money exchange

[auie2]

Is it better to have small bills such as 20s, and 10s or are 100s and 50s better?

 

Also older currency verse new currency?

 

Thanks,

David

[Cary Cruiser]

Are you referring to $US or CUCs?

[auie2]

I was asking about us$ to cuc

 

David

[pizzalady1]

1 hour ago, auie2 said:

I was asking about us$ to cuc

 

David

I have read that larger denominations are best and try to get clean, pristine bills.

[Cary Cruiser]

+1 on what pizzalady1 said.

[victory2020]

If you can get Canadian $ or Euros the exchange rate is better. They charge a 10% penalty for US money.

[sammiedawg]

13 hours ago, victory2020 said:

If you can get Canadian $ or Euros the exchange rate is better. They charge a 10% penalty for US money.

 

We had exchanged US $ into Euros but we were still assessed the ten per cent penalty.  It is hit and miss at the currency booth.  

[TXLori]

I guess I'm confused.  CAD is worth $0.78 USD.  How is that better than paying the 10% penalty?

[FredZiffle]

16 hours ago, TXLori said:

I guess I'm confused.  CAD is worth $0.78 USD.  How is that better than paying the 10% penalty?

Well, you're not alone in your confusion.  There are so many factors to consider beyond the published exchange rate such as the fee that a bank will charge to sell you CAD; the actual rate you get from the bank (which will be worse than the actual exchange rate); the exchange rate for converting to CUCs from US $ or CAD; and how much you intend to spend in Cuba.

 

It is not difficult to do the actual calculations, and there are many posts on this board explaining the process.  Or, you can not worry about it and just exchange your US $ in Cuba for CUCs.  If you're only planning on spending a few hundred dollars at most, you won't save much, if anything, by converting to CAD first, especially if you have to pay a bank fee to convert.  If you're planning on spending much more and can convert US $ to CAD with no bank fees, it can save you about 5%, so $50 on a $1,000 spend.

[mexico8]

On ‎12‎/‎18‎/‎2018 at 8:30 AM, FredZiffle said:

Well, you're not alone in your confusion.  There are so many factors to consider beyond the published exchange rate such as the fee that a bank will charge to sell you CAD; the actual rate you get from the bank (which will be worse than the actual exchange rate); the exchange rate for converting to CUCs from US $ or CAD; and how much you intend to spend in Cuba.

 

It is not difficult to do the actual calculations, and there are many posts on this board explaining the process.  Or, you can not worry about it and just exchange your US $ in Cuba for CUCs.  If you're only planning on spending a few hundred dollars at most, you won't save much, if anything, by converting to CAD first, especially if you have to pay a bank fee to convert.  If you're planning on spending much more and can convert US $ to CAD with no bank fees, it can save you about 5%, so $50 on a $1,000 spend.

Are we able to convert CUC back to Canadian or US currency when we leave the port area and sail away?

[FredZiffle]

11 minutes ago, mexico8 said:

Are we able to convert CUC back to Canadian or US currency when we leave the port area and sail away?

Yes, the same money exchange in the port will convert CUCs back to US dollars.  3% fee for doing so.

[mexico8]

20 hours ago, FredZiffle said:

Yes, the same money exchange in the port will convert CUCs back to US dollars.  3% fee for doing so.

Thanks for the information.

[HOSKI]

I'm trying to figure out where the money exchanges are and how to decide how much to exchange.  Don't want to get stuck with extra but at the same time don't want to run short if we want to purchase something.  Any suggestions? 

[Cary Cruiser]

12 hours ago, HOSKI said:

I'm trying to figure out where the money exchanges are and how to decide how much to exchange.  Don't want to get stuck with extra but at the same time don't want to run short if we want to purchase something.  Any suggestions? 

Do you intend to buy cigars and/or rum?  I spent about $400 CUC on those 2 items alone. One nice box of cigars and a couple of Viejo bottles of rum.  Lunch/food can be had relatively inexpensive.  I brought over $1,000 US with me (on a cruise) and was sure I was going to come home with some cash, but got off the ship penniless.

 

It's not the end of the world if you convert too much to CUC and wind up having to convert a little back to $US.

[FredZiffle]

13 hours ago, HOSKI said:

I'm trying to figure out where the money exchanges are and how to decide how much to exchange.  Don't want to get stuck with extra but at the same time don't want to run short if we want to purchase something.  Any suggestions? 

 

You can't miss the money exchange.  It's huge and right in front of you as you exit Customs.

 

I agree with Cary that it's not too painful if you have to exchange some CUCs back to dollars at the end.  Just be aware that the money exchange does close in early evening (I've read as early as 6 and as late as 8).  You don't want to get stuck with CUCs when you leave Cuba because there is no way to sell them later.

 

And, on the opposite extreme from Cary, we only spent $150 US while in Havana, and almost $100 of that went to the tour guide.

[Cienfuegos]

Tour guides seemed fine with US$, Euro and with CuC for tips.  People with access to the tourist trade do well.

 

[HOSKI]

Since we are talking money, what should we expect to tip a tour guide per person on a 3 hour free tour?

[Cienfuegos]

We generally tipped $20 US for two on an included or prepaid group tour. 

[Roce48]

On 1/10/2019 at 10:43 AM, FredZiffle said:

"You don't want to get stuck with CUCs when you leave Cuba because there is no way to sell them later."

 

I live just across the Border from Canada. Think I could go to a Canadian Exchange place and exchange my CUC's for either USD or CAD?

 

 

[pbenjamin]

17 minutes ago, Roce48 said:

 

No.  You can only get CUCs in Cuba.

[rostbp]

Not planning on buying cigars or rum.  Need money for drinks and snacks  and tips.  Will Be in Cuba 2 1/2 days.  About how much is a beer, or wine and sandwich.  How much to ride in a coco(?)

[elklemi]

Last week on Carnival Paradise they told us to exchange in $50 increments, so 50, 100 not 65, 85.

[Cienfuegos]

The $50 increment is interesting. On our last day in Cuba, I swapped $20 US since I already had some CUC.

 

No problem with that.

[WangXiu81]

It is definitely better to have small bills.

We had some troubles also in changing 20 notes bills.

[Cienfuegos]

The Cuban currency exchanges seemed OK with a $20 exchange in November. We initially exchanged more, but needed a few CUC for the last day.

 

The Cuban practice of a fee for exchanging US$ into CUC, and a fee for exchanging going out can be a good bite.