Banco Central de Cuba publishes official exchange rates on its website. If you must buy Cdn$ or Euros first, compare retail rates from different forex vendors: the interbank rates cited by online calculators will underestimate your true exchange costs by 5-10%.

Most travel transactions and expenses are in 'pesos convertibles' or 'chavitos' (CUC$). The best rates for CUC$ are at the banks or CADECA kiosks, not resorts. There's little difference between the rates offered at Cuban airport kiosks or banks. Consider changing only what you need, because re-conversion will add another exchange cost. Also, be advised that travelers changing money on the street have been defrauded, with fake or local currency. Caveat emptor!

Changing a very small sum (USD$ 5.) into 'moneda nacionale' (CUP) is useful only for theaters, cinemas, local buses, etc. Most tourists will not ever use the 'moneda nacionale' on holiday.

Traveler's Checks

Traveler's checks drawn on American banks are not technically valid in Cuba, though many have had success cashing U.S. traveler's checks at major tourist hotels. American Express checks are difficult to cash due to the likelihood that they were purchased with U.S. dollars. For example, Swiss traveler's checks will be accepted, as long as they are in Swiss francs, even if the checks are made "in licence" of an American bank, as long as the real producer of them is non-American. Visa Traveller's cheques are accepted, though the same caveats about being drawn on an American bank apply. It's better to bring cash to Cuba; resorts accept Euros, Canadian dollars, British pounds, Swiss francs and Hong Kong yuan currencies without any fees. If backpacking or leaving the resort areas, exchange your currency to CUCs, as foreign currency is not accepted by many locals. For U.S. dollars, they will charge a penalty of 10%, so it's better to change to Euros, Canadian dollars or Swiss francs before travelling there.

ATMs and Credit cards

ATMs are rare in Cuba, with only a handful found in Havana. Most are linked with either the Mastercard/Cirrus or Visa/Plus interbank systems. U.S.-issued cards will not be accepted. Unlike some national systems, only primary accounts (typically checking) are recognized. Even if you find an ATM and meet the above criteria it still may not have sufficient cash for a large withdrawal - if refused, try again and ask for a smaller amount.

Visa & Mastercard credit cards (of non-US origin) can usually be used, including for cash advances, but places that accept Visa as payment are extremely limited. Credit cards are charged in US dollars plus 11.24% (the 8% exchange difference plus a 3% fee). The best places to attempt to use a credit/Debit card for a cash withdrawl are at the state run Cadecas / Cambios - rather than banks used by Cubans, using the 'red' (company name) ATMs. Debit cards are generally not accepted, although this does vary from card to card.

Many banks will tell you that your debit card will be accepted in Cuba when in fact it will not. Do not rely on ATMs for cash as you may be used to in other countries. Have enough currency or travellers cheques when you enter the country to get by, if necessary.