Cuba: What you need to know about travel money before you get on the plane
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Bankwest Zero Platinum Mastercard
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Bankwest Zero Platinum Mastercard
$0 foreign transaction fee with a $0 annual fee.
- $0 p.a. annual fee.
- 17.99% p.a. on purchases
- Cash advance rate of 21.99% p.a.
- Up to 55 days interest free
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What are the currencies that can be easily exchanged in Cuba?
- Canadian dollars (CAD)
- British pounds (GBP)
- Mexican pesos (MXN)
- Euros (EUR)
- US dollars (USD)
- Japanese yen (JPY)
- Swiss francs (CHF)
- Tip: You’ll need to a pay a fee for an entry visa when you arrive in the country, it’s about $20 or 240 Mexican pesos.
Exchange rate history (AUD to CUP/CUC)
| Year | Average annual exchange Australian Dollar (AUD) to Cuban Peso (CUP) | Average annual exchange Australian Dollar (AUD) to Cuban Convertible Peso (CUC) |
|---|---|---|
| 2012 | 27.446071 | 1.035762 |
| 2013 | 25.643111 | 0.967601 |
| 2014 | 23.926191 | 0.902867 |
| 2015 | 19.927792 | 0.752015 |
| 2016 | 19.721481 | 0.744208 |
| 2017 | 20.106216 | 0.758744 |
Should it be a travel card, a debit card, or a credit card?
A credit card and debit card combo is definitely the way to spend in Cuba. You shouldn’t have a problem using your credit or debit card to withdraw cash from inside a bank, but you may have issues using ATMs on the street. Mastercard-branded cards work for over-the-counter cash withdrawals only, and some brands of card won’t work at all. American Express, GE Money and Citi credit and debit cards won’t work due to their affiliation with the United States.
Although no prepaid travel cards currently support Cuban pesos, preloading a currency with a good history against the Cuban pesos could be beneficial. While there are travel cards that don’t charge for currency conversion, it is important to consider the back-end fees, exchange rate and managing an extra account.
A quick summary of travel money options in Cuba
Here are some of the benefits and disadvantages of using different types of travel money products in Cuba.
| Travel money option | Pros | Considerations |
|---|---|---|
| Debit cards for travel |
|
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| Prepaid travel money cards |
|
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| Credit cards for travel |
|
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| Traveller's cheques |
|
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| Cash |
|
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This table is a general summary of the travel money products in the market. Features and benefits can vary between cards.Â
How much pesos should I bring to Cuba?
| Budget (Cheap) | Midrange | Luxury (High-end) | |
|---|---|---|---|
 | Hotel room per night 23.37AUD | Casa Particular (double room) 32.63AUD | Hotel Nacional de Cuba Havana (standard room) 172.33AUD |
 | Real Cuban restaurant Meal for two, no alcohol 7 to 13AUD | Meal for two with one alcoholic meal 39.76 to 59.65AUD | Meal for two with a bottle of wine 66.28 to 132.56AUD |
 | Wa-Wa - local bus 0.02AUD | Taxi (public) 6.62 to 33.14 AUD depending on length of journey | Tourist Bus: Viazul: Havana to Varadero 13.25AUD one way |
*Prices are approximate and are subject to change.
Note:
Cubans call both the CUC and CUP currencies ‘monedena nacional’. Make sure you know which currency they’re talking about to avoid any surprises.
Cuba is a cash economy. You can’t buy Cuban pesos outside of Cuba. ATMs can be dubious and the currency exchange stores won’t change Australian dollars. While it can be pricey changing your money twice, euros and pounds are best, and you should have about $100 a day in cash on you. US dollars can be changed easily, but you’re going to pay a hefty fee when you get your money changed. There are places where you can even use euros (no doubt at a dodgy exchange rate) like larger resorts and tourist attractions throughout the island.
How the different travel money products work in Cuba
Using a prepaid travel card
You won’t be able to load Cuban pesos on a travel money card. A prepaid travel card with no currency conversion fee is one way to go, but there’s no real point to these products in a country that uses an unsupported currency. You’ll have to pay to either buy the card or load it, and some providers will put a margin on the travel card foreign exchange rate. Don’t take a travel card to Cuba. Have a look at the other types of travel money products we compare on this page.
Using a debit card
The Citibank Plus Transaction Account is usually the standout debit card to take overseas. However, you will have issues using a Citi issued card in Cuba. If you’re going to use a debit card when you’re on holiday, paying the extra fee for currency conversion is probably going to be unavoidable. You can’t purchase Cuban money before you leave Australia, so you’re going to have to make an ATM withdrawal at some point when you land.
Using a credit card
Visa and Mastercard credit cards will work in Cuba, you can use the Visa cash advance facility at Cuban ATMS. American Express, Diners Club, GE Money and Citi cards will not work in Cuba over the counter or at ATMs. It’s advised you open an account with another institution if you plan on using your credit card to spend (and it’s always encouraged to have credit as a backup).
Using a traveller's cheque
Don’t worry about traveller’s cheques in Cuba. Card providers can give you a full refund if you get your credit or debit card skimmed, and there are fewer places than ever before where you can get your traveller’s cheques cashed.
Paying with cash in Cuba
Take as much cash with you in a currency that can be easily changed when you go to Cuba. Make withdrawals from your debit account and use your credit card for big purchases. There’s anecdotal evidence that different cards will and won’t work in different places, which is why it’s important to have as much cash on you as possible.
Back to topWhat cards did you take with you? Why did you take these cards or cash with you? Oliver says there is no limit to the amount of money you can bring into Cuba, and Havana airport has ATM machines as well as cadecas where money can be exchanged. Amounts more than US$5,000 must be declared when you enter the country, but Ben was carrying €2000 euros as his main source of funds for his trip using a credit card as a backup and for specific purchases. He says he exchanged €300 - €400 at a time to convertible pesos as he needed more cash. Australian dollars are not accepted at exchange offices and he says he felt safe carrying euros. He didn’t have problems finding places to swap money in the larger cities: Havana, Camaguey and Trinidad; however, he says ATMs are far less common than other countries and he would not have liked to rely on cash withdrawals or card payments to pay for his trip (he says it was fine using his credit card to pay for his hotel booking). What about ATM withdrawals? Oliver didn’t make any ATM withdrawals in Cuba, he exchanged cash when he needed it and used his credit card for purchases on the rare occasion — three of four times in little more than a fortnight. Where could you use your credit cards? Oliver explains that there were few places where cards could be used over the counter (large hotels and upmarket restaurants being the exception), and ATMs could be found predominately in the main tourist centres. What do you think is the best way to take travel money to Cuba? Cash. You’re going to need a credit card for ‘just in case’ situations; however, expect to pay cash for the majority of transactions on the island. Do you have any Cuba travel money tips? Oliver says it’s better to take euros than US dollars to Cuba. If you’re trying to exchange US dollars, a 13% fee applies to the transaction — 10% for changing US currency (other currencies such as euros don’t incur this fee) and 3% for actually exchanging the cash (this applies no matter which currency you’re trying to change). Cuban banknotes are quite different to those we have in Australia so you may want to familiarise yourself with the notes before heading there: $1 $3 $5 $10 $20 $50 $100 You can’t buy Cuban pesos in Australia, so you’re going to have to wait until you get there to obtain local currency. When you arrive in Cuba, you can get your cash changed at the airport, the deal is better than what’s on offer at Australian airports, or look for cadecas (money changers). Never put all of your eggs in one basket. There’s a chance you’re going to have a few issues with card payments. Cards can work in some places and not in others; this is why it’s important to spread your funds across a couple of different types of travel money options. Take as much cash as you can with you to Cuba and use a debit card or a credit card (ideally both) when you need more money. Heading to Cuba? Travel insurance is a must. Since May 2010, travel Insurance for the duration of your trip with sufficient medical cover has been a requirement for entry into Cuba. Travel Insurance can protect you from common travel risks such as: Made a search before? Retrieve your search results Popular Destinations We compare products fromInterview with Oliver about using Australian travel money in Cuba
A guide to Cuban banknotes and coins
Banknote Cuban Peso (CUP) Cuban Convertible Pesos (CUC) 
Buying Cuban pesos
Finding cash and ATM's in Cuba
Why do I need to take more than just one card?
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