Credit Cards/Money in Cuba
 

Going to Cuba next month with a group. Interested in how to handle my finances while there. I've heard they do not honor U.S. credit cards which makes things very difficult. Dislike carrying large amounts of money, but may be necessary. Interested in info about making currency exchanges there/here??? Anything you can offer in terms of how I'm going to pay for things will be very helpful.

Gio

US MaterCard and Visa now work in Cuba. You should check with the financial institution that issued your cards to see if their particular cards are supported in Cuba. Not all are yet. American Express and Discover are not up and running yet. It will probably be sometime in 2016.

Credit-card use isn't as common in Cuba, so, to a greater extent, you'll need to rely on cash.

When you say "with a group," I take it you mean an organized tour. If that's the case, your big expenses (lodging, food, and transportation) will be paid for in advance. You'd then need money only for incidental expenses, say souvenirs. Ask the tour operator for some advice on how much to take.

You cannot spend US dollars or any other foreign currency in Cuba. You must exchange them for something called convertible pesos. It's kind of an artificial currency that's needed to buy "luxury" items, and most of your dealings have to be in this currency. Banks and branches of CADECA, the government exchange offices, can change money. You can't buy convertible pesos outside Cuba.

Thanks so much for all this valuable information. Yes, hotel, meals, flights to and from Cuba, all included. We will have a free dinner night and optional nights for jazz, so I will have to pay for those. And who can resist a souvenier or something special to buy there? I will do as you suggested and check with Capital One to see if their cards are compatible in Cuba. I recently got a new card with a chip if that makes any difference there.

I really appreciate your help. Looking forward to this trip! It's a place I've wanted to go for some time.

Do ask the tour operator for a suggestion of amount of money to bring along. With so much already paid for, it isn't like you'll have to take huge amounts of cash. Also ask if you'll be in areas where ATMs are readily available.

It'll be a great trip.

Will do and thanks again!

the Cuban government still imposes a 10% tax to exchange US$ so before you go, exchange your US$ at a local currency exchange for Euro. When you get to Cuba, exchange the Euro for CUC. (Cuban Convertible Pesos).

The caution I'd give there, Scott, is weighing carefully what kind of hit you're going to take converting dollars to euro. You'll pay something for making that exchange too.

I know someone who was in Cuba in April. She took euro for exactly this reason. €1 = $1.07 at the time, but Cuba have her a 1:1 exchange with €1 = 1 CUC.

That should be "Cuba gave her ..."