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Changing pesos back to Canadian money?

Georgetown, Canada
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205 posts
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Changing pesos back to Canadian money?

Ok.. I have read the posts about only changing small amounts of Canadian money at a time so you don't get stuck with lots of pesos at the end of your trip.. but I wanted to know .. how much do you really lose when you do the exchange back to cdn. dollars??

Hubby is worried about this.. and I want to make sure we exhange enough so as not to be caught off guard.. (using our cdn. credit card to book excursions..)

Halifax, Canada
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1. Re: Changing pesos back to Canadian money?

I believe that right now we are at par

Calgary, Canada
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2. Re: Changing pesos back to Canadian money?

Yes, you can exchange CUC back to CAD at the airport but like any reverse exchange anywhere in the world (and especially in Cuba) the exchange is a rip-off.

Much better to simply use use common sense and budget wisely during the last few days of your trip so you don’t arrive at the airport loaded with useless CUC. Bring 25 CUC (exact change, in cash) for the Airport Departure Tax and spend the rest at the Duty Free, or save it for your next trip.

tripadvisor.com/Travel-g147270-c109329/Cuba:…

Cheers,

Terry

Ontario
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8,398 posts
15 reviews
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3. Re: Changing pesos back to Canadian money?

I am told you take a hit changing it back. Don't know, never done it. Any left over is useful on my next trip. ;-)

Calgary, Canada
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4. Re: Changing pesos back to Canadian money?

Exchange rates today for CAD are 0.98935 to buy CUC and 0.92667 to exchange the CUC back into CAD... your choice...

From the link above: bc.gov.cu/Espanol/tipo_cambio_METROPOLITANO.…

Cheers,

Terry

Calgary, Canada
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5,022 posts
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5. Re: Changing pesos back to Canadian money?

The difference between the buy and sell rates generally runs around 6.5% to 6.75% on Canadian dollars. But since the bank will not be able to give you back Canadian coins, they will round down to the nearest amount that can be paid with bills. Based on the numbers Terry gives, $100 should give you 101.07 CUC. If you changed that amount back to CDN on the same day, you would theoretically get $93.65 CDN. But that would require $3.65 in coins, so the end result is you would only get $90.00 back. An actual difference of 10%

On a side note, banks everywhere maintain a spread between the buy and sell rates, so that, for example, if you buy some US dollars before a trip to the USA, don't spend it all, and exchange back to Canadian when you return, you will see a loss. Depending on where you bank, that loss amounts to between about 5% to 6%. The difference is that when you buy currency at home, you will buy a round number in the foreign currency, and pay the amount in an exact number of dollars and cents Canadian. When you change back, you will keep the foreign change as souvenirs of your trip, and convert the paper money back to an exact amount of Canadian dollars and cents.

Since US currency still comes in one dollar amounts, and American change is similar enough to Canadian change, most people just pass off the american coins in the store, so the loss works out to less.

As you can see, the spread between buy and sell rates is not that much more than it is in Canada. The real difference is that Canadian currency no longer has one and two dollar bills, so the Cubans can't give us as near to an exact amount as we might like.

Edited: 07 April 2011, 15:21
Cuba
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6. Re: Changing pesos back to Canadian money?

Hola

As I suggested in a thread not so long ago, buying from someone who is leaving ... may be just as profitable for someone leaving to find someone who just arrived to sell your last $20 or whatever CUC. Lots of people looking for a few CUC to tip and buy a few beers with.

Or just keep it for the next trip.

Especially right now as our dollar and the CUC are so close.

M

Edited: 07 April 2011, 15:34
Bear River, Canada
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3,764 posts
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7. Re: Changing pesos back to Canadian money?

Today $100 Cdn will get you $101.07 CUC. If you exchange that amouint back to Cdn again you would get $93.65 (rounded to $90.) A loss of $11, if you were to change it back right away. If rates drop you get less so it is up to you. Change small amounts as to get close to the end of your trip or keep left over for next trip to Cuba.

NIAGARA FALLS
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112 posts
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8. Re: Changing pesos back to Canadian money?

We always keep our CUC's for the next trip. It is always nice to have some small CUC bills or coin to tip the bus driver, the porter at the hotel and your first couple of meals without having to worry about getting CUC's at the airport or a cadeca right away.

Bear River, Canada
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9. Re: Changing pesos back to Canadian money?

I thought everyone kept some CUC's to get beer for the bus trip to their resort. LOL

Calgary, Canada
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10. Re: Changing pesos back to Canadian money?

You got it, Jimbo.

And yes, I agree the best idea is to keep a few pesos for the next trip, assuming you want to go back. (Some people don't, for some reason.)

We always try to hang on to about 20 CUC +/- 5 or so, in small bills or 1 CUC coins. Comes in handy for small purchases and tips next trip.

Regards,

Jack

Edited: 07 April 2011, 16:41