Non-American Credit Cards

nh

And this too

Two currencies officially circulate simultaneously: the Cuban Peso and the Peso Convertible witch is equivalent to the American dollar.

The first can be used to pay only at establishments which offer services for the national population.

At tourist facilities, shops, restaurants and hotels, the prices are in Pesos Convertibles. You should try to arrive with any other currency but the American dollar, witch have been definitely taken out of circulation since the 15 November 2004 . Nonetheless, if you arrive in Cuba with American dollars you can change it for any other currency; including the peso convertible witch replaces it in the Cuban economy, but the rate of exchange will be less 10% of its recognized value. To change your currency, you can go to any national and international banks and/or exchange offices that work in the island. Any other internationally recognized currency can be exchanged in these banks even if the rates of exchange may be lower tan the international ones.


at

http://www.cubaadvice.com/english/pago.asp

So is there any way of avoiding being 'ripped off' in terms of exchange rates while out there? It seems taking sterling travellers cheques and getting them exchanged at international banks might be the safest option. Pounds cash would also be okay but more risky obviously and you still have to pay for exchange so is there any advantage to taking cash over travellers cheques?

I don't mind paying for stuff in shops/restaurants on my credit card but I wouldn't want to draw money on it.

nh

I'm answering my own questions here - it's a quiet day at work!

This is from http://money.guardian.co.uk/travel/money/factsheet/0,1456,602568,00.html

Things to look out for when buying travellers' cheques are the commission charged and the exchange rate.

High street banks charge between 1% and 2%, with minimum charges £2.50 and £4, but commission can be as high as 6%. You can save money by ordering them online. Nationwide charges no commission on online orders, but levies a delivery charge of £3.50. Thomas Cook also accepts online orders.

Bear in mind you will also be charged commission when you cash the cheques, although it is difficult to predict how much as it varies from country to country and outlet to outlet. In the UK, commission can be as high as 6%. Some overseas currency exchange outlets don't charge commission but offer a lower rate of exchange.

I reckon it is worth taking travellers' cheques bought from Nationwide (aren't they great? We have our mortgage with them too) for the sake of £3.50. When the holiday is costing £4k - on top of the £12k wedding - you can hardly grumble!