Some Things To Know About The Money Of Cuba
Every person has heard of the American dream however not many people are able to immigrate to America. For those that do they leave their families behind and will typically promise to send money home so that their family will be able to survive. When a person tries to send money to Cuba they may find out that the U.S. Dollar is extremely difficult and expensive to convert into Cuban pesos. You will need to convert these dollars to the money of Cuba in order to send money to your family and help them to pay their bills.
In addition to the main Cuban currency of the Cuban peso, another form of the money of Cuba is the Cuban convertible peso. Cuba has set this to the value of the U.S. dollar since it is illegal to own U.S. dollars in Cuba even though there is a large amount of them coming into the country. For this reason, the nation of Cuba wants to have a method to convert US dollars into the Cuban Peso.
Since it is difficult to convert U.S dollars into the money of Cuba, the Cuban peso, you will need to have it converted into another currency first. One popular currency to convert into is the Canadian dollar, since there is no embargo of Cuba by the Canadian government. One of the reasons that it is so hard to convert the U.S dollar into the Cuban peso is due to the U.S. embargo of the nation of Cuba.
The U.S. Dollar used to be accepted money of Cuba, but was no longer accepted after November eighth 2004. One way around the currency problem involves going to a bank, where they will be able to make the conversions for you. The only downside of using this method is the time that this process may take to complete.
One way around having to deal with a bank is to have a service that will exchange the currency for you. The Cuban government will allow the transfer of U.S. dollars to the money of Cuba, however there is a 10 percent tax on the U.S. dollar. When you convert any currency into Cuban pesos there is an 8 percent fee charged. This is on top of the 10 percent charged for the U.S. dollar, so you will effectively lose 18 percent of the money you send. Yes a service will charge you money however it will almost always be less than this 10 percent.
One such service for turning your U.S. dollars into the money of Cuba is Duales. With years of experience in currency exchange they will know the easiest method to go about in changing currencies. In addition to this they offer 24 hour service, so they will be able to work with your schedule, helping you to work your full schedule and then deal with sending money. As you can see, this can be an extremely large help in doing what you need to do to help take care of your family both here and abroad.
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