One of the things I was most perplexed about before our trip to Cuba was money exchange. We can’t use our credit card? We can’t go to an ATM? This is new. I guess we’ll carry a couple thousand dollars at all times? I did a lot of research and developed a strategy for money in Cuba that worked pretty well.

Three things to start:

1. Our main approach was to estimate how much money we’d need (I way overestimated, but better than not having enough, I suppose).
2. We paid for all of our lodgings online ahead of time so we wouldn’t have to carry that money in Cuba.
3. We brought Canadian dollars instead of US since there is a 10% surcharge when you change from US dollars to Cuban money.

We make recommendations about changing money and carrying change here.

What is the exchange rate?

$1 US = $1 CUC or Cuban Convertible Peso. This is the primary tourist currency and everyone calls it the CUC. The CUP, also called the Cuban Peso or simply the peso, is the primary currency for Cubans although both visitors and locals can use both currencies. At the time of this post, the exchange is about 26.5 CUP = $1 US.

CUCs are the tourist currency

CUPs, just referred to as the “peso,” are the local currency

As I mentioned above, US credit and debit cards aren’t accepted at businesses or at banks in Cuba so be prepared.

How much will my trip cost?

Are you a budget travel family or are you going the comfortable route? Check my numbers against your assumptions and follow your gut, but here is a place to start.

$=budget, $$=mid-range, and $$$=comfortable

These estimates don’t include airfare and are based on the following assumptions: one room for the family, two adults with 1-2 small eaters and $1000 in contingency money.

I also assumed that budget travelers would stay in casa particulares and eat at local-focused restaurants (more on those in this post) most of the time. I assumed that comfortable travelers would probably stay at hotels and eat at tourist restaurants. Mid-range travelers will mix it up.

Restaurants

Restaurants were either surprisingly expensive or we drank a surprising number of mojitos. Or both. On the other hand, “peso food” or restaurants catering primarily to locals, have good food at much lower prices. You can pay at these restaurants in CUCs or in pesos. We had essentially the same meal at a tourist restaurant for lunch and a local restaurant for dinner. We paid $100 (for five of us) for lunch and $12 (also for five) for dinner.

Transportation

If you are going to rent a car add about $100 per day. If you are planning on long-distance taxi rides plan in about $125 for a 2 hour taxi ride. In-city cabs are included in this estimate, but make sure you agree on a price before getting in. We found that taxi prices varied wildly and only partially in relationship to how nice the car was. Getting around Havana, for example, could be between 5 and 20 CUCs per ride.

How much money should I take?

Pay for your lodging on AirBnB or through hotels ahead of time and what is left over is what you should take.

$=budget, $$=mid-range, and $$$=comfortable

Where do I put all this money?

Before we left the US, we went to the bank and pulled out cash in Canadian dollars. Then we took it home and squirreled it away in little envelopes marked ‘Feliz Navidad,’ toothbrush holders, a money belt, and other secret stashes all over our luggage. Just don’t forget where you put it.

I have never carried that much money in my life. At first I was sure that I’d either get robbed or that I’d inadvertently drop a thousand dollars down the toilet. I got used to it after a few days and felt extraordinarily safe all over Cuba. There were lots of hustlers, but no thieves. I think that probably sounds naive, but I’ve been a lot of places that have felt like I should monitor my pockets closely and Cuba wasn’t one of those places.

My stack of Canadian cash

I am a worrier so I brought way too much money. We took $4500 US (about $6000 Canadian). I know, crazy. I am just harkening back to the time that we really did have to buy a helicopter trip to Kathmandu—but we paid that with a credit card. I came home from Cuba with more than $2000 unspent US dollars. We could have bought more rum and cigars, but decided to be responsible and put it back in the bank for our next trip…Oaxaca, Mexico.