Holidaymakers are being cautioned about currency regulations that carry the risk of hefty fines or even imprisonment. The concern revolves around what’s termed a “closed currency.”
A closed currency refers to a currency not freely traded on global foreign exchange markets and subject to usage and exchange restrictions. In countries with closed currency systems, the government typically controls or fixes exchange rates, imposing limitations on converting domestic currency into foreign currencies and vice versa.
Travelling to a country with a closed currency often means being unable to procure travel money beforehand and facing constraints on currency exchange. In some instances, it may even be illegal to carry the domestic currency out of the country.
Tunisia
In Tunisia, both importing and exporting currency constitute criminal offences. It’s imperative to refrain from exchanging Tunisian currency domestically as it’s unlawful to carry it into the country. Instead, it’s advisable to bring US dollars or pounds in cash for exchange upon arrival or to use debit/credit cards (Visa being more widely accepted than Maestro).
Taking Tunisian dinar out of the country is prohibited, and authorities retain the right to conduct searches at airports. Therefore, it’s crucial to exchange all currency, including coins, before departure. When converting remaining Tunisian dinars, presenting receipts from the initial bank transaction is mandatory.
However, there’s a silver lining. In countries with closed currencies, travellers might find their money stretches further due to controlled exchange rates and local economic conditions, offering unique experiences at lower costs.
Always stay abreast of the latest rules and regulations regarding currency exchange in your destination country. Prepare for potential challenges such as limited cash machines, high usage fees, or restrictions on credit card usage.
Cuba
The Cuban national peso (CUP ‘moneda nacional’) is the official currency, exclusively exchangeable within Cuba. Declaration of sums exceeding 5,000 US dollars upon entry is mandatory.
Currency exchange should only be conducted at Cadeca exchange houses; exchanging money elsewhere is unlawful and may result in fines or imprisonment.
Before departure, ensure your bank cards are compatible with Cuban systems. Given the frequent depletion of ATMs, carrying euros or US dollars in cash is advisable.
Morocco
Marrakech, Morocco’s fourth-largest city, employs the Moroccan Dirham (MAD) as its currency, unexchangeable outside the country. Consequently, it’s illegal to transport Moroccan Dirhams across borders, necessitating exchange upon arrival.
There are no restrictions on the amount of foreign cash (e.g., British Pounds) brought into Morocco. However, Scottish and Northern Irish banknotes are non-negotiable, and traveller’s cheques are challenging to exchange.
Pre-trip currency exchange for Moroccan Dirhams is impossible outside Morocco, but British Pounds can be freely carried and exchanged upon arrival.
While airports offer currency exchange services, better rates may be obtained in central Marrakech. Alternatively, withdrawing Moroccan Dirhams from ATMs is viable, although some smaller establishments may impose card usage fees.