Searched the forum but the last topic dates from 2018.
I booked a holiday in Cuba and will need lots of cash in EUR or USD, as the CHF over there is not accepted as much as the other two currencies.
What is the best and cheapest way to exchange CHF cash and get EUR in cash today?
Wise, Revolut, IBKR.
You can withdraw EUR from most Swiss ATMs. That said, carrying âlots of cashâ isnât something I would recommend in Cuba or any LatAm country.
Wise and Revolut do not work in Cuba because of their ties to the US financial system or internal risk policies. Using Swiss-based cards (Neon, Alpian, Yuh) should be possible, but you will face a âhiddenâ exchange rate cost that far outweighs the bank fees. Also ATMs in Cuba often have a withdrawal limit of 5,000 to 10,000 CUP (roughly âŹ40 to âŹ80) per transaction.
I donât think Wise or Revolut are a cheap option in this case, since they have hefty ATM withdrawals fees above their free tier (CHF 200) of 1.75-2%.
If you have a EUR account with free withdrawals, IBKR is the cheapest option: transfer CHF to IBKR, convert to EUR, send EUR to your withdrawal account.
Using the debit card of your CHF bank account to withdraw EUR would be the next cheapest option.
Any Swiss Bank or CFF ticket office will exchange CHF for EUR. Many can convert to dollars as well.
Also:
CADECA, or Casas de Cambio S.A., is Cubaâs official state-run currency exchange network, established in 1994 to handle foreign currency exchanges and related financial services.
Services Offered
It operates over 155 offices nationwide, including airports, hotels, ports, and tourist areas, for buying/selling Cuban Pesos (CUP) and foreign currencies like euros or Canadian dollars. Key offerings include prepaid MLC (Moneda Libremente Convertible) tourist cards in denominations up to $1,000, loadable with non-USD cash for use at POS terminals, ATMs, and stores.
Usage Tips
These non-personalized cards last two years and support payments for hotels, rentals, shopping, and more, bought with CHF, EUR, or similar. Fees apply (e.g., $4 initial purchase + $1 reload), and stock can run low; theyâre available alongside ClĂĄsica cards for CUP withdrawals. Always bring your passport for transactions.
Utterly expensive as I need it in cash. The withdrawls are very expensive
Unfortunately it is the only way to pay for things in Cuba. Most credit cards donât work and those that do it is very often hit and miss. I have visited before and if you donât have enough cash you are doomed, you canât pay for anything. Cuba is very very safe for tourists have nothing to worry.
Canât you just convert it, send it to a EUR bank account and withdraw it from there? If you donât have one, open one.
No, when a card works the withdrawals are limited, you can do 2-3 and that is it, after that it simply doesnât work and you are in the crap, you can not do anything with your cards. Cash is a must have and you need to have enough for your stay and activities you want to do
I mean withdraw the EUR in cash from the bank account.
I believe the CFF gives slightly better rates than most banks. But pick a large one otherwise they may not have the amount you need.
Last time I needed cash I ordered it from my bank and it was delivered by post two business days later. I think post finance does this as well.
In cuba, cash is the biggest king.
I made my reservations through booking sites, but had to pay in cash for most other things - food, transport, etc. Many taxi and restaurants accepted usd and eur.
Foreign currency can only be exchanged at official cuban exchanges. However, there are âlocalsâ who will convert for better rates. But then itâs your headache if the cuban pesos you get are real deal.
According to SBB terms and conditions:
Es gilt der Notenverkaufskurs der SBB zum Zeitpunkt der Bestellung.
I have no idea how the âNotenverkaufskurs der SBBâ compares to bank rates.
Are we talking about 1k euro or 10k EUR withdrawal?
You would have to check on the day.
I can only advise carrying more of smaller denomination notes.
EUR is recommended. Some hosts may offer to exchange if asked, but many will simply tell you to go to the official currency exchange office run by the govt.
I was in the north(havanna) and travelled to south west. Never went further south.
It was very safe there and then (6-7 years ago). It was like a criminal offence to âassaultâ a tourist.
You may see pristine orchards next to the highways. They are state and/or foreign owned. Even the cubans (other than those who work there) do not dare venture into the orchards, god forgive they pluck a fruit - Appreciate the fruit orchards, foreign investments, cuban govt/elite, etc.
I highly recommend checking out how they have redone the US 50âs and 60âs cars into taxis! Itâs amazing. Almost as if they have their own automotive industry âŚ
With the current on-going energy crisis in cuba, I dont know how safe it will be.
Wish you all the best!
US currency does not have high value notes.
Not sure how to translate the German Notenkurs and Devisenkurs. The first is cash, but whatâs the other? Iâm using cash and electronic.
Foreign cash is crazy expensive in every country. ⏠cash costs 3% or more in Switzerland, USD cash costs easily 5% (probably in all of Europe). When considering both ways, expect spreads of 10% for USD and 6% for ⏠in non-Euro areas. At least.
What you want to do is transfer and exchange electronically to whichever currency, then cash that out abroad in an area where the currency is local. So you go over the border to cash out your âŹ, this costs you 1-2% (or significantly less when using IBKR et al). USD is a bit less simple, but if you consider that when booking your flight, making sure you have time in a USD country to cash out your USD balance, you can cut that mucho as well.
Of course you must make sure you comply with a countryâs regulations on currency import and export.
I remember from some vlogs people showing the same bill paid in USD and EUR, the former was like 1/3 more expensive. Thereâs somehow something from the US sanctions applying to every transaction in USD on Cuba, so if you pay electronically always choose to pay from EUR.
Not what you mean by cash out abroad. Assuming you have a Swiss bank account in CHF and EUR, cashing out abroad is not cheapter than in Switzerland.