Cuba Guide
Money
Banks and exchange
Banking hours in Cuba are generally Monday to Friday 8am to 3pm, but in the larger tourist resorts, particularly Varadero, some banks stay open until 6 or 7pm and a tiny minority are open Saturday mornings. As a general rule, make sure you have any money you'll need for the weekend by Friday.
The Banco Financiero Internacional is the most efficient and experienced at dealing with foreign currency transactions, with a branch in each of the major cities. Also generally reliable is the Banco de Crédito y Comercio, which has a larger number and wider spread of branches. Be warned that some banks are only equipped to deal with national pesos, and are therefore useless as far as foreign visitors are concerned. Whether withdrawing money with a credit card or cashing traveller's cheques, you'll need to show your passport for any transaction at a bank.
Most of the larger hotels have cambios where you can exchange money, with more flexible hours than the banks – the cambio at the Hotel Nacional in Havana (daily 8amnoon & 1–11pm) is one of the few places in the country where you can withdraw or exchange money on a Sunday. Commission for changing foreign cash to convertible pesos ranges from 2 to 4 percent.
For changing convertible pesos into national pesos, the government body CADECA runs its own casas de cambio, often in the shape of white kiosks at the side of the road. There is no minimum or maximum quantity restriction and you can use a credit card. Conversion rates are only given for convertible pesos; all transactions at casas de cambio involve convertible pesos and national pesos only, no other currency. Opening hours are generally Monday to Saturday 9am to 6pm and often Sunday 8.30am to 12.30pm, though in Havana some are open much later. No commission is charged for buying national pesos. You can change traveller's cheques at casas de cambio but the 4 percent commission means it's often cheaper to change them elsewhere.
Black market salesmen often hang around outside casas de cambio and may offer a favourable exchange rate or, sometimes more tempting, the opportunity of buying pesos without having to queue. Although dealing with a black market salesman is unlikely to get you into any trouble, it could result in a prison sentence for the Cuban. You may also be approached by people on the street offering to exchange your money, sometimes at an exceptionally good rate. This is almost always a con.