Currency Exchange

Just curious - is the rate of exchange in Cuba the same for Canadian dollars and U.S. dollars?

Just curious - is the rate of exchange in Cuba the same for Canadian dollars and U.S. dollars?

No. The US dollar is on par with the CUC. The exchange rate between Canadian dollars and CUCs is the same as the rate between Canadian dollars and US dollars.

For $1 USD you´ll get $0.87 CUC. This is a fix exchange rate. For $1 CAD you´ll get $0.758 CUC. This is an updated information from the Cuban bank. So make your math.

Just went to AAA and exchange $500.00 US for Canadian. Got $594.00 Canadian in return.

If you are a member of AAA there are no charges.

I think it is worth it.

Got $94.00 more & no 10%charge.

The only problem is that currently $500 USD = $656 CAD so AAA had a 8-9% fee built into the exchange rate. $1 USD=1.3126 CAD today. AAA is offering $1USD = 1.2058 CAD today. Amounts to an 8.14% hidden fee wrapped up in the exchange rate.

In doing my own calculations, it seems it may not be worth changing.

I would love it if someone checked my math!! Planning on converting $400 to CAD, which I'm told will be CAD485, minus the 3% = CAD470, which according to my converter, = CUC356. Then I did the calculation from USD, minus 13%, gives me $348 = CUC348. An $8 CUC difference. Am I right?

If so, not worth the aggravation, so would appreciate if someone could tell me if I've done it correctly.

Yes, that sounds right. You can always save some, but often not worth the trouble for smaller amounts. A variable is how you get the CAD, i.e. what sort of exchange fee, if any, you pay.

converting $400 to CAD, which I'm told will be CAD485,

Does the bank or wherever you intend to exchange at home charge any fee for doing so? If so, is this factored in to the 485CAD value or needs to be subtracted?

If so, it impacts your BIG 8USD difference. LOL

Also, this rate may change daily, slightly.

minus the 3% = CAD470, which according to my converter, = CUC356.

OK (this rate may change daily, slightly)

Then I did the calculation from USD, minus 13%, gives me $348 = CUC348. An $8 CUC difference. Am I right?

100 USD = 87 CUC fixed rate at all official cadecas and banks in Cuba, does not vary.

400 USD = 348 CUC

If so, not worth the aggravation, so would appreciate if someone could tell me if I've done it correctly.

Seems correct.

Unless you are changing a thousand USD or more, you are quite correct that the difference may not be worth the time and effort to change USD to another currency at home, to avoid the hit in Cuba.

The first and only time I changed 1000USD to Euros, iirc it 'saved' about 40CUC.

There seems to be different opinions on currency exchange .Does anyone know if it’s worth exchanging US into Canadian ? . The exchange rate of US vs Canadian is around 1.20 . Can you buy Cucs in Cuba in Canadian without a 10 percent penalty ?

 

 

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Depending on how much you exchange and the current exchange rate, you may save a few dollars. The lower the amount, the less you save. In fact, if you're not planning on spending but $100 or so in Havana, it could actually be more expensive to convert US $ to CAN $ or Euros. If you're planning on converting $1,000 US, you would save $51 at today's rates converting to CAN $ first vs. waiting until Havana to directly convert US $ to CUCs (assuming your bank waives any transaction fee for $1,000 or more like BOA does). On the other hand, if you're only converting $100 US and have to pay a transaction fee (BOA charges $7.50), you would be $3.50 worse off than if you'd just waited and converted US$ to CUCs at the port.

(assuming your bank waives any transaction fee for $1,000 or more like BOA does).

When I converted a thousand USD to Euros to take to Cuba last year, BofA had a built in transaction fee.

The only problem is that currently $500 USD = $656 CAD so AAA had a 8-9% fee built into the exchange rate. $1 USD=1.3126 CAD today. AAA is offering $1USD = 1.2058 CAD today. Amounts to an 8.14% hidden fee wrapped up in the exchange rate.

I must went on to purchase CAD and (I am a member) and there was a $10.00 delivery charge. I think I will just buck up and exchange when I get there.

Thanks to all for the come back. The CAD I was given did include all fees. So it sounds like it's just not worth the trip to exchange when you take into account your time and gas. I'll just get what I get in Cuba!

When I tried to figure up an estimate for using US dollars vs Euros, it came out to nearly identical.

 

When using dollars, there's the 10% and 3% Cuban charges. When using Euros it's a 3% Cuban charge, but also the exchange rate and bank fee.

 

Since its so close, the hassle factor tipped the scale to just using dollars.

Bingo! My time is actually worth money. No time to go to a bank here, pay them whatever fee, etc, etc. same reason I paid NCL the $75 to get my visa.