10% Tax on USD FX conversion to CUC - Is it still in place?

Does anyone who has gone to Cuba recently know if they are still charging a 10% tax to exchange USD?

The Cuban government mentioned that they were going to lift the tax in March 2016, but I see on cc boards as recent this December that they were still charging it. The Cuban bank's website now lists it as 1USD =1 CUC, so I'm curious if it is still better to being EUR or MXN to exchange in Cuba.

Thanks!

Does anyone who has gone to Cuba recently know if they are still charging a 10% tax to exchange USD?

 

The Cuban government mentioned that they were going to lift the tax in March 2016, but I see on cc boards as recent this December that they were still charging it. The Cuban bank's website now lists it as 1USD =1 CUC, so I'm curious if it is still better to being EUR or MXN to exchange in Cuba.

 

Thanks!

Yes, at the official exchange, (at banks, cadecas, and hotels) you get 870 CUC for U$1000

(10% "tax" because of the ongoing embargo and 3% transaction fee for any currency).

(The "listing" has always read 1 USD =1 CUC despite this.)

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As to taking Euros, it depends on the rate you can get them for and how much money you intend to spend.

(the following calculations based on exchange rate in April 2017, although rate has not changed radically since)

BofA at home gave 888 Euros for U$1000 (including their 5% transaction fee)

888 Euros = 917 CUC in Cuba (including the 3% transaction fee)

So the difference was 47 CUC on U$1000

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If exchange rates are similar for you, and the time/effort is not too much, and you will spend that much in port, maybe the exchange makes sense.

(Or you may have Euros left over from another trip, another situation altogether..)

If no to any of the conditions above, you may wish to simply exchange USD to CUC in port;

i.e. if you are only planning to spend U$100 while in port, you would only save U$4.70

Don't remember if they exchange MXN in Cuba. They do exchange CDN.

people posted in recent weeks there is still 10% on USD plus the 3 % exchange fee

Do the math to see if worthwhile converting to other currencies before you go

people posted in recent weeks there is still 10% on USD plus the 3 % exchange fee

Do the math to see if worthwhile converting to other currencies before you go

The 10% is linked to the embargo (for the problems Cuba has dealing in USD because of it).

When the US lifts the embargo, Cuba may lift the 10% penalty.

The 10% is linked to the embargo (for the problems Cuba has dealing in USD because of it).

When the US lifts the embargo, Cuba may lift the 10% penalty.

Maybe Cuba should only deal in Euros and then there would be no problems and no reason for any penalty's.

Maybe Cuba should only deal in Euros and then there would be no problems and no reason for any penalty's (sic).

If you were to stop picking fights over political issues, people would be less apt to consider you a troll.

If you were to stop picking fights over political issues, people would be less apt to consider you a troll.

What does doing business in euros have to do with a political issue? Seems to be an economic issue when the Cuban government can tax Americans and no one else. You are looking like the troll, not me. Not trying to fight just need to be fair to everyone. You just seem to be one sided.

What happens with the reverse transaction? If you have CUCs left over and want to change them back to USD, is it just the 3% transaction fee, or is there an additional fee on that, too?

We received 109 CUC's for 100 Euros.

We received 109 CUC's for 100 Euros.

It would be helpful if you could state when and where you exchanged.

While the US dollar trades at a fixed official rate in Cuba, the exchange rate for the Euro (and other currencies) fluctuates with the daily world market rate and among various exchange booths (cadecas), banks and hotels in Cuba.

After you walk through customs go straight to the Official Money Exchange place, the steps to exit are on the right & left of this. At the market a man was offering 90 CUC's for $100 US.

After you walk through customs go straight to the Official Money Exchange place, the steps to exit are on the right & left of this.

At the market a man was offering 90 CUC's for $100 US.

So you exchanged at the cruise pier (for 109 CUC for 100 Euro). When?

In March 2017, the rate was 104 (airport) and 105 (in town cadeca).

Exchanging dollars with strangers on the black market is not wise. Many reports of getting counterfeit bills or CUP. However, if one is staying at a casa particular (B&B), the host can often get you up to 96 CUC for U$100 (compared to the official 87 CUC) safely, within the house.

Exchanged June 28,2017 about 2:00 pm.