 CUC.  Can $  1.38 per 1 CUC.   Need to watch what you plan to exchange.  I was a bit shocked when I realized that $300 (Canadian) gave me 219.75 CUC.   So it its a question of management and expectations.   However, I have to tell you that I came back with a bunch of money (left over Canadians and US $$).    I hope this helps you..

[jamesheine]

#21777

I am trying to make sense of the exchange rate and don’t want to burn myself.  I am going for about 5 days and since credit cards don’t work obviously have to bring alot of cash.  Does it make sense to exchange let’s say 2,000 dollars for Euros or Canadian $ ahead of time.  Then maybe exchange some of these bills at the airport and exchange the rest later as needed.  What is the best plan for dealing with money?

Thanks

[Mario]

#21785

Hi, most Americans just bring USD. Once you factor in the 10% exchange penalty on converting USD to CUC, plus the 3% exchange fee, basically 100 USD = 87 CUC. This never changes. Most Americans just take the hit and don’t mind.

You can bring Euros or Canadian dollars, but you might not end up saving much money in the end. It depends on what your local bank (in the USA) will charge to exchange your USD to Euros or Canadian Dollars. Most American banks charge like 5 to 7% to do this exchange. So you lose 5 to 7% before getting to Cuba. Then in Cuba, when you change Euro or Canadian Dollars to CUC, there is the standard 3% exchange fee, so you lose that. In the end, you can usually save like 3 to 4 % by bringing Euros or Canadian dollars. It’s not a huge savings. That’s why most Americans don’t bother.

You can find more info here: https://www.reddit.com/r/cuba/comments/469nr7/money_exchange_for_americans_visiting_cuba/

Just ask if you have more questions.
Mario

[dav]

#22971

what are advantages – disadvantages of converting us dollars to mexican pesos to CUC rather than us dollars to canadian or euros to CUC?

[Mario]

#22979

Hi Dav, you originally asked this question in the comments of this page

What is the Best Cuba Guidebook for Exploring All of Cuba?

so I answered there. Anyway, I have pasted the answer for you below. No worries man. Have a great day.

Hi,
I assume the main goal of this strategy would be to avoid the 10% surcharge on exchanging USD to CUC directly. There is no 10% surcharge on converting MXN to CUC. You would just pay the international rate minus a 3 to 4% exchange fee (standard for all currency transactions). With converting USD to CUC, you also have to pay the 3% exchange fee, so after the 3% and the 10%, it would mean that 100 USD = 87 CUC.

By bringing Mexican pesos, you only pay the 3 to 4% exchange fee charged by the exchange house in Cuba (CADECA), so you would seemingly save 10%. But the largest issue in the transaction is, what rate can you get Mexican pesos while you are in the USA? If your bank in the USA gives a crappy exchange rate (if the bank charges 5% or 6% -which is very common) then it dramatically reduces your savings. If you can get MXN at a good rate (close to the international rate) then for sure, doing this strategy is a good idea. If you can get Euros or CAD or GBP at a good rate, then you can exchange your USD to any one of those currencies and save a lot of money. If you can’t get a good rate from your American bank, then it negates most of the savings.

[Author]

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