CUBA CASH

6/20/12

TRAVEL & MONEY IN CUBA

Cuba Money Bills & Coins CUC and Cuban Pesos

Cuba uses 3 types of currencies as legal tender for two types of users, One for Cubans the other for Tourist. Cuban money for local Cubans is the Cuban Peso which are not worth very much. One Cuban Peso is worth 1/23 of a dollar or less than 5 cents. Cubans the live and work for the Cuban government in Cuba are paid a monthly salary between $150 Cuban Pesos at the low end to $600 Cuban Pesos at the high end. sounds resonable untill you do the conversion and realize that its less than $10 USD per month at the low and just under $30 USD at the high side. All inclusive meals every day so the benifits are greater when you consider the Cuban people have free health care and free education including university at the very hisghest level of PHD. Similar education in the USA at any avereage univeristy is worth over $100,000 and the cost of an operation is around $20,000 in any American hospital.

Cuban Convertible Peso or CUC=100 centavos. Bills are in denominations of CUC $100, $50, $20, $10, $5, $3 and $1. Cuban Coins are very common and available in denominations of CUC $1, and $0.50, $0.25, $0.10, $0.05, and $0.01 centavos.

TOURIST CURRENCY CUC

For Tourist in Cuba they are not able to easily access the Cuban peso market where you can buy the very basics of fruits and vegetables. Tourists must exchange their foreign currency in Hard Dollars like USD, CDN, EURO and convert them into Cuban Convertible Pesos at any Cuban bank or Cuban currency exchange house. The exchange rate for these currencies vary depending on the situation however the only thing that you can really be sure of is that the tourist are loosing value at every step in the process. Many tourist ask how the Cuban government can get away with this but it pretty easy to do when you have a captive market and no other option available. In Cuba that's just the way it is while the local Cubans have developed an expression to explain pretty well everything in Cuba "No es facil" or "Its not easy" Euro & Canadian Dollars are exchanged into Cuban convertible Pesos at teh airport as soon as you pick up your luggage or at any Cuban financial institution or Casa de Cambio or Cuban Currency Exchange house.

WARNING AMERICAN MONEY IN CUBA

For Tourist from the U.S.A. American US Dollars(USD) are not accepted in Cuba and American tourist will be charged commission on exchanging them. In the 1990s, Cuba decided to slowly get rid of its Dollar reserves, banning the currency from general use and introduced the replacement CUC as a convertible currency under its control. CUCs cannot be purchased or exchanged outside of Cuba. Cuban nationals continue to be paid in the Cuban Peso (CUP; symbol CUP$ or $). In some tourist areas, the Euro is also accepted. Hard currency (ie CUCs not CUPs) must be used in most transactions. As of March 2011, 1CUC=1USD.

CREDIT CARDS IN CUBA

Cuban 100 Peso bill (Photo credit: Wikipedia)

MasterCard and Visa are accepted almost everywhere as long as its not from a US bank, or a bank with affiliate or subsidiary links to the USA. ATM s are more common however if your going to Cuba cash is still king and can be found in any Cuban bank or Cadecas with non-US Visa credit and Visa debit cards.

ATM's In CUBA

ATM's are available but not very common so your number one best option is still cash can be obtained in banks and Currency Exchange Cadecas with non-US Visa credit cards and/or Visa debit cards. Same is for MasterCard and Euro based debit cards.

CUBA TRAVELLERS CHECKS

Cuban Travelers checks are best to be cashed at the bank where you will get the best rates. Cuban hotels and Cadeca Currency exchange houses all charge huge fees to exchange money so be smart and take one or two trips to the local bank and exchange all your foreign currency for the highest exchange rate possible. US Dollars, British Pounds Sterling, Canadian Dollars, Euros and all major international currencies are all accepted in Cuba. Travelers checks like US Dollar checks issued by US banks are not accepted in Cuba but American Express travelers checks issued by European and other non-American owned banks can be exchanged in major tourist areas. Best to take Travelers checks in a foreign currency other than US Dollars.

Cuban Banking Hours:

Mon-Fri 8:30 am to 12:00 Noon and 1:30pm to 4:00 pm
Sat 8;30 am to 12:00
Sun Closed

Cuba Money Warning

First Bring more money thatn you thinnk you will need. Cuba is EXPENSIVE! If you have an emergency like you need to go to the hospital you will need cash so bring more so that you wont run short of money in Cuba.

Second The import and export of local Cuban currency either Cuban Convertible Peso of Cuban Peso is prohibited. Importing foreign currency is unlimited as long as you declare funds exceeding $5,000 USD on arrival. Export of your own money is allowed up to the amount imported and declared.

Third If its your first trip to Cuba stay safe and stay close to the main tourist destinations line Havana, Varadero, Cayo Coco, Santa Lucia, Cayo Largo, Trinidad and Santiago de Cuba. Cuba is safe to travel and they have many banks and financial institutions all over Cuba but there is much more to offer in these tourist areas and for your first holiday in Cuba best to play it safe.

11/20/11

CUBA CASH

Cuban Cash Currency CUC

CASH IN CUBA

The official Money of Cuba is the Cuban Peso or "CUP". It is the basic unit of currency in Cuba which is composed of 100 centavos (cents). The Cuban Peso notes come in denominations of 1, 3, 5, 10, 20, 50 and 100; while coins come in 1, 5 and 20 centavos. The Cuban financial authorities introduced the Cuban Convertible Peso (CUC) in order to remove the circulation of foreign currencies. Previously, US dollars could be used by tourists in Cuba, but now the CUC forms an alternative as the new tourist currency. Some places accept only Cuban Pesos, while some tourist-related establishments accept only the Pesos Convertible.

US DOLLARS IN CUBA
US Cash was the main money in Cuba and used by all tourists until 2005. Even Cubans used American dollars to buy from the Cuban black market. Now you have to convert all your USD into Cuban Convertible Pesos at a percent commission is charged for exchanging them. Cuba's National banks introduced the Peso Convertible or CUC to substitute foreign currencies, and its value is very much equal to the US dollar. CUC is informally called ‘chavito’. The rate of changing of CUP and CUC is around 1/24 as of 2010. In order to avoid scams and confusions in the two currencies, money is changed only at banks or official exchange bureau.

MONEY IN CUBA
The Cuban Central Bank resolution establishes that exchange of US dollars for Convertible Peso would bear a ten percent tax, and that the exchange rate of Cuban Convertible Peso would not be fixed with US dollar, but at eight percent against US dollar. Practically, exchanging any currency for Cuban Convertible Pesos will mean an eight percent less CUC, compared to the amount of US dollars that will be obtained at the current exchange rate. But, when the US dollar is exchanged, a ten percent tax and an eight percent exchange rate is applied, resulting in nearly twenty percent devaluation of USD against CUC. These measures apply to tourists and nationals as well.

Banks and CADECA (Casas de Cambio) are two official institutions for exchanging foreign currency. Exchanging currency on streets is not at all recommended, as scammers use fake CUC bills or coins. Some of them use old bills as fake CUC.

Cuban Tourist Change Money to Cuba Cash

CUBA CASH
Cubans and foreigners get Cuban cash at ATMs found in banks and central places all over Cuba and Havana. Though they were not as reliable as in Europe and US, this problem has vanished since December 2004. Money can be withdrawn at banks all over the country, provided the cards are for local use and not issued by American banks. The ‘geographic overture’, found in websites that sell ATM machines or offer credit cards, gives a list of banks and the related commissions and cards accepted in Cuba and other regions.

4/30/09

Obama Removes Cuba Rules

Official photographic portrait of US President Barack Obama (born 4 August 1961; assumed office 20 January 2009) (Photo credit: Wikipedia)

THE WHITE HOUSE
Office of the Press Secrectary
_______________________________________________________________
For Immediate Release April 13, 2009
April 13, 2009
MEMORANDUM FOR THE SECRETARY OF STATE
THE SECRETARY OF THE TREASURY
THE SECRETARY OF COMMERCE
SUBJECT: Promoting Democracy and Human Rights in Cuba

The promotion of democracy and human rights in Cuba is in the national interest of the United States and is a key component of this Nation's foreign policy in the Americas. Measures that decrease dependency of the Cuban people on the Castro regime and that promote contacts between Cuban-Americans and their relatives in Cuba are means to encourage positive change in Cuba. The United States can pursue these goals by facilitating greater contact between separated family members in the United States and Cuba and increasing the flow of remittances and information to the Cuban people.
To pursue those ends, I direct the Secretary of the Treasury and the Secretary of Commerce, in consultation with the Secretary of State, to take such actions as necessary to:
(a) Lift restrictions on travel-related transactions for visits to a person's family member who is a national of Cuba by authorizing such transactions by a general license that shall:

Define family members who may be visited to be persons within three degrees of family relationship (e.g., second cousins) and to allow individuals who share a common dwelling as a family with an authorized traveler to accompany them;
Remove limitations on the frequency of visits;
Remove limitations on the duration of a visit;
Authorize expenditure amounts that are the same as non-family travel; and
Remove the 44-pound limitation on accompanied baggage.

(b) Remove restrictions on remittances to a person's family member in Cuba by:

Authorizing remittances to individuals within three degrees of family relationship (e.g., second cousins) provided that no remittances shall be authorized to currently prohibited members of the Government of Cuba or currently prohibited members of the Cuban Communist Party;
Removing limits on frequency of remittances;
Removing limits on the amount of remittances;
Authorizing travelers to carry up to $3,000 in remittances; and
Establishing general license for banks and other depository institutions to forward remittances.

(c) Authorize U.S. telecommunications network providers to enter into agreements to establish fiber-optic cable and satellite telecommunications facilities linking the United States and Cuba.
(d) License U.S. telecommunications service providers to enter into and operate under roaming service agreements with Cuba's telecommunications service providers.
(e) License U.S. satellite radio and satellite television service providers to engage in transactions necessary to provide services to customers in Cuba.
(f) License persons subject to U.S. jurisdiction to activate and pay U.S. and third-country service providers for telecommunications, satellite radio, and satellite television services provided to individuals in Cuba, except certain senior Communist Party and Cuban government officials.
(g) Authorize, consistent with national security concerns, the export or reexport to Cuba of donated personal communications devices such as mobile phone systems, computers and software, and satellite receivers through a license exception.
(h) Expand the scope of humanitarian donations eligible for export through license exceptions by:

Restoring clothing, personal hygiene items, seeds, veterinary medicines and supplies, fishing equipment and supplies, and soap-making equipment to the list of items eligible to be included in gift parcel donations;
Restoring items normally exchanged as gifts by individuals in "usual and reasonable" quantities to the list of items eligible to be included in gift parcel donations;
Expanding the scope of eligible gift parcel donors to include any individual;
Expanding the scope of eligible gift parcel donees to include individuals other than Cuban Communist Party officials or Cuban government officials already prohibited from receiving gift parcels, or charitable, educational, or religious organizations not administered or controlled by the Cuban government; and
Increasing the value limit on non-food items to $800. This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

BARACK OBAMA

4/16/09

NEW RULES SENDING CASH TO CUBA

ALL RESTRICTIONS ON TRAVEL TO CUBA, SENDING MONEY TO CUBA, GIFTS TO CUBA, CELL PHONES IN CUBA AND CASH TO CUBA HAVE BEEN REMOVED.

Today President Obama Announced many changes to Cuba-USA policy.

Most effected were Sending Cash to Cuba & Cuba Travel for Cuban Americans.

Also effected were Cell phone for Cubans, & Sending Gifts & money to Cuba.

This is the information directly from the White house.

ALL RESTRICTIONS ON CUBAN AMERICANS TRAVELING TO CUBA HAVE BEEN REMOVED!

THE WHITE HOUSE
Office of the Press Secrectary
___________________________________________________________
For Immediate Release April 13, 2009
FACT SHEET: REACHING OUT TO THE CUBAN PEOPLE

Today, the Obama administration announced a series of changes in U.S. policy to reach out to the Cuban people in support of their desire to freely determine their country’s future. In taking these steps to help bridge the gap among divided Cuban families and promote the freer flow of information and humanitarian items to the Cuban people, President Obama is working to fulfill the goals he identified both during his presidential campaign and since taking office.
All who embrace core democratic values long for a Cuba that respects basic human, political and economic rights of all its citizens. President Obama believes these measures will help make that goal a reality.
Cuban American connections to family in Cuba are not only a basic right in humanitarian terms, but also our best tool for helping to foster the beginnings of grassroots democracy on the island. There are no better ambassadors for freedom than Cuban Americans. Accordingly, President Obama will direct the Secretaries of State, Treasury, and Commerce to support the Cuban people’s desire for freedom and self-determination by lifting all restrictions on family visits and remittances as well as taking steps that will facilitate greater contact between separated family members in the United States and Cuba and increase the flow of information and humanitarian resources directly to the Cuban people. The President is also calling on the Cuban government to reduce the charges it levies on cash remittances sent to the island so family members can be assured they are receiving the support sent to them.
Specifically, the President has directed the Secretaries of State, Treasury, and Commerce to take the needed steps to:

Lift all restrictions on transactions related to the travel of family members to Cuba.
Remove restrictions on remittances to family members in Cuba.
Authorize U.S. telecommunications network providers to enter into agreements to establish fiber-optic cable and satellite telecommunications facilities linking the United States and Cuba.
License U.S. telecommunications service providers to enter into roaming service agreements with Cuba’s telecommunications service providers.
License U.S. satellite radio and satellite television service providers to engage in transactions necessary to provide services to customers in Cuba.
License persons subject to U.S. jurisdiction to activate and pay U.S. and third-country service providers for telecommunications, satellite radio and satellite television services provided to individuals in Cuba.
Authorize the donation of certain consumer telecommunication devices without a license.
Add certain humanitarian items to the list of items eligible for export through licensing exceptions.

REACHING OUT TO THE CUBAN PEOPLE

Supporting the Cuban people’s desire to freely determine their future and that of their country is in the national interest of the United States. The Obama administration is taking steps to promote greater contact between separated family members in the United States and Cuba and increase the flow of remittances and information to the Cuban people.
Lift All Restrictions on Family Visits to Cuba
We will lift all restrictions on family visits to Cuba by authorizing such transactions by a general license, which will strengthen contacts and promote American good will. We will ensure the positive reach of this effort by:

Defining family members who may be visited to be persons within three degrees of family relationship (e.g., second cousins) and to allow individuals who share a common dwelling as a family with an authorized traveler to accompany them;
Removing limitations on the frequency of visits;
Removing limitations on the duration of a visit;
Authorizing expenditure amounts that are the same as non-family travel; and
Removing the 44-pound limitation on accompanied baggage.

Remove Restrictions on Remittances
We will remove restrictions on remittances to a person’s family member in Cuba to increase Cubans’ access to resources to help create opportunities for them by:

Authorizing remittances to individuals within three degrees of family relationship (e.g., second cousins) provided that no remittances shall be authorized to currently prohibited members of the Government of Cuba or currently prohibited members of the Cuban Communist Party;
Removing limits on frequency of remittances;
Removing limits on the amount of remittances;
Authorizing travelers to carry up to $3,000 in remittances; and
Establishing general license for banks and other depository institutions to forward remittances.

Authorize Greater Telecommunications Links with Cuba
We will authorize greater telecommunications links with Cuba to advance people-to-people interaction at no cost to the U.S. government. This will increase the means through which Cubans on the island can communicate with each other and with persons outside of Cuba.

Authorize U.S. telecommunications network providers to enter into agreements to establish fiber-optic cable and satellite telecommunications facilities linking the United States and Cuba.
License U.S. telecommunications service providers to enter into and operate under roaming service agreements with Cuba's telecommunications service providers.
License U.S. satellite radio and satellite television service providers to engage in transactions necessary to provide services to customers in Cuba.
License persons subject to U.S. jurisdiction to activate and pay U.S. and third-country service providers for telecommunications, satellite radio and satellite television services provided to individuals in Cuba, except certain senior Communist Party and Cuban government officials.
Authorize, consistent with national security concerns, the export or re-export to Cuba of donated personal communications devices such as mobile phone systems, computers and software, and satellite receivers through a license exception.

Revise Gift Parcel Regulations
We will expand the scope of humanitarian donations eligible for export through license exceptions by:

Restoring clothing, personal hygiene items, seeds, veterinary medicines and supplies, fishing equipment and supplies, and soap-making equipment to the list of items eligible to be included in gift parcel donations;
Restoring items normally exchanged as gifts by individuals in "usual and reasonable" quantities to the list of items eligible to be included in gift parcel donations;
Expanding the scope of eligible gift parcel donors to include any individual;
Expanding the scope of eligible gift parcel donees to include individuals other than Cuban Communist Party officials or Cuban government officials already prohibited from receiving gift parcels, or charitable, educational or religious organizations not administered or controlled by the Cuban government; and
Increasing the value limit on non-food items to $800.

1/29/09

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12/23/08

Cash Video's

At this Cash2Cuba blog you can view video about cash money, finance, stocks, & investing in Cuba. Look around and feel free to post any comments or information you may have about Cash2Cuba.

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