Exchanging money in Cuba

[SteveGT3]

We are going on a cruise around Cuba in Jan.. Because of US restrictions, we cannot use our credit cards. What is the best way to get Cuban currency (CUCs)? Can I exchange US$ for CUC on the ship at a reasonable exchange rate? As an option, can I go into a Cuban bank to do the exchange?

 

Would things be easier if I exchanged US$ into Euros before going to Cuba?

 

On a somewhat related note, are there any restrictions regarding getting off the ship and walking around on our own? 

[Mr. Click]

Lots of posts here about how easy it is to buy CUC right in the terminal.  The one draw back to using US$ is the Cuban government puts a 10% surcharge on converting US$.  It MIGHT be cheaper to buy Euros before you go and convert them to CUC once in Cuba.  You need to do the math and see if it is worth it for you.  We saved some Euros from our October cruise and will use that to get CUC when we go on Jan 24.  In January I will do the math and see if it is worth it to buy more or just pay the 10%.  A lot will depend on the exchange rates and fees you have to pay.

[SteveGT3]

Mr Click...Thanks for the info. I have an account at my bank that waives the fee for exchanging US$ into other currencies, so it may be best for me to buy Euros before leaving for the cruise. 

[MomC]

We have friends who just came back from a Cuban cruise. They got Canadian money at the bank before going and avoided the 10% conversion fee on US currency.  My big question is how much to get!

[Mr. Click]

SteveTG3, the one unknown for me now is what is the rate on the CUC vs the Euro.  I can get a quote on the Cuban Peso vs the Euro and the CUC should be the same, I hope.  The place I use in Vegas charges no fees but the cost on th exchange is about 3.5% which is cheaper than my bank  and many other places.  So, spending 3.5% to buy Euros as a means of saving 10% makes sense to me.  I also need to do the math on CA$.  Like I said before, I am going to wait until January because we go late in January and I want my numbers to be current before I go to the exchange.

[SteveGT3]

Mr. Click, If you got to www.xe.com, you should be able to find the exchange rate for any two currencies. I believe they had the rates for CUPs and CUCs versus the US$, CA$, Euro and almost any other currency. Simple website to use and hopefully solves your problem. The exchange rates are updated daily. 

[Mr. Click]

Thanks Steve, the site I had been using only had the Cuban Peso.