Melia Habana Hotel

[Monterey]

On 2/8/2019 at 6:03 AM, Ryan said:

The other variable is how much in euros you bring back, and then have to convert back. The trick is, don't bring any euros back to the US from Cuba. Convert them all to cucs on arrival in Cuba, then when leaving Cuba convert what cucs you have left over to US Dollars, which you would be doing anyway, regardless of whether you had brought USD or Euros to Cuba with you in the first place. There is no 10% penalty when buying US dollars back at the airport in Cuba, just the 3% conversion fee.

Better yet, assuming your come back, just keep the euros for your next trip.

[Head83]

Too much math lol!  Thanks everyone for the in-depth conversion rates.  Since my parents arent very knowledgable on cigars, I gave them a short list of places to go and ask for.  They got to the island yesterday and spent the day riding around in a '53 Chevy.  Their guide drove them to a bunch of state shops with the list and helped be the middle person.  They said they had a really great time in their adventure and were even able to find a few things on the list.  I told them not to spend anything over $400 in fear that they get taken advantage of.  They still have a few more days there and are hoping to find some more.  They wouldnt send me in pictures to keep it a surprise.  Either way, they are having a blast meeting locals and going to places they might not have gone otherwise.  At the end of the day, its the thought and effort that really counts!  

[La_Tigre]

On 2/9/2019 at 5:24 PM, Monterey said:

Your bank charges a fee, trust me.  No bank doesn't.  You may not pay a fee per se, but they will manipulate the exchange rate.  USD to Euro right now is 1.14, when you get your money you will see no fee, but they will exchange at 1.20.   Roughly 5%.  Trust me on this, I've tried every way to avoid paying fees, it can't be done.

..This..

Wells Fargo builds 5% into the conversion rate for any major currency in which I try to convert. 

Basically it comes to this:

Pay the US bank 5%

or

Pay the Cuban Government 10%

Difference:

::::Net 5% gain to me

           5% gain to my bank

           0% gain to the Cuban Gov.

 

The 3%’s for the Cuban exchange are a wash on the forward or the backward conversion. You will pay 3% no matter what you convert into cuc at the exchange. So, unless you have a Cuban contact that is bold enough to be converting currency into cuc at a lower/no 10% penalty rate, you can exclude this portion from complicating the thought on the problem.

[La_Tigre]

With all this being said, Wells Fargo has online ordering for me as a customer; I have a branch 3 minutes from my house; I will have to go out of my way to get there. I make $70/hr. I value an hour of my time even higher than that because I hate my current position and, as Matt touched on, the money is not as valuable as time to me.

I would need to convert $2000 in order to have a $100 return. That would be a +/- for me personally. In my experience, Wells Fargo takes forever (although I have yet to try the online ordering) and does not handle these types of transactions often. So, it becomes a cluster where I find myself chasing the inner demon trying to create the next viral irate YouTube video....which has now cost me my job and in turn my standard of living. Was that $100 really worth losing everything over????

Seriously though, it’s all up to the person. 

[crasmith]

On 4/28/2019 at 6:13 PM, La_Tigre said:

With all this being said, Wells Fargo has online ordering for me as a customer; I have a branch 3 minutes from my house; I will have to go out of my way to get there. I make $70/hr. I value an hour of my time even higher than that because I hate my current position and, as Matt touched on, the money is not as valuable as time to me.

I would need to convert $2000 in order to have a $100 return. That would be a +/- for me personally. In my experience, Wells Fargo takes forever (although I have yet to try the online ordering) and does not handle these types of transactions often. So, it becomes a cluster where I find myself chasing the inner demon trying to create the next viral irate YouTube video....which has now cost me my job and in turn my standard of living. Was that $100 really worth losing everything over????

Seriously though, it’s all up to the person. 

Their online ordering is easy and quick. Delivered to the door just like a pizza. Only, you have to be around to sign for it. I wouldn’t want them leaving cash on my doorstep anyway. ?

[La_Tigre]

I ended up going both routes. They limit the amount you can order online for delivery. So I had to order and pick up too. Did I mention YouTube videos...? Close. ?

[bugman78629]

US GETS AN ADDITIONAL 10% SURCHARGE ON MONEY EXCHANGE DUE TO PRESIDENT TRUMPS POLICY....... ?

 

 

[rckymtn22]

56 minutes ago, bugman78629 said:

US GETS AN ADDITIONAL 10% SURCHARGE ON MONEY EXCHANGE DUE TO PRESIDENT TRUMPS POLICY....... ?

 

As much as I don't like Trump, the 10% was in place way before Trump.

[Monterey]

1 hour ago, bugman78629 said:

US GETS AN ADDITIONAL 10% SURCHARGE ON MONEY EXCHANGE DUE TO PRESIDENT TRUMPS POLICY....... ?

 

 

 

 

If it's on the internet it MUST be true!  Very wrong my friend.

[bugman78629]

2 hours ago, Monterey said:

If it's on the internet it MUST be true!  Very wrong my friend.

I just got back from there Wednesday nite.....?

[havanaclub]

I just got back from there Wednesday nite.....

What he and the other member were trying to saw was, yes there is a 10 percent surcharge to exchange American dollars, but this was long before president Trump. Was not his doing.


Sent from my iPhone using Tapatalk

[JohnnyO]

For those of you that are interested, street level trading had been at 95 cents CUC per USD for a while. As of last week it is trading 1:1 on the parallel markets, you just have to find your source. Too many CUC's chasing too few USD. There are plenty, I even heard as high as 1.08 CUC per USD for larger transactions. There also seems to be a greater desire for the greenbacks vs Euro. John

[madandana]

Good to know. Thanks Johnny.

[Derboesekoenig]

On 8/21/2019 at 7:38 PM, JohnnyO said:

For those of you that are interested, street level trading had been at 95 cents CUC per USD for a while. As of last week it is trading 1:1 on the parallel markets, you just have to find your source. Too many CUC's chasing too few USD. There are plenty, I even heard as high as 1.08 CUC per USD for larger transactions. There also seems to be a greater desire for the greenbacks vs Euro. John

What does this mean, "street level trading"? So you're telling me to fly into havana with thousands of USD and it's now more worthwhile than currency conversion pre-flight?

[Fuzz]

54 minutes ago, Derboesekoenig said:

What does this mean, "street level trading"? So you're telling me to fly into havana with thousands of USD and it's now more worthwhile than currency conversion pre-flight?

Street level trading - buying CUC off a local, not through a Cadeca.

[Derboesekoenig]

10 hours ago, Fuzz said:

Street level trading - buying CUC off a local, not through a Cadeca.

That's what I assumed. Is this not risky though? Do they have fake currency? I feel like I would have no idea

[JohnnyO]

Local currency traders don't like the Euro/Canadian/Pound Sterling because the values fluctuate vs the CUC. USD is fixed. If your are trading at the CADECA the same rules apply. Currencies besides the USD don't have the 10% penalty at the CADECA. So if you are a CADECA person, most foreign currencies will always have an advantage over USD. However, if you are trading with a local rates have been favorable for the USD as their is more demand for it. 1:1 has been the standard since mid-August. John

[JohnnyO]

4 minutes ago, Derboesekoenig said:

That's what I assumed. Is this not risky though? Do they have fake currency? I feel like I would have no idea

There is fake currency, but the more common trick is to mix up Cuban Pesos (CUP) in the lot. CUP is 24:1 sell or 25:1 buy vs CUC. How do you tell the difference between the two? CUC is multi colored, CUP is basically one color. I would not recommend exchanging with a local unless someone referred them to you. There you reduce most of your risk. John

[CanuckSARTech]

On 2/8/2019 at 9:03 AM, Ryan said:

For US travelers to Cuba.

Whether or not it is worth converting your USD$ to euros before you go depends entirely on the exchange rate and commission you pay at your US bank when converting to euros. 

Say, for example US$2,000 for a week in Cuba, accommodation costs etc. 

That $2,000 will get you 1,740 cucs in Cuba (3% + 10% fee on US dollars = 13% total), costing you $260.

If you convert those US Dollars to Euros in the US first, regardless of the exchange rate between US Dollars and Euros, you will save 10% in Cuba, as Cuba does not charge the 10% penalty on Euros.

So it comes down to what you pay for the conversion to euros in the US. One poster mentioned he could get a rate of 3%, I'll use that as an example.

The current exchange rate is about 1.14 USD = 1 euro

So, $2,000 = 1,754 euros.

1,754 euros - 3% = 1701 euros.

So if you buy 2,000 US dollars worth of euros in the US and pay 3% commission, today you will get 1,701 euros.

Convert that in Cuba today and you will get the conversion rate from euros of 1.14 (minus 3% Cuban commission) 

That equals (1,701 X 1.14) - 3% =  1,880 Cucs

So converting 2,000 dollars to euros first in the US and, paying 3% commission in the US to do that, will save you (1,880 - 1,740) = 140 cucs or about 7%

140 cucs in Cuba gets you two boxes of Ramon Allones Superiores or a jar of H. Upmann Noellas plus a couple of mojitos to celebrate.

To summarize, a saving of about 7% makes sense, as you will have paid 6% conversion charge (3% for USD - Euro in the US and 3% for Euro - CUC in Cuba)

Rather than 13% in Cuba (3% plus 10% US Dollar penalty)

The 3% conversion charge in Cuba for non-US currencies hasn't changed in years.

The variables are: The percentage you pay for Euros in the US, that depends either on how well you can shop around or possibly the relationship you have with your bank.

The other variable is how much in euros you bring back, and then have to convert back. The trick is, don't bring any euros back to the US from Cuba. Convert them all to cucs on arrival in Cuba, then when leaving Cuba convert what cucs you have left over to US Dollars, which you would be doing anyway, regardless of whether you had brought USD or Euros to Cuba with you in the first place. There is no 10% penalty when buying US dollars back at the airport in Cuba, just the 3% conversion fee.

 

Andy, I would LOOOOOOVVVVVVEEEE to witness you doing this similar math and conversion info, long detailed sentences, etc., after a long night of drankin' at the ol' One-Eyed / Irish Embassy / Commonwealth Consulate!!!! 

 

[Ryan]

5 hours ago, CanuckSARTech said:

 

Andy, I would LOOOOOOVVVVVVEEEE to witness you doing this similar math and conversion info, long detailed sentences, etc., after a long night of drankin' at the ol' One-Eyed / Irish Embassy / Commonwealth Consulate!!!! 

 

Having had to relearn Algebraic Long Division, so I can help the kids with their homework, I could do the stuff above in my sleep.

[CanuckSARTech]

8 minutes ago, Ryan said:

Having had to relearn Algebraic Long Division, so I can help the kids with their homework, I could do the stuff above in my sleep.

Wow.  I WISH.  I pay someone to do my (and the wife's) taxes, and the gov't issues me this neat little book, so I don't even have to do math, so when I write a ticket, and add up the various fees and such, the little book tells me what the numbers are, so I don't need to work numbers hard.

I know I have a good memory, and am good at a fair number of things, and iz fairly smrt.  But I just don't seem to like numbers.  LOL.