Should I take Euros or US Dollars to Cuba?
Question: I was advised that the 10% surcharge was eliminated recently. I had intended to travel legitimately to Cuba with Euros rather than dollars for my travel expenses. it does not make sense if the euro is now of the same value as the equivalent amount in dollars anyone know?
Answer: What changed was the exchange rate which went from 1.08 USD to 1.00 CUC. Now it is 1.00 USD to 1.00 CUC.
When exchanging U.S. dollar banknotes a 10% tax is STILL applied plus an exchange commission. The 10% tax is NOT applied to other currencies, bank transfers, or credit card payments.
For transactions using credit cards, the cards are charged in U.S. dollars plus an extra 3% service charge.(Credit cards issued by U.S. banks cannot be used in Cuba.
the tax surcharge is only applicable to us dollars. If you take any other currency the 10% tax is NOT applied. big bank chains like chase and (I think) bank of america wont charge you to exchange your money if you have an account with them. I usually go to chase a week in advance and ask to obtain canadian currency and they don’t charge me. when i get to the cadeca in cuba (NOT at the airport) I exchange the $(cad) and I lose less.
Yes it is. It may not change until the embargo is lifted.
is the tax still applicable?
The “Answer” provided above is NOT a practical answer and doesn’t serve your readers. A more practical answer to the question of Euros or US Dollars depends, not only on which country you are traveling from, but also the local financial resources in your local city. You have to keep in mind that every exchange transaction has a cost and that ALL these costs have to be added to fairly evaluate which currency cost you less. The fact is that there is no one answer! It depends on your local situation (the transaction fees by your local financial institutions). While it may be cheaper for you to take Euros if you live in a Euro-circulating locale, it may not be cheaper to convert to the Euro otherwise. And to further complicate the matter, consider that market volatility could change your entire analysis. And finally, in may not even be worth the time spent to analyze the question since the difference in savings is not significant. In other words, you are splitting hairs here…best to focus your analysis on other more important things for your trip.