Money and Currency in in Cuba

The economic and monetary situation in Cuba is quite complex. Below is a detailed description of the practical consequences of this for the traveller, and recommendations on how to access your money while in Cuba.

Summary of exchange rates including bank commissions

  • Effective exchange rates are 1 CUC = 1.20 US$ (using US$)
  • 1 CUC = 1.12 US$ (using other currencies)
  • To see the current value of the US$ to other currencies click here!

An explanation

An image of a Cuban 3 Convertible Peso noteAs of November 2004, US$ cash is not accepted in businesses such as shops and restaurants in Cuba. Instead, the main currency used by tourists is the “Cuban Dollar”, which is officially called the Peso Convertible (CUC).

On April 9 2005, the Cuban Dollar was re-valued in relation to the US Dollar at exactly US$1.08 to 1 CUC (Peso Convertible, or “Cuban Dollar”). This is a rate that is fixed by the Cuban Government, and it is subject to change at anytime, should the Government decide to do so. Since April 9, 2005. the Cuban Dollar has been at a constant rate of 1.08 US = 1.00 CUC. However, when obtaining Cuban Dollars, the change house or Cuban bank will charge a fee or commission for the service of 3 to 4% (in cash, this is in the form of an exchange rate differencial - like with any exchange organisation in anywhere in the world). Therefore, the effective exchange rate is approximately 1.12 US = 1 CUC.

There is an additional 10% fee when changing $US to CUC. This fee does not apply to other currencies, or when changing CUC to $US. The effective exchange rate therefore when dealing with US$ is about 1.20 US = 1 CUC.

Official Exchange Houses in Cuba - CADECA

Cuban Dollars can be obtained in official exchange houses - called CADECA, which are widely available throughout all cities in Cuba, and provide the following services.

  • Exchanging cash between foreign currencies and Cuban Dollars. Many foreign currencies are listed, however we recommended only relying on being able to exchange Euros, US$, Canadian Dollars, and British Pounds.
  • Exchanging travellers cheques to Cuban Dollars, except Eurocheques which are not accepted anywhere in Cuba. Visa and Thomas Cook travellers cheques issued in USD are not a problem, except that you will incur the 10% charge for exchanging from $US.
  • Providing cash advances with credit cards (Visa and MasterCard). These are widely accepted throughout Cuba and are valid from accounts in every currency. This includes US dollar credit cards, however these involve the 10% fee being applied for dealing with this currency. At the time of writing, debit bank cards (such as Cirrus and Maestro are not accepted at all in Cuba.

There is a CADECA at the airport. So you can obtain Cuban dollars immediately upon arrival in Cuba. Also at the airport, at the end of your time in Cuba, you can change your left over Cuban Dollars (as they are worthless outside of Cuba) to another currency.

IMPORTANT NOTE - In the instance of exchanging US$ cash to Cuban Dollars, the Cuban government charges a 10% fee, so it is recommended to bring other currencies which can be exchanged at reasonable rates, as well as travellers cheques and credit cards in other correncies (to which the 10% fee is not applied). When departing Cuba, you can exchange Cuban Dollars to US dollars with no fee applied. Cuban Pesos

Cuban Pesos - CUP

An image of a 20 pesos Cuban bank noteApart from Cuban Dollars, the other currency circulating in Cuba is the Cuban Peso (Peso Cubano). This has a value of approximately 20 Pesos to 1 US dollar. As a tourist, only very few goods are available to be bought in Cuban Pesos and for your entire trip you are unlikely to spend more than about 100 Pesos (about US$5).

Something for sale in Cuban Pesos is likely to be much cheaper than the same product if sold in Dollars, although the quality may be inferior. Goods for sale in Cuban Pesos are generally found at street stalls, second hand shops and food ration stores. Some goods that are commonly sold in Cuban Pesos are street snacks (pizzas being common), flowers, beer, second hand clothes, coffee, and surprisingly excellent ice cream.

You can obtain Cuban Pesos in most CADECA.

Recommendations

It is recommended not to rely on only one source of money, as policies in Cuba are liable to change without warning and as a precaution for other unforeseen circumstances. A combination of cash, travellers cheques and cards is best. Our advice is to always take more rather than less, as you don't want to spoil the trip by constantly feeling short of funds.