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Money and Shopping in Americans in Cuba
Money and Shopping in Americans in Cuba
Because of the Embargo, there can be very serious cash complications for a Cuba traveler. All tourists should know that bank cash cards (bank-issued debit cards) from all countries are useless. For Americans, all credit and debit cards from any US financial institution will not work in Cuba. For everyone else, any credit card issued by a foreign bank with a US parent company or US processing firm will also be blocked. In most cases, International VISA- and Mastercard-branded global payment (debit) and credit cards will work, but only if completely unaffiliated with any US subsidiary or US-owned clearinghouse. Regardless of your nationality or location, please research & double-check with your home bank to confirm the card's functionality in Cuba specifically: foreign banks may offer competing card products, some tied to US firms. Travelers have reported receiving bad information from their branch banks - speak to someone in authority if necessary. Don't get stuck in Cuba without money, because of poor planning: know before you go!
Tourists normally carry enough cash for a short Cuba trip. Most bring their own currency; confirm that yours is accepted, and calculate the most recent exchange rates at the Banco Metropolitano . Because Cuba imposes a 10% penalty on the exchange of USD$, it is not recommended to take larger sums of US Dollars to Cuba. Travelers converting over USD$1,000. generally choose Euros or Canadian Dollars, and for the best rates, its best to organize in advance. Finding the best exchange should never be left until the last minute: US airport and retail forex kiosks offer some of the worst exchange rates. With two conversion (for example, USD$>Cdn$>CUC$), costs can range anywhere between 8-20% depending on the amount and exchange rate at two banks; the relative savings (or loss) can be significant for the budget traveler. For longer trips, exchange what you need in stages: its a waste to reconvert a lump sum of unused CUCs at departure (losing on yet another transaction.) But for shorter trip, be practical: how many visits to an ATM or bank would be necessary on a 7-day vacation? The foreign exchange booths (CADECAs) in Cuban airports offer extremely fair rates, but always be mindful of the calculations and never change for CUC$ on the street.
The average tourist will rarely use CUP$ (moneda nacional), but a few pesos can be useful in local places.
All the normal precautions apply, for traveling with big wads of cash: some travelers use money belts and/or travel security devices; others rent a hotel safe (it is not necessary to be a guest to do so.) Most just carefully hide valuables amongst their belongings, carrying a small amount of daily cash. Tourist theft in licensed casas is very rare; a licensed owner has every incentive to protect you so respect their rules & security. Staying in unlicensed casas is riskier for theft, as is being drunk & bringing in shady locals. Etc.
Sensible travelers will generally avoid any electronic- or paper-trail evidence of unlicensed expenses, where that may be an issue.
As an alternative to carrying only cash (and contrary to popular belief), US travelers cheques are accepted and economical. But unlike many destinations, travelers cheques are less convenient and cannot be replaced on island if lost/stolen. Also, proof is required for cashing: remember to bring your receipts with you to the Cuban bank!
Another option used primarily for family remittance, several debit & rechargeable payment cards might make sense for long-term or repeat travelers, especially as "back-up" or emergency funds: students abroad, take note! Investigate the different fees & terms, and allow three- to four weeks for the debit card pick-up on island. As of January 2008, the favored debit cards used by Canadians, Europeans and others include Duales , CaribbeanTransfers , Telecash-AIS and Monetaria .
Also, repeat visitors may wish to consider opening a bank account in Cuba. From a Canadian bank, the wire cost is not excessive for larger transfers such as a semester's expenses. Unlike many Canadian and European banks, very few US institutions are authorized to make licensed transfers (via bank wires) to correspondent banks in Cuba. To facilitate & speed this extraordinary type of transaction (IF possible), get the correspondent banks' SWIFT & IBAN codes in advance. Keeping money in a local Cuban bank may be the safest option for a regular & repeat Cuba traveler.
Lastly, anyone suffering catastrophic loss would probably have to visit their Consulate or Embassy; for US citizens, this will be the US Interests Section of the Swiss Embassy. Emergency funds can be arranged this way, but the process will be time-consuming and the fees will be extraordinarily expensive.
Regardless of nationality, it is extremely unwise to carry on your person/baggage any evidence of possible Embargo violations, or to discuss any travel expenses with a US govt official. A vigilant, prudent traveler knows s/he is under no obligation to do so, regardless of what some border guard threatens. The above constitutes neither a recommendation nor legal advice; it is provided only as informational reference and the common-sense of many previous Cuba travelers.
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Americans in 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.