Cuba Currency Exchange - USD -> CAD/EUR -> CUC - Worth It?

[Ethernut]

I've never had to do a Currency Exchange but have run some math and just want to have someone confirm. I appears theres a 10% USD "tax" plus an additional 3% exchange fee from what I've read and thus 100USD = 87CUC. This still correct?

From the math I've run it appears that you lose a few percent doing the exchange (3-5%)int he first exchange USD->CAD/EUR then you'd lose another 3-5% in the CAD/EUR->CUC exchange thus making the USD slightly more expensive but not overly so.

For those that have run the math, how does it truly work out for a double exchange i.e. USD->CAD/EUR->CUC?

Thanks in advanced!

[Corylax18]

All the math I've run comes out pretty close. I also checked Swiss Franc/ dollar because the conversion is easy. its been hovering between .99 and 1.01 for the last month or so. 

It all depends on the rate/fees you get on our end. If you go to the counter at the airport or a Travelex type place they will KILL you on fees and you will definitely lose money. If you can get down to 3%-5%  fees, which is feasible, the math works out for me. I believe the fee is set at 3% in Cuba, but who know how strictly that's adhered to.  

I'm a tightwad, so the little bit of effort to run by the Forex counter tonight on my way home is worth the modest (1%-3%) savings.

[helix]

When exchanging CDN to CUC , CDN is converted to the current exchange rate to USD , today for example it is $1 CDN = $.74 . minus a fee of 3% . So if you can get CDN dollars for less than a 10%(usd tax in Cuba) exchange fee you save . Also it seems the CDN$ to US$ calculation in Cuba is often less than the going rate . So you could save that way also by getting more CDN dollars for the USD in the US . MY2c's LOL.

[vladdraq]

1 hour ago, Ethernut said:

I've never had to do a Currency Exchange but have run some math and just want to have someone confirm. I appears theres a 10% USD "tax" plus an additional 3% exchange fee from what I've read and thus 100USD = 87CUC. This still correct?

From the math I've run it appears that you lose a few percent doing the exchange (3-5%)int he first exchange USD->CAD/EUR then you'd lose another 3-5% in the CAD/EUR->CUC exchange thus making the USD slightly more expensive but not overly so.

For those that have run the math, how does it truly work out for a double exchange i.e. USD->CAD/EUR->CUC?

Thanks in advanced!

In my experience best is to have some cash Cad if you need CUC. Everything else just swipe the credit card and you'll be charged the USD:CUc rate, without loosing the 10% "USD tax"

[Ethernut]

22 minutes ago, vladdraq said:

In my experience best is to have some cash Cad if you need CUC. Everything else just swipe the credit card and you'll be charged the USD:CUc rate, without loosing the 10% "USD tax"

It was my understanding US credit cards do not work in Cuba. Thx

[Ethernut]

Thx for the responses good Gents. Confirms my suspicions.

[vladdraq]

24 minutes ago, Ethernut said:

It was my understanding US credit cards do not work in Cuba. Thx

ahh ok sorry. I knew only mastercards and american expresses are not working. Shit, that's bad.

[helix]

Cash is King. 

[MrGinger]

Convert your USD to CDN.  Then CDN to CUC.  You will come out 7-10% ahead.