US exchange surcharge in Cuba

Should Americans exchange their money into Euros before traveling to Cuba to avoid the 10% exchange penalty assessed against the US dollar? Or, any other money tips for US travelers if credit cards aren't accepted?


Answer by Vic Webmaster

First this: I am no financial specialist, money markets and rates change daily. At this moment the USD is at parity with the Cuban Peso Convertible CUC, but the value of the USD and the Euro change daily. One example a few weeks ago one Euro was trading against 1.46 USD. A few days ago in Cuba they got 1.27 CUC (equals 1.27 USD) for one Euro! At this very moment the markets are very volatile! I think at this moment it's a better idea to exchange in Canadian Dollars (CAD)
than in Euros (but again I am no expert)
It's good to know that you have to declare the import of more than 5,000 USD (or equvalent) to the Cuban Customs.
The U.S. Customs have similar rules, legislation against money laundering and also money restriction rules towards Cuba.
Money in Cuba