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Cdn$ or US$

Toronto, Canada
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128 posts
3 reviews
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Cdn$ or US$

I have some US$ left over from a trip last year and I'm trying to decide whether to convert to CDN$ and then exchange for CUC or use the US$ that I have to convert to CUC.

While I understand I'll pay a premium when I change US$ to CUC, I'm starting to think, given the recent slide of the CDN$, that even with the premium charged on US$, the exchange cost on US will be less ... anyone else thought about this or experienced the CUC exchange at the lower CDN$?

Bracebridge, Ontario
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716 posts
44 reviews
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1. Re: Cdn$ or US$

$CDN is almost always better unless you are getting HUGELY ripped off on your US to CDN exchange.

Toronto, Canada
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5,120 posts
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2. Re: Cdn$ or US$

OK, welcome to the wonderful wacky world of International currency exchange.....

=================================================

This advice applies ONLY IF YOU ALREADY HOLD US DOLLARS, such as the OP.

If you hold US dollars physical cash that you bought when our Canadian dollar was high, and exchanged that US cash to CUC, here's what you'd get at today's rates.

1 USD 0.9259 - 10% tax = .83331 CUC

1 CAD = 0.7294 CUC

http://www.bc.gov.cu

Vigente desde 24/10/2008 hasta 26/10/2008 (Current from...)

=================================================

However if you exchanged your Canadian money to US dollars TODAY, then re-converted to CUC, here's what you'd end up with....

1 Canadian Dollar (CAD) = 0.78229 US Dollar (USD) = .7243 CUC (gross) - 10% tax = .6518 CUC

So as you can see, you'd actually LOOSE about 7 cents per CUC if you do the double conversion through USD. That's why unless you're already sitting on a pile of US cash, it's better to take Canadian Dollars to Cuba to exchange.

Are we having fun yet!!!

LOL

Steve

Toronto, Canada
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5,120 posts
1 review
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3. Re: Cdn$ or US$

Sorry, meant to also say that if you're holding US cash that you bought when our Canadian dollar was high, then ONLY THIS cash taken to Cuba would actually put you about 11 cents ahead compared to exchanging that US cash to Canadian dollars then to CUC today. This is simply because our dollar has dropped so much so fast since you likely bought that US money.

Brampton, Canada
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4,560 posts
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4. Re: Cdn$ or US$

Right on Steve...key here is how much the O/P paid for the US cash. If they paid par or less for it last year, the exchange rate justifies using thee US bucks - definitely come out ahead. Canadain dollar topped out at $1.10 US last November, and traded well above par for a good period of time.

Toronto, Canada
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128 posts
3 reviews
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5. Re: Cdn$ or US$

Thanks for the responses ... fortunately the US$ we have were bought at a time the loonie was doing well, so my plan will be to use up the US and thank GW for saving me a few cents on the exchange to CUC.

I have to believe though that Fidel and his merrymen are making out like bandits on the CUC exchange, regardless of the originating currency.

6. Re: Cdn$ or US$

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