Credit Cards Cuba
A prior guest came up to me before booking and says credit cards Cuba. I said what do you mean? He said can I use my credit cards in Cuba? He had heard that there were one or two credit cards that you could use in Cuba and was testing my knowledge a bit. At the time, there were 2 credit cards with specific banks that were just beginning to trial the use of credit cards in Cuba, but this is no longer. For Americans, Cuba is a place of cash only. This can be a little concerning, but I can help you to better understand what to expect.
U.S. Banking Institutions just won't take the risk in allowing financial transactions in Cuba until the government changes its stance. Don't hold your breath, but I hope down the line this'll change. Stonegate Bank was one of the financial institutions based in Pompano Beach that did issue a debit card that would work in Cuba, but they've been bought out and discontinued the program. People would come into the bank, open an account specifically for use in Cuba and then never do any business with the bank again. It was a very unprofitable venture. The bottom line is that if you're an American you'll need to bring enough cash with you to last the entire time. We'll talk about budgeting and exchange rates later.
U.S. Banking Institutions just won't take the risk in allowing financial transactions in Cuba until the government changes its stance. Don't hold your breath, but I hope down the line this'll change. Stonegate Bank was one of the financial institutions based in Pompano Beach that did issue a debit card that would work in Cuba, but they've been bought out and discontinued the program. People would come into the bank, open an account specifically for use in Cuba and then never do any business with the bank again. It was a very unprofitable venture. The bottom line is that if you're an American you'll need to bring enough cash with you to last the entire time. We'll talk about budgeting and exchange rates later.
Cuban Currency
Cuba has transitioned from two currencies into one. They used to have the CUC (Pronounced kook) and the CUP (Pronounced coop). Now only one currency exists and that's the CUP. This is technically official as of January 1, 2021. This is a good thing because it was very confusing, not good for the Cuban Economy and the CUC was pegged to the USD. As of right now $1 equals 24.33 CUP. This is going to go up and down, so you can use XE to check the current rate.
You can't get Cuban currency from your U.S. Bank. People try all kinds of things like bringing Canadian Dollars or Euros to Cuba in order to get a better exchange rate. Why? Because there was a penalty on the U.S. Dollar when exchanging in Cuba of 10% plus the exchange rate. Now, there is no penalty for USD and the exchange rate fluctuates. Most people exchange their money at the airport for convenience purposes. If you wait and try to do this at a bank in Havana you may be waiting in line for quite some time. Keeping this in mind, do not exchange all your money. Exchange some, and keep some USD. Why? Because there are some people who prefer to receive USD AND if you need more CUP you can always get it. If you have to exchange CUP back to USD then you pay the exchange rate twice. Be thrifty!
You can't get Cuban currency from your U.S. Bank. People try all kinds of things like bringing Canadian Dollars or Euros to Cuba in order to get a better exchange rate. Why? Because there was a penalty on the U.S. Dollar when exchanging in Cuba of 10% plus the exchange rate. Now, there is no penalty for USD and the exchange rate fluctuates. Most people exchange their money at the airport for convenience purposes. If you wait and try to do this at a bank in Havana you may be waiting in line for quite some time. Keeping this in mind, do not exchange all your money. Exchange some, and keep some USD. Why? Because there are some people who prefer to receive USD AND if you need more CUP you can always get it. If you have to exchange CUP back to USD then you pay the exchange rate twice. Be thrifty!
