Well, as I said-- even if you do open a Canadian bank account, you won't get a Visa or MasterCard, secured or not. Even with an existing bank account and secured with a Canadian mortgage, I can't get one. I've been told it's related to the Helms/Burton act.
And BTW, Pelo, Vancouver in July/August is hardly that cold or wet....it's damn near perfect! (November through March is another story....).
Meanwhile....not to re-open yet again the same can of worms.....my experience as recently as Friday convinces me that travellers cheques might be the cheapest way for Americans to get CUCs. As others have stated here, I can confirm-- I cashed American Express US Dollar-denominated travellers cheques and did not get socked the -10% penalty for changing cash. You do pay a comission of 3.5% (or 4% on the weekend), but no 10% penalty. Considering that you'd probably pay at the very least 1 or 1.5% to get Canadian $$ or Euros, that means you're only losing about 2% more. A far cry better than losing 10%, and pretty easy to do it. And many banks and credit unions in the US offer their customers AMEX TCs for no commission. My credit union does.
I did this at the Banco Metropolitano in the mall at the Hotel Sevilla. Supposedly you had to be a guest of the hotel, but they never asked for a bit of proof and she didn't have any reservations log to consult, so how would they know?
I will bring travellers cheques next time I go. With gas the way it is now, even the short drive from Seattle to Vancouver to get Canadian dollars would cost me more in gas than the money I'd save over paying 3.5% commission on TCs.
If in Vancouver, check out "Casa Patty" at 35 CUC's a night! However, no meals offered. Only coffee and tea.
I have always been attracted to the cheaper conversion rate that the supposed ability to convert US Traveler's checks to CUC offered but I found it hard to believe given that it flies in the face of everything else we have come to trust as gospel.
My simple mind (I am NOT an international financial consultant) likes to reduce things to their simplest forms so that I can better grasp them. Here you say that you were only charged a 3.5-4% fee to cash your TCs into CUC in Cuba. Assuming 4%. does that mean that you got $96CUC for every $100USD in TCs you cashed in at the Banco Metropolitano?
I can't imagine that's accurate, as much as I'd like to, so I ask you to let me know exactly how much CUC you got for every USD you converted in the form of TCs.
AMERICAN NEEDS TO KNOW, Jim. The fate of our entire country might well depend upon your answer.
And Patty...............hay no chicas? $35 por noche es poco caro sin chicas, no?
Pelo - I run a respectable establishment here. You gotta bring your own, prove a "relationship" with letters and photos -- and the price per night goes up to $65.
Pelo,
No, I am not saying that. The exchange rates were posted for all currencies just like on the Banco Metropoliano website. The "official" rate is 1CUC = 1.08 US$ but the "in your pocket" price at the bank is really 1 CUC = 1.11 US$. That price is posted for cash. However, as I have seen for travellers cheques in some places, for some reason TCs seem to be worth more than cash.
The exchange rate for US cash was .88something-something-something, maybe .89 before the -10% was deducted. The price for US TCs was .90something-something-something, then they deducted 3.5%. I only cashed one $100 check but I got back 86 CUCs and change. To boil it down, it was (.90 x $100 ) - 3.5%.
Also, the Banco Metropolitano was open until 10:30 at the Sevilla, though you'd have to access it through the hotel lobby. If you "look like a tourist" that would probably be no problem even if you're not staying there.
When I cashed my TC, I did the math on $100 cash based on the posted rate I saw for cash, then deducting 10%, and I'd have gotten back about 80 CUC. There is no doubt, I lost less cashing a TC than I would have for cash.
I agree with what you're saying, Jim, but, at the risk of being rebranded a shill, those are the same rates I get from Duales (for $1000CUC and up) AND I get a whole lot more, namely not having to haul a mountain of cash around with me wherever I go and a means to replenish my cash with a few internet clicks.
I send $1155 and I get $1000CUC in my account. That's equivalent to getting $86.6 CUC for every $100 USD I put in. If someone rips me off I only lose the amount of cash I was then carrying, not the entire wad, and I can immediately withdraw more of my cash at 6000 locations in Cuba or add more on the internet at virtually the same rates and in a 24-48 hour turnaround.
NONE of those facts have changed over the past few years since I have been reporting them but I have been branded a liar, a shill, an idiot, a distortionist and a variety of other unsavory things by people who usually have no reason to be concerned with converting USD to CUC. The facts have always been there and I have always reported them accurately. I have been beaten up for always bringing up the subject of Duales by those same non-participants even though I have NEVER inaugurated the subject but have only spoken to it in order to counterbalance the kinds of insane claims most recently vomited by our international financial whiz, E_Armand, most recently espoused and did so so inaccurately.
The bigger question is why so many people have worked so hard to denigrate me and to distort these simple facts?
I have NO relationship with Duales other than as a customer and have never had and never would imagine another. When, many years ago, as a scrupulous (read parsimonious) visitor to Cuba, however, I had to address how I might get the most "bang for my buck" as any good Yank is wont to do, I did a LOT of research, and Duales quickly became the far and away champion. I hastened to share my findings to the TT world and the rest is an ugly history.
I am delighted to see some truth coming to light. I am glad to see some posters who first read what Duales had to offer and who "gave it a go" rather than attacking this option because they had some personal grudge against its author that had NOTHING to do with the service itself. Good for you, lads. You've made me a happy man in a time in my life when my cup runneth over anyways (nothing to do with incontinence there, just that so much good has come into my life as of late).
I hope to raise a glass to you all soon in some remote corner of our wonderful world.
The several advantages I see of using the TCs over Duales are
1. you don't have to transfer $1000 and up to get those good rates
2. you don't have to do anything, just buy the TCs. And they're free at many banks and credit unions.
3. you can cash as little or as much as you want and you still get the same rate, you don't have to optimize it for the service charges
4. whatever you don't spend just comes home with you and you lose nothing by converting it back to US$.
The one advantage I see of Duales is only if you get caught with nothing, you can transfer $$ in an emergency. TCs will not let you do that.
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<hr>you don't have to transfer $1000 and up to get those good rates<hr></blockquote>
With all due respect Jim, Duales doesnt offer "good rates."
If an American can walk into a TD Canadian Trust with USD$1000, s/he can wire money to a Cuban bank for the same rate. Most people would probably think $45+ in bank wire fees was expensive, not a "good rate."
USD 1000 > Cdn 1052 (5/28/07 rate) - 30 wire = Cdn 1032 = CUC 858 (Banco Metro. 5/28/07 rate) - CUC 12 wire receipt. = CUC 846. It may be possible to wire for even less.
USD 1000 > CUC 840 on the Dud Card.
I think that the discussion of $USD 1,000 is irrelevant. That's expenses for a week or less, and getting a Dulles acct. is overkill for that. Budget travelers do far better changing CASH :
USD 1000 = about CUC 880 (depends on your bank's forex), a savings of CUC 40. (One day casa rental & cheap meals.)
Bank wires are flat fees (unlike the Dud Card), so they become an even better deal with larger sums, the kind of money people actually need for three or more weeks' traveling. Repeat visitors would do better with a Cuban bank account & Canadian wire transfers.
USD 4000 > Cdn 4210 (5/28/07 rate) - 30 wire = Cdn 4180 = CUC 3477 (Banco Metro. 5/28/07 rate) - CUC 12 wire receipt. = CUC 3465.
USD 4000 > about CUC 3375 on the Dud Card, at that rate. Dud card gets CUC 90 LESS? That's three nights' casa rental you lose. Mississauga goddamn.
Economical travelers will find better alternatives to Dulles, precisely because its rates are "not good!"
Pelodorado thinks the rates are good. I'm not saying I do or don't, I'm just giving him the benefit of that doubt.
All I'm saying is that I got the same rates on TC's as Duales, without bothering.
Actually, you got a marginally BETTER rate: USD 100. = CUC 86. is the same as USD 1000= CUC 860.
CUC 20 better than Dulles, CUC 20 worse than CASH for USD 1000.
Not one should be surprised. Getting CUCs for a vacation, the most- to least-economical means are:
1) CASH
2) Euro VISA debit or Cdn credit card
3) Travelers Cheques
4) Cdn Bank wire
5) FriendlyPay (other e-money?)
6) Offshore non-USD debit account
7) Dud Card/ Amigo Card
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