General Info

[AmorPorFavor]

Hey Harry,

1st, regarding your post about prostitution. FYI, prostitution is illegal in Cuba and I'd bet you a Cristal or Bucanero this will not change.

2nd, From 1-1-21 on, USD will not be used by tourists while visiting. From then on, once you arrive when you exchange your USD you'll be given CUP to use while visiting and when you leave if you have any CUP left you can get USD equivalent back. Now, remember, each time there's an exchange between currencies there's a commission of 3% imposed on such transaction.

Also, USD will not be used like regular currency (CUP) They're used only by Cuban@s with some government issued cards to buy stuff like appliances and other goods at certain USD stores. Only Cuban@s who get money sent to them from abroad get these cards. No tourists as of now have access to these.
The only way to use USD for mongers will be thru the black market.

My advice to save this exchange commission is to try and spend most or all of the currency or just keep what you have left for your next trip. Also, you can gift your chica what you have left or some other person that help you out.

Mondo.

I kept what I had left from my last trip last Nov and it looks like I am going to get stuck with 80 CUC. Wondering if they will be worthless when I get back which won't be until next Nov given the circumstances with Covid. I only travel to tropical countries Nov thru May. I don't enjoy the heat, humidity and rain. Really hoping that things will be good to go a year from now.

[Mondo707]

My understanding is that in two weeks (New Year's Day) when one arrives in Cuba he will not hand in his dollars and receive CUC. Rather you will keep your dollars in cash and use them as CUC were previously used.

Am I wrong about that?

And the CUP will continue to be used by Cuban natives as it always has been.

One questions I have: Will the government stop discouraging prostitution, and let nature take its course, because of the desperate need for dollars? That was true in the late 1990's.

Hey Harry,

1st, regarding your post about prostitution. FYI, prostitution is illegal in Cuba and I'd bet you a Cristal or Bucanero this will not change.

2nd, From 1-1-21 on, USD will not be used by tourists while visiting. From then on, once you arrive when you exchange your USD you'll be given CUP to use while visiting and when you leave if you have any CUP left you can get USD equivalent back. Now, remember, each time there's an exchange between currencies there's a commission of 3% imposed on such transaction.

Also, USD will not be used like regular currency (CUP) They're used only by Cuban@s with some government issued cards to buy stuff like appliances and other goods at certain USD stores. Only Cuban@s who get money sent to them from abroad get these cards. No tourists as of now have access to these.
The only way to use USD for mongers will be thru the black market.

My advice to save this exchange commission is to try and spend most or all of the currency or just keep what you have left for your next trip. Also, you can gift your chica what you have left or some other person that help you out.

Mondo.

[Ty Down]

My understanding is that in two weeks (New Year's Day) when one arrives in Cuba he will not hand in his dollars and receive CUC. Rather you will keep your dollars in cash and use them as CUC were previously used.

Am I wrong about that?

And the CUP will continue to be used by Cuban natives as it always has been.

One questions I have: Will the government stop discouraging prostitution, and let nature take its course, because of the desperate need for dollars? That was true in the late 1990's.

Update this morning on Cuba's monetary policy changes.

https://oncubanews.com/cuba/sobre-ca...nK5GF44JD9TCK4

[HarryDubois]

My understanding is that in two weeks (New Year's Day) when one arrives in Cuba he will not hand in his dollars and receive CUC. Rather you will keep your dollars in cash and use them as CUC were previously used.

Am I wrong about that?

And the CUP will continue to be used by Cuban natives as it always has been.

One questions I have: Will the government stop discouraging prostitution, and let nature take its course, because of the desperate need for dollars? That was true in the late 1990's.

[Zeos1]

The 10% gravamen (tax) was only imposed on USD. All other currencies were not penalized when doing normal (legal) exchanges at a cadeca or bank.

Nowadays, if you exchange a foreign currency, you pay the 3% commission which is imposed in all countries. The exchange rates for CUP was 24:1 and that was at a cadeca or bank. Whenever I exchanged USD to CUP in the past I'd get 480 CUP to 20 USD, lots of things you could get way cheaper by paying with CUP instead of with CUC. (this was when CUC was still in circulation).

Mondo.

I know in the past when I exchanged Canadian dollars into CUC there was a smaller exchange fee. About 2%, maybe it was 3%, based on the exchange rate between US and Canadian dollars. In other words, I got the equivalent CUC's as I would have gotten if I exchanged Canadian into US dollars. Minus around 3%.

So what I think you are saying, is that now the penalty against the US dollar is gone, and the same exchange cost is there for any currency.

[Mondo707]

Not answering my own question. But I know in the past the exchange between CUC and moneda nacional was 26:1 - so perhaps that is the 10% penalty being built in. But still wondering about Canadian dollars or Euros.

The 10% gravamen (tax) was only imposed on USD. All other currencies were not penalized when doing normal (legal) exchanges at a cadeca or bank.

Nowadays, if you exchange a foreign currency, you pay the 3% commission which is imposed in all countries. The exchange rates for CUP was 24:1 and that was at a cadeca or bank. Whenever I exchanged USD to CUP in the past I'd get 480 CUP to 20 USD, lots of things you could get way cheaper by paying with CUP instead of with CUC. (this was when CUC was still in circulation).

Mondo.

[Zeos1]

I wonder if they still will have the 10% penalty for actual US dollars. Or perhaps that's included in the 24 to 1 exchange rate. If so I'm wondering if it will still be advantageous to use Canadian dollars or Euros?

Not answering my own question. But I know in the past the exchange between CUC and moneda nacional was 26:1 - so perhaps that is the 10% penalty being built in. But still wondering about Canadian dollars or Euros.

[Questner]

CUC to be phased out within six months period. Prices will go up. CUP 1:24 exchange starting to enterprises and the rest won't hold IMHO. New special period to follow.

[Zeos1]

So instead of giving chicas $40 cucs, I'll be soon giving them $1000 CUPS. It'll probably seem more with that big number!

I wonder if they still will have the 10% penalty for actual US dollars. Or perhaps that's included in the 24 to 1 exchange rate. If so I'm wondering if it will still be advantageous to use Canadian dollars or Euros?

[Sammytheman]

Hey,

Just announced, starting on New Years day, 1/1/21, the official currency in Cuba will be the Peso Cubano and the CUC will no longer be used in Cuba.

The official exchange rate to the USD will be 24 CP to 1 USD.

http://www.cubadebate.cu/noticias/20...blacion-video/

Mondo.

So instead of giving chicas $40 cucs, I'll be soon giving them $1000 CUPS. It'll probably seem more with that big number!

[Mondo707]

Hey,

Just announced, starting on New Years day, 1/1/21, the official currency in Cuba will be the Peso Cubano and the CUC will no longer be used in Cuba.

The official exchange rate to the USD will be 24 CP to 1 USD.

http://www.cubadebate.cu/noticias/20...blacion-video/

Mondo.

[Tacoma101]

Also living stateside and was wondering if anyone has been able to set up a Canadian bank account to get a debit card that they could use to access cash in Cuba when traveling there for long periods of time. Any advice is appreciated. Taco.

[RacShack]

Not to a card, just Western Union.

The card they tell you in Cuba is one issued there to be recharged from outside the country, which can only be used in special government stores selling way overpriced products.

That's what started this conversation, people saying western unions are closing or already closed.

[Rebel Monger]

If I understand you correctly, you send money to Cuba via a card. Where did you get the card? From a US bank? And it is accepted in Cuban banks? Or are outside the US? Or did you get the card in Cuba?

Not to a card, just Western Union.

The card they tell you in Cuba is one issued there to be recharged from outside the country, which can only be used in special government stores selling way overpriced products.

[Edward Q]

Just use the new regulations as an excuse to cut off the money line, she's not your girlfriend, she has somebody in Cuba banging her, even when you're there (they can find the way).

I send money to Cuba (not to girlfriends) and I'm doing just that. They have to make their government to allow them to make a living.

The card she's asking you about is one that has to be recharged from outside to be used in the new overpriced stores they opened there.

If I understand you correctly, you send money to Cuba via a card. Where did you get the card? From a US bank? And it is accepted in Cuban banks? Or are outside the US? Or did you get the card in Cuba?