Overview
This episode provides practical advice for travelers on how to exchange foreign currency in Cuba to maximize value and avoid common pitfalls, focusing on the effects of current high inflation.
Current Economic Situation in Cuba
- Cuba is experiencing its highest inflation, with the USD to Cuban peso rate rising from 24 to over 310 in three years.
- The exchange rate continues to rise rapidly, impacting travelers' purchasing power.
Currency Exchange Tips for Travelers
- Do not exchange money at the airport, as the official rate there is much lower (about 120 pesos per USD).
- Avoid banks for currency exchange, as they also use the official, less favorable rate.
- Airbnb or hotel hosts often offer a better exchange rate than the official one, though not the absolute highest.
- Locals often exchange money through personal contacts using WhatsApp status updates to find buyers and sellers.
- Restaurants or cafes may accept USD or Euros directly and give you change in Cuban pesos, often at a better rate than official but less than the best black market rates.
- Euros generally fetch a higher exchange rate than USD due to inflation.
Digital Resources and Preparation
- Use the website el.com to check the real-time market exchange rate a couple of days before your trip.
- You can negotiate the exchange rate with your host before arriving to ensure a fair deal.
Warnings and Risks
- Do not exchange currency with people on the street, as this carries a significant risk of scams.
- Avoid using banks or official government exchange points to prevent losing value due to poor rates.
Podcast and Community Information
- The episode is not sponsored, but audience support is welcome through memberships or donations.
- Listeners are encouraged to follow on Spotify for free access to further tips.
- Questions about traveling to Cuba and currency exchange are welcomed in the comments.