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What's Up With CUC Exchange?

The site I normally check ANY exchange rate is http://www.xe.com/ucc/

This is normally very accurate to within a couple of points, even when we go to Cuba and get the CDN $$ changed to CUC.

However, right now, it seems abnormally high.

I had the understanding the CUC exchange is set by the Cuban authorities and closely mirrors the USD.

However, per this site today

$100 CDN = $78.61 USD

$100 CDN = $72.79 CUC

Anyone recently back from Cuba have any input to what you paid at the hotel Cadesas?

http://www.banco-metropolitano.com/moneda.php

This link takes you to the most accurate site - it’s the Cuban Banco-Metropolitano. Today $100 CDN will buy you $70 CUC

Cigarnewf,
fromt he “Money Exchange made simple” thread which is a sticky at the top of the page…
This is why xe.com is inaccurate and not a reliable currency exchange site to use…

All the internet currency exchange sites (like coinmill.com, xe.com, oanda.com, x-rates.com, etc.) are useless for real budgeting because they only give mid-market rates, ignoring the buy/sell costs that you’ll be charged at the bank or Cadeca in Cuba.

As cubajunkie said banco metropolitano is the most accurate…it is an actual Cuban bank website after all ;D Their new site also has a built in calculator so you can work out your exchange.

WOW! Based on the posted rates, I will buy CUC and use them to buy GB Pounds.
Oh, then I would need to travel to England. Maybe not.

The Euro and Pounds Sterling rates confused me too, :-/ until I figured out (and Martian wrote in his Money Exchange thread)
the asterisk * means multiply while the rest of us poor schmucks divide to work out our exchange… ::slight_smile:

The new and improved site with built in calculator is much handier ;D

cigarnewf.

As mentioned above, I think the “Money Exchange Thread Made Simple” at the top of the forum answers all your questions.

http://debbiesreviews.proboards88.com/index.cgi?board=Cuba&action=display&thread=8295

As you can see, $100 CAD = 70.70 CUC at the bank today. The rate at a Cadeca will be slightly worse.

I have also modified my comment regarding converting GBP and EUR so it’s obvious the calculation involves multiplying and not dividing.

Thanks for the comments.

[quote=@karmadoc]snip…
All the internet currency exchange sites (like coinmill.com, xe.com, oanda.com, x-rates.com, etc.) are useless for real budgeting because they only give mid-market rates, ignoring the buy/sell costs that you’ll be charged at the bank or Cadeca in Cuba.
…snip
[/quote]

Yes Doc, this is true and only gives a general idea. When I use this site for work, I have to + / - a couple of percent depending whether I’m estimating one way or the other BECAUSE it’s a mid-rate quote.

That still doesn’t explain the 6% difference between CUC & USD.

Right?

cigarnewf, if you read the Money Exchange thread and you’ll see that the Cuban government has (for now) tied the value of the Convertible Peso directly to the US Dollar. 1 CUC = $1.08 USD. This has been the case for the last few years…

If you noticed the Canadian $ lost about 3 cents to the US last week. If you keep your eye on Cdn Vs US you can track if Cdn Vs Cuc will be better or worse. Cheers Dan

Just got back and I got $68 CUC for $100 CND at the Cadeca. I don’t understand why the CUC is worth so much more than the CND $ - I know practically nothing about how dollar values are determined but I always thought it was based on trade figures - does that mean Cuba does more trading value than Canada??? Or do they make their own rate and take us “wonderful Canadians - as they were always calling us” to the cleaners?

As mentioned above the CUC is tied directly to the USD. 1 CUC = $1.08 USD. That’s the value that was chosen by the Cuban government several years ago.

Since the Canadian Dollar sucks against the US Dollar, it also sucks against the Cuban Peso. Any value has nothing whatsoever to do with trade or real world value on an international money market.

Just got back on the 23rd. The rate they were using for Cdn $ averaged 1.41 (at the hotel). We noticed the airport was using 1.29, (on our way home, however)

With our dollar so low I wonder if Canadians are taking less excursions, and buying less souvenirs etc.? Its too bad the exchange rate is so bad right now I am sure the Cuban people feel it as well. I bet there is more people just relaxing and taking in the beaches.
58 more days for us. i hope the Canadian $$ is doing a little better by then.

This may be a stupid question but what is a Cadeca? Also, I thought I read somewhere that you no longer can exchange your money at the airport (we’re flying to Varadero tomorrow)? We are taking a cab to the hotel, I guess they will wait till I can exchange my money at the hotel…

oops…I reviewed the currency exchange site and found the answer regarding what a Cadeca is…:slight_smile:

Bluebombergirl,

I heard that you can still exchange your money at the airport. The $$ exchange is in the departure area not the arrivals? Doesn’t make sense but that is where it is. I hope you have an awesome holiday! :slight_smile:

“… I thought I read somewhere that you no longer can exchange your money at the airport (we’re flying to Varadero tomorrow)? …”

BBG… read the Money Exchange thread and you’ll see an entire section devoted to exchanging money in Varadero.

And yes, you can exchange your cash into CUC right at the airport. The Cadeca is on the departures side. No worries.

Thanks guys…I can hardly wait …few more hours and at this time tomorrow we shall be in flight.

question re money exchange…

Is it best to take Canadian dollars to exchange to CUC, or exchange our Canadian to US dollars first and then convert to CUC ?

Brunette, definately CDN money. You’ll lose a bunch (like 10% or more) if you try US. I know that for a fact and have read it here somewhere too.