I'm sure this has been covered, but could someone please fill me in. I'm Canadian and will be bringing spending $$, are travellers cheques treated the same as cash? I've seen it posted that you loose in the exchange because firstly it is turned to the US equivalent, then to Convertibles. Do they do this with both Canadian travellers cheques and cash, or just travellers cheques, Obviously I don't want to be packing thousands of $$ in cash, but if the rate is better one way over another, perhaps I'll do both?
1
2025
Cash and TC value are the same, they are not turned into US then converted.
The value of the USD is used as a conversion factor based on $1 CUC = $1.08 US.
For actual in pocket exchange rates see banco-metropolitano
2
bigd25
Thank you, I think I'm finally figuring this out. Getting anxious to spend some CUC's, enjoy some heat, culture and maybe the odd beverage.
3
davfitz
Jack is almost right. The 8% is the tax on all foreign currencies. Cash or whatever - you will pay it. I'll answer your anasked question by asking it back to you: why are you taking TC at all. Most people purchase these to protect against loss or theft of funds. Sure they'll be reimbursed - but NOT in Cuba. Since this is why most people purchase TC in the first place - why bother.
As you mention Canuck currency, could you be of that national persuasion? If so why not consider taking your pre-loaded Mastercard or VISA for cash advances?
4
coulee
I JUST RETURNED FOR cAMAGUEY. I CASHED amx TRAVELLERS CHEQUES in USD, i received 86 CUC for an AMX TC. THis is less than in November. the bank now is taking and extra 3.5 %
I tried two banks, both took off the 12.5 % , plus 3% commission., thus 86 CUC for 100 usd tc.
all currency is turned into usd first and then into CUC. for 100 CUC it cost 1.31 CDN cash or TC.
for 100 CUC it will cost 118 USD cash. or for 100 USD you will receive 82 CUC
coulee
5
jim98122x
No matter how many times I see this explained, it never seems to be saying the same thing twice. So-- is it worth bothering to bring Canadian $$ ??
Are you saying they charged you 3.5% because it was a traveller's cheque? But they didn't nail you the extra 10% penalty they'd assign against US cash?
6
2025
#4 "THis is less than in November. the bank now is taking and extra 3.5 %"
In Nov $1.00 USD was $1.13 CDN, today it's $1.17 CDN, I think it's called money market fluctuations.
7
bigd25
Thanks for the help. Davfitz, while I understand where you are coming from...at least a TC is re-imbursable, whereas cash is gone when its gone. From what I've read about loaded up MC's and Visa's, that does sound like a good way to go, but if the card fails for one reason or another, or its lost, you are still in the same situation..you know?
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