JY0 Posted January 26, 2018 Share Posted January 26, 2018 We are headed to Cuba via a Cruise in May. As an American I know I need cash to purchase cigars in Cuba. My credit/debit cards are from US banks and I do not want another card. I've read various things but it seems the best approach is to buy Euros or Canadian dollars before we go and covert those to CUC in Cuba? Is this the best way? I'm a Cuba newb so thanks for your patience! Suggestions appreciated. 2 Link to comment Share on other sites More sharing options...
jerrybrowne Posted January 26, 2018 Share Posted January 26, 2018 I'd just calculate what the cost of the double conversion would run and then compare to the 13% conversion fee for USD to CUCs. One thing I would suggest looking into is the cost of having your bank send you Euros or CAD while you are home in the US. If a big bank and depending on what kind of account you have, they often have more favorable rates than currency exchanges. 1 Link to comment Share on other sites More sharing options...
GotaCohiba Posted January 26, 2018 Share Posted January 26, 2018 We were able to get USD converted to Canadian for 2% through Bank of America Them 3% in Cuba to conver from CDN to CUC Much better than taking the 13% hit. 2 Link to comment Share on other sites More sharing options...
madandana Posted January 26, 2018 Share Posted January 26, 2018 Stonegate CC works in Cuba. We have one and no problems. Only that the rollers won't take CC for customs.(except Jorge) Link to comment Share on other sites More sharing options...
Ethernut Posted January 27, 2018 Share Posted January 27, 2018 3ish percent for USD to EUR/CAD is what I see locally. Add 3% in Cuba for the second version and it costs you 6%. Use USD and it costs you 13%. 13% sounds bad, but it's only $7 on the hundred more and roughly what we pay in state tax here in the mid west. It's easier for me to just use USD as I'm not worried about the extra 7 bucks. I have found other methods (locals) that will exchange for 10% or less so, the difference between 7% and 4% gets even smaller. I say, don't sweat it either way.. Link to comment Share on other sites More sharing options...
GotaCohiba Posted January 27, 2018 Share Posted January 27, 2018 8 minutes ago, Ethernut said: 3ish percent for USD to EUR/CAD is what I see locally. Add 3% in Cuba for the second version and it costs you 6%. Use USD and it costs you 13%. 13% sounds bad, but it's only $7 on the hundred more and roughly what we pay in state tax here in the mid west. It's easier for me to just use USD as I'm not worried about the extra 7 bucks. I also have found other methods (locals) that will exchange for 10% or less so, the difference between 7% and 4% gets even smaller. I say, don't sweat it either way.. Guess I depends on how much you intent to spend For $3k your 7 bucks is now $210 dollars .... that’s 3-4 boxes of RA Superiors 1 Link to comment Share on other sites More sharing options...
Ethernut Posted January 27, 2018 Share Posted January 27, 2018 Just now, GotaCohiba said: Guess I depends on how much you intent to spend For $3k your 7 bucks is now $210 dollars .... that’s 3-4 boxes of RA Superiors Oh I promise I can do multiplication and you're correct. Each his own. Which is why I said don't sweat it either way. 1 Link to comment Share on other sites More sharing options...
Ethernut Posted January 27, 2018 Share Posted January 27, 2018 The other thing I might add is if you do convert USD into CAD/EUR and you don't use it all, you'll lose that conversion ratio again turning it back into USD. So, that's a factor. ...and I dont believe Cuba will give you USD from unused CUC's so best to use all the money you're going to take or at least be careful with your spending patterns. I like @madandana's suggestion of the Stonegate card. May investigate that. Can you get cash from the ATM with it? Link to comment Share on other sites More sharing options...
Fuzz Posted January 27, 2018 Share Posted January 27, 2018 34 minutes ago, Ethernut said: The other thing I might add is if you do convert USD into CAD/EUR and you don't use it all, you'll lose that conversion ratio again turning it back into USD. Depends. I converted from AUD to EUR, then when I converted back, I waited till I had a favourable rate and made a little extra. Link to comment Share on other sites More sharing options...
Ethernut Posted January 27, 2018 Share Posted January 27, 2018 2 minutes ago, Fuzz said: Depends. I converted from AUD to EUR, then when I converted back, I waited till I had a favourable rate and made a little extra. ..that time you used bitcoin right? ? Link to comment Share on other sites More sharing options...
Fuzz Posted January 27, 2018 Share Posted January 27, 2018 Nope, just waited till the exchange rate was better. I didn't need the cash straight away, so I could afford to wait. 1 Link to comment Share on other sites More sharing options...
JY0 Posted January 28, 2018 Author Share Posted January 28, 2018 Thanks all. As an FYI Stonegate was acquired by Centennial in late September. Link to comment Share on other sites More sharing options...
jerrybrowne Posted January 28, 2018 Share Posted January 28, 2018 Are they still issuing credit cards that you can use in Cuba? Link to comment Share on other sites More sharing options...
JY0 Posted January 28, 2018 Author Share Posted January 28, 2018 Don't know, sorry. Link to comment Share on other sites More sharing options...
mk05 Posted January 28, 2018 Share Posted January 28, 2018 Be friendly to Cuban locals, cabbies, and be rewarded. Link to comment Share on other sites More sharing options...
jerrybrowne Posted January 30, 2018 Share Posted January 30, 2018 On 1/26/2018 at 5:06 PM, madandana said: Stonegate CC works in Cuba. We have one and no problems. Only that the rollers won't take CC for customs.(except Jorge) Hi, any idea what conversion rate they use to USD? Thanks! Link to comment Share on other sites More sharing options...
madandana Posted January 30, 2018 Share Posted January 30, 2018 Hi Jerry, I'll see if I can find my receipts but as I recall it was 1 to 1. I know I was very pleased with it. Link to comment Share on other sites More sharing options...
madandana Posted January 30, 2018 Share Posted January 30, 2018 I was charged 3%. I think that represents a 1 to 1 exchange but a 3% foreign exchange. I'm not sure that's accurate but either way it's an excellent rate. Link to comment Share on other sites More sharing options...
jerrybrowne Posted January 30, 2018 Share Posted January 30, 2018 Thanks for checking. Looks like an excellent deal and a great option!Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
cmbarton Posted January 30, 2018 Share Posted January 30, 2018 As FatherOfPugs and GotaCohiba stated, you will save a great deal of money if you exchange USD to CDN (Canadian) with your Bank before you leave. Then in Cuba, convert the CDN to CUC. Fortunately the terminals that the cruises have been using has a currency conversion counter in it with favorable rates for CDN (versus USD and even EUR). I brought Euros to Cuba last July and when I did the math, I would have been slightly better off with CDN.Exchanging CUC to USD was not a problem and I did not get charged a conversion fee above the ~3% that’s charged for any other conversion. Cuba doesn’t want USD which is why they charge such a high rate to exchange USD for CUC; they are more than happy to get CUCs back in exchange for USD! Another option is to just spend all the money you brought because, well, it’s CUBA! Between art, rum, and cigars, there shouldn’t be any money left over! 2 Link to comment Share on other sites More sharing options...
JY0 Posted February 2, 2018 Author Share Posted February 2, 2018 My bank is getting Canadian dollars for me at a great rate. I'm traveling on a cruise, visiting Santiago de Cuba and Cienfuegos for one day each, then Havana for 2 days. Do I have to find a bank to covert or can an LCDH do it for me? I'm trying to find the most effiecient way so I can spend more time shopping and less time standing in line. Havana is the last stop I'm sure the cruise ship exchange rates are high. Thanks all. Link to comment Share on other sites More sharing options...
GotaCohiba Posted February 2, 2018 Share Posted February 2, 2018 14 minutes ago, JY0 said: My bank is getting Canadian dollars for me at a great rate. I'm traveling on a cruise, visiting Santiago de Cuba and Cienfuegos for one day each, then Havana for 2 days. Do I have to find a bank to covert or can an LCDH do it for me? I'm trying to find the most effiecient way so I can spend more time shopping and less time standing in line. Havana is the last stop I'm sure the cruise ship exchange rates are high. Thanks all. You can exchange in Havana at the cruise terminal 3% to exchange You can also exchange at most of the larger hotels for the same 3% Link to comment Share on other sites More sharing options...
GotaCohiba Posted February 2, 2018 Share Posted February 2, 2018 16 minutes ago, JY0 said: My bank is getting Canadian dollars for me at a great rate. I'm traveling on a cruise, visiting Santiago de Cuba and Cienfuegos for one day each, then Havana for 2 days. Do I have to find a bank to covert or can an LCDH do it for me? I'm trying to find the most effiecient way so I can spend more time shopping and less time standing in line. Havana is the last stop I'm sure the cruise ship exchange rates are high. Thanks all. What cruise line are you taking for so much time in Cuba? Link to comment Share on other sites More sharing options...
JY0 Posted February 2, 2018 Author Share Posted February 2, 2018 Thank you. Link to comment Share on other sites More sharing options...
JY0 Posted February 2, 2018 Author Share Posted February 2, 2018 Oceana. 8 days from Miami. Link to comment Share on other sites More sharing options...
.png.e2a46b57b5880109ddf171d1b6f9daea.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now