Cuba exchanging currency · Exchanging currency in Cuba
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Exchanging currency in Cuba
Exchanging currency in Cuba
The USD is no longer a proxy currency in Cuba, and now incurs a 10% exchange penalty that other foreign currencies are exempt from. Therefore, if you are holding USD, it will be cheaper to convert to another currency (CAD/EUR/GBP), so long you don't lose more than 10% in the conversion.
For the overwhelming majority of travelers, it is completely unnecessary to exchange your money (losing) twice. Check to see if your home currency is accepted at the Banco Metropolitano . Over 75% of Cuba's visitors hold Canadian Dollars, Sterling or Euros which are perfectly acceptable. Mexican Pesos, Swiss Francs, Japanese Yen, Australian Dollars and at least four other currencies are also reportedly converted at major banks in Cuba. If you must change a large sum of home currency for another, make sure to change directly into CUCs, and research exchange rates in advance. For currencies that aren't accepted in Cuba, converting to Euros in your home country will probably be the easiest & cheapest option.
Banco Central de Cuba publishes official exchange rates and the official buy/sell rates on its website. If you must buy Canadian Dollars or Euros first, compare retail rates from different forex vendors: the interbank rates cited by online calculators will underestimate your true exchange costs by 5-10%.
Most travel transactions and expenses are in 'pesos convertibles' or 'chavitos' (CUC$). The best rates for CUC$ are at the banks or CADECA kiosks, not resorts. There's little difference between the rates offered at Cuban airport kiosks or banks. Consider changing only what you need, because re-conversion will add another exchange cost. Also, be advised that travelers changing money on the street have been defrauded, with fake or local currency. Caveat emptor!
Changing a very small sum (USD$ 5.) into 'moneda nacional' (CUP) is useful only for theaters, cinemas, local buses, etc. Most tourists will not ever use the 'moneda nacional' on holiday. Travelers or Backpackers with a low budget can save a lot of money in food expenses if they are willing to compromise on food quality. This is particularly feasible in Havana where there is more street food.
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Cuba Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.