Your dollar is going further in Cuba, as the value of the convertible peso drops

[El Presidente]

https://www.miamiherald.com/news/local/community/miami-dade/article237846459.html

When his mother in Cuba asked Guillermo Prieto to send his monthly aid in U.S. dollars instead of the convertible pesos known as CUCs, the Homestead man thought it was to buy some appliance in the new government shops that accept only foreign currencies.

But he was stunned, Prieto said, when his 75-year-old mother told him she intended to sell the dollars on the black market and make a profit.

“I always sent her $100 with Western Union, but she said it’s preferable that I send it with mules,” he said, using Cuban slang for travelers who deliver goods and cash to the island. “Because on the street, she gets a better exchange rate.”

 

The Cuban government recently reintroduced the U.S. dollar to the island’s economy, hoping to capture more of the currency it desperately needs. It has opened shops that sell appliances and automotive parts only in dollars, previously only available through Cubans who traveled abroad and returned with those products for sale.

 

Continued

[Habana Mike]

It is true that the dollar is stronger than the CUC now. Quite a reversal in recent weeks.

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[Corylax18]

11 hours ago, El Presidente said:

https://www.miamiherald.com/news/local/community/miami-dade/article237846459.html

When his mother in Cuba asked Guillermo Prieto to send his monthly aid in U.S. dollars instead of the convertible pesos known as CUCs, the Homestead man thought it was to buy some appliance in the new government shops that accept only foreign currencies.

But he was stunned, Prieto said, when his 75-year-old mother told him she intended to sell the dollars on the black market and make a profit.

“I always sent her $100 with Western Union, but she said it’s preferable that I send it with mules,” he said, using Cuban slang for travelers who deliver goods and cash to the island. “Because on the street, she gets a better exchange rate.”

 

The Cuban government recently reintroduced the U.S. dollar to the island’s economy, hoping to capture more of the currency it desperately needs. It has opened shops that sell appliances and automotive parts only in dollars, previously only available through Cubans who traveled abroad and returned with those products for sale.

 

Continued

Yup. I was able to get 1.05 CUC per USD at the beginning of my trip. That's an $10 more per $100 than the highest rate I'd seen previously. 

On a related note, Duty Free, the "restaurant" and all the other little stores in Terminal 2 no longer accept CUC. Only USD, Euros, CAD, and maybe Pounds Sterling. They need foreign currency badly. 

[Ritch]

So now would be a good time to go to Cuba? Providing you avoid condom pizza of course.

[SigmundChurchill]

We heard of people paying 1.25 CUC per dollar when we were there.

[Derboesekoenig]

12 hours ago, SigmundChurchill said:

We heard of people paying 1.25 CUC per dollar when we were there.

WOW. I need to make that trip then. When was the last time we could get close to that?

[Habana Mike]

57 minutes ago, Derboesekoenig said:

WOW. I need to make that trip then. When was the last time we could get close to that?

Never! Way better then the 87/100 at the Cadecas.....

 

[La_Tigre]

We were able to exchange a small amount 1:1 in Santiago this weekend. About half the drivers still wanted CUC as payment. 
We exchanged plenty at 1:1 in Havana. I’m sure most of the exchange depends on your risk tolerance and also who you know.

Again, do not plan to buy anything at duty free with CUC. Also, make all of your purchases before duty free because you will get jobbed in the exchange rate. The calculators come out and the rate is quite “fluid”. I had one person attempt to charge me 1.2 to 1 on the price using USD. It’s not worth the hassle to make a purchase over $50. 

[Nino]

Had good luck with my exchange rates last month - both for myself in Euros at 1,10 CUC ( Cadeca rate was 1,07 CUC ) and for an american friend of mine at 1,05 CUC for a Dollar.

No CUC accepted at the airports anymore as of Nov. 16th.

[JohnnyO]

The CUC is on its way out. As of Monday government run stores are giving Cuban Pesos back as change when you purchase in CUC. In the duty free stores and shops (once you have gone through x-rays) you can only buy with Cuban pesos. Also the change given back in CUP is at 24:1 (buy) not at the 25:1 (sell). You can legally leave the country with 2000 CUP, legally you cant leave with any CUC's. The CUC on the left is more colorful, the CUP on the right is basically one color. John