Sent family Can. $ 700.00 in cash - they got from bank CUC $ 490.00 !
Ouch! Thats a bit of a sh*t kicking! The Canadian dollar will rebound, as fast as it dropped… the money men predict the loonie to be around .85 cents at the end of the year… here’s hoping!
The exchange rate today is $100.00 CAN = 69.77 CUC, and that’s at the Banco Metropolitano.
The rate at the airports, resorts, etc. will be even worse. Ouch…
I just returned from Cayo Coco on 10/24 and the exchange got worse all week. First day the exchange was $1 CAN = 7.5 CUC, then 7.4, then 7.0. Needless to say, didn’t buy too much. I did learn to make sure you took $5 and $10 CAN bills, so you didn’t have to change a $20 if you didn’t want that much, especially at the airport.
I’m glad I didn’t cash in my CUC last year.
On the other hand, the $Can is very undervalued
compared to $US.
Short sellers in hedge funds are covering
their positions and when that settles, the
Canuck buck should get to where it belongs…
I suspect somewhere between .85¢-.95¢
The looney ended the day at $.8163 USF… would be nice to see it back at.90 or above by Christmas…
In a very rare (for me) bit of good luck I bought a pile of USDs last November and am I ever glad I did. I’m spending the winter mostly in Cuba and Colombia and my budget would be in a mess if I was stuck buying their Pesos with Loonies…
That’s it, just rub it in. :P. I can only hope and pray that things get a little better currency-wise by they time we head to Cuba.
For now, though, I guess I should concentrate on the Mexican Peso. :-*
The Loonie made a massive gain against the US dollar today so $100 CAD now equals 72.90 CUC (up from 69.77 CUC yesterday) but still, that’s pathetic… I fear independent travel to Cuba is going to take a big hit this winter…
But T - how many Canadian independent travellers come to Cuba ? (Though yes, as most other currencies are doing the same, there could be problems).
Yes travel to Cuba will take a hit this winter - economy is sick in Canada / US and Europe.
My friend and I are leaving for our first trip to Cuba this Friday, would you uggest we exchange our money at the resort?
If your resort has a Cadeca (authorized government money exchange) then the difference between exchanging at the airport or the resort is minuscule - especially for the small amount of CUC that a resort tourist requires.
If your resort only handles over-the-counter money exchange then many times it’s a rip-off because they’re free to charge you whatever rate they wish.
(By the way, at the bank today $100 CAD = 72.66 CUC. The exchange at a Cadeca will be slightly worse.)
Thanks for your response, Is it also a good idea to only exchange a small amount at a time? This is what our travel agent said, but she hasn’t been the most informative along the way, we basically did all the work for her. Next time I think we will just book online.
It is a good idea to exchange smaller amounts at a time, especially nearing the end of your vacations. Perhaps change $100 to start with, and be sure to put asside 25 CUC for your departure tax, which will leave you with about 22 CUC, actually that may not even be enough for the first shot, so perhaps change $150 $ to start with, then you will have about 56 CUC to start you off with for the first couple of days.
I say to put aside 25 CUC per person, as it is easy to forget and you may be scrambling to change money or get it off a credit card at the end of your stay. We put it inside our passports and it stays in the safe until its time to go home.
The reason you may want to change a smaller amount at a time, is if you have lots of CUC left over, you will loose out on the double exchange to change it back to CDN $. You can always keep a small amout of CUC for your next trip to start you off right.
Another way to avoid exchanging a lot of cash is to pay for tours by credit card and any larger purchases (i.e. cigars if they are on your list). Don’t be mislead by misinformation on the use of credit cards in Cuba. We have found, in past visits, that the use of the card results, more often than not, in a better rate of exchange by the time the debit shows up on our bill. Just make sure your card is NOT affiliated with a US bank.
As for your travel agent, my suggestion would be to find a better one…they are out there.
:)Like Martian, I too have a small stash of US$ - only they are in American Express travellers cheques. Are these accepted in Cuba? ???
:-[ No they do not accept American Express Travelers checks better exchange them to something else before you leave.
Surprisingly Am Ex travellers cheques in US funds are accepted – at least in Havana - as Americans on the Lonely Planet Thorn Tree report.