Currency Used in Cuba

› Currency

There are two currency systems, with two different types of peso. The first system named Moneda Nacional (CUP) also known as Peso Nacional or Peso Cubano, is dedicated for internal use on the island.
Wages are paid in Peso Nacional and Cubans can buy their groceries in the local shops with Peso Nacional.
The second currency system is called the Peso Convertible nicknamed "Tourist Money" or Chavito in Cuban slang.
Tourists or foreigners can only pay with Peso Convertible, all hotel bills, car rentals, taxi's etc. are are payable with Peso Convertible (CUC)

Devaluation Cuban Peso Convertible 2011

At this moment (March 2011) the Government agreed on the devaluation of the Cuban Peso Convertible by 8% in relation to the US dollar and other foreign currencies.
Parity with the US dollar is restored,
1 USD equals 1 CUC (Convertible Peso)1 CUC (Peso Convertible) equals 24 CUP (Peso Nacional)
. The devaluation does not affect the existing 10% tax rule applied on the exchange of the USD.

Cash in Cuba

  • Cash is king in on the island, there are very few ATM's and debit cards are not accepted.
  • Cash advances in CUC can be obtained from credit cards that are not issued by US banks.
  • US dollars are only accepted at Cadeca (official exchange offices) and Cuban banks, but a 10% tax has to be paid on the exchange.
  • Never exchange money on the streets it is illegal and often a scam with counterfeit notes.
  • Travellers importing an amount in cash exceeding 5,000 USD or the equivalent in other currencies must fill out a Customs Declaration document.
    Recently a Peruvian woman was intercepted at Havana Airport with 90,000 $ in cash.
    Many countries worldwide have restrictions on the import of cash as a measure to combat money laundering and illegal practices.
  • Canadian dollars, British pounds and the Euro are accepted without a problem in the Cuban banks and exchange offices (Cadeca)

    Credit Cards

    A frequently asked question: Can I use credit cards in Cuba?
    Answer: Yes, but..
  • Credit cards are not widely spread in the country, they are only accepted in banks, Cadeca (Official exchange offices) and some major tourist hotels.
  • Credit cards issued or processed by US banks are not accepted.
  • To reduce transaction costs it's recommended to preload the card.

    Read more about credit cards
    Are Visa cards accepted in Cuba?

    ATM's in Havana

    There are few ATM's in Havana, some major banks and Cadeca (exchange offices) have an ATM at their entrance.
    Read more about ATM's in Havana:

    ATM's in Havana Cuba

    Custom Search


    Return to top