The Cuba Partnership Resource Manual

Money and Cash Issues in Cuba

Last Updated (Wednesday, 23 February 2011 21:09) Written by John Walter Wednesday, 23 February 2011 21:07

In 2004, as a response to the further repressive travel restrictions implemented by the
Bush administration, Fidel Castro changed Cuba’s monetary system from US dollars to
Pesos Convertibles, (CUC). In doing so he levied a 10%  on travelers carrying US dollars
to be converted in Cuba.  

Ergo: 1 CUC = .80 USD (or) 1 USD = 1.20 CUC

Exchange rates have stayed reasonably stable over the years with the advantage
given to Cuba. You may plan on a total loss of 20%  (as per the equation above)
when converting USD to CUC during a stay in Cuba.  You may convert currency
A) at the airports in casas de cambio, or B) at local banks in the community in
which you are staying, or C) by using street money changers. Consult your local
church if you opt for C as someone there will know a reliable money changer able
to give you from 3 to 5 % more on your trade.

For larger sums it can be advantageous to A) Trade USD to Euros or Canadian
Dollars before leaving the US, as Cuba does not penalize either of those currencies.
Then it is up to the market to decide the final exchange rate between either the
EURO or CD and the Cuban CUC.

The following is a table showing cash you will need to take on your trip to Cuba.
Remember, as of February 2011 no credit cards drawn on North American banks
 are accepted in Cuba.

Reimburse host church for
Cuban visa……………………………………..93 CUC  -  $111.60 USD
Airport tax departing Cuba…………….25 CUC  -  $  30.00 USD
Gratuity to host church
(depends, but use 15 CUC / day /person……….$   18.00 USD / day/person
Transportation costs………………………varies, see your group leader.
Program costs………………………………..best arranged by group leader.

    Sum of costs (other than variables)……$267.60 for a one week stay.