Currency Exchange

Just back from Cuba on the Carnival Paradise. I did a fair amount of research about currency exchange before we departed with mixed results so I hope this helps. We traveled with another couple on this cruise. I went to Florida Currency Exchange in Tampa and was told that Canadian or Euro's would be my best option. They ran the exchange numbers on both and they where very close to being the same. I exchanged $400 US for Euro's. I think I ended up with 331 Euro's with the current exchange rate. I exchanged those at the port of Havana and received 354 CUC's. My friend exchanged $400 US at the same time at the port and received 348 CUC's. So I ended up with a whopping 6 extra CUC's or about $5.22 US. Probably not worth the trouble of exchanging to Euro's. I hope this real life experience helps some of you make the decision.

This is interesting. Did you both spend all of the money? Wondering if the conversion back to Euro or US on the back end would have improved your position?

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If you exchanged your currency at International Mall, they will waive the fee when you change your Euros back to US as long as you show your receipt.

Thanks for the information. I have some euros I was planning to take, but I guess there's no huge advantage to doing so, based on what you experienced!

Just back from Cuba on the Carnival Paradise. I did a fair amount of research about currency exchange before we departed with mixed results so I hope this helps. We traveled with another couple on this cruise. I went to Florida Currency Exchange in Tampa and was told that Canadian or Euro's would be my best option. They ran the exchange numbers on both and they where very close to being the same. I exchanged $400 US for Euro's. I think I ended up with 331 Euro's with the current exchange rate. I exchanged those at the port of Havana and received 354 CUC's. My friend exchanged $400 US at the same time at the port and received 348 CUC's. So I ended up with a whopping 6 extra CUC's or about $5.22 US. Probably not worth the trouble of exchanging to Euro's. I hope this real life experience helps some of you make the decision.

Cuba charges you a flat fee of 3% on top of current exchange rate. They than charge a 10% fee for USD. Going to get Euro's or other currency in the USA, the exchange rate fees are greater than 3% and could approach 10%. Basically exchanging to Euro's than to CUC is not worth it like you said. Now if you travel to Europe a lot, than you can exchange a larger amount of money and take some to Cuba, you would get a better deal.

Just got back today 10/09. I exchanged 85 CUC's for USD. Got $70 back. They get you coming and going.

This is interesting. Did you both spend all of the money? Wondering if the conversion back to Euro or US on the back end would have improved your position?

 

I spent all of mine. My friend exchanged back about 100 CUC with a 3% charge to exchange it back to US.

Just got back today 10/09. I exchanged 85 CUC's for USD. Got $70 back. They get you coming and going.

Something wrong there. There is only a 3% commission.

Has anyone done Canadian dollars? Is that a better deal?

I used Canadian dollars. People tend to make this more complicated than it is. Whether you use Euros or Canadian dollars or Mexican pesos or whatever your savings will be the 10% minus the commission you pay to get the third party currency, with the potential of exchange rate fluctuations. You'll save some money but not a lot. Whether it's worth it is up to you.

Do the US bills have to be pristine? We got money from the bank and some bills are not "perfect" with an ink smudge on the top edge.

Do the US bills have to be pristine? We got money from the bank and some bills are not "perfect" with an ink smudge on the top edge.

Nope they were not even sorting the USD. They just tossed them into a shoe box

I went to a bank (not a currency exchange place) to exchange a 3 CUC note for 24 3 CUP notes -- the 3 CUP notes have Che Guevara pictured on them and make no nice souvenirs. The 3 CUC note was slightly torn and they would not accept it. Fortunately I had another.

I used Canadian dollars. People tend to make this more complicated than it is. Whether you use Euros or Canadian dollars or Mexican pesos or whatever your savings will be the 10% minus the commission you pay to get the third party currency, with the potential of exchange rate fluctuations. You'll save some money but not a lot. Whether it's worth it is up to you.

Wait! I'm confused. I've read that only USD conversions incur the 10% fee. I thought I read that on the State Department website, but maybe it's outdated. Or maybe it depends WHERE you exchange? I was going to sell or give my left over euros to someone to use to lessen the fees.

I was saying that the savings experienced by using CAD or euros would be the 10% (not paying it) minus the cost to convert to that currency.

Just back from Cuba on the Carnival Paradise. I did a fair amount of research about currency exchange before we departed with mixed results so I hope this helps. We traveled with another couple on this cruise. I went to Florida Currency Exchange in Tampa and was told that Canadian or Euro's would be my best option. They ran the exchange numbers on both and they where very close to being the same. I exchanged $400 US for Euro's. I think I ended up with 331 Euro's with the current exchange rate. I exchanged those at the port of Havana and received 354 CUC's. My friend exchanged $400 US at the same time at the port and received 348 CUC's. So I ended up with a whopping 6 extra CUC's or about $5.22 US. Probably not worth the trouble of exchanging to Euro's. I hope this real life experience helps some of you make the decision.

Just came back from overnight in Havana on Empress today(10/21) and all of the vendors we met up with were willing to take dollars...but they give you change in CUCU.

Is there any advantage in using Mexican pesos or should I go buy the Euro, I was thinking of half euros and some Dollars. The only reason is I can use the balance of pesos in Mexico. All these post are very interesting. I'm just trying to learn how to navigate this site.

It shouldn't matter what non-US currency you use. The only variables are the commission charged to exchange, and any changes to the exchange rate between when you buy the currency and when you exchange for CUCs.

Cuba charges you a flat fee of 3% on top of current exchange rate. They than charge a 10% fee for USD. Going to get Euro's or other currency in the USA, the exchange rate fees are greater than 3% and could approach 10%. Basically exchanging to Euro's than to CUC is not worth it like you said. Now if you travel to Europe a lot, than you can exchange a larger amount of money and take some to Cuba, you would get a better deal.

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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It's my understanding that the 10% charge only applies to USD, but maybe someone else can confirm that.

How many times does it need to be repeated? There is a 10% surcharge when exchanging US dollars in Cuba. The surcharge doesn't apply to any other currency.

How many times does it need to be repeated? There is a 10% surcharge when exchanging US dollars in Cuba. The surcharge doesn't apply to any other currency.

Thanks for your patience. Apparently some people have reading comprehension issues :D

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.

I just got back from Cuba on NCL. I agree with others who say doing the whole US -> Euro -> CUC conversion probably isn't worth all the trouble. We exchanged $200 US for CUCs, so we only lost a few dollars on the deal. We actually didn't end up spending much of the CUCs on items and gave it away as tips to drivers and guides. The tours we booked through NCL took us places where they accepted US dollars (such as the rum/cigar store).

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.

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.