Currency Used in Cuba
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 2011At 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
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.
Credit CardsA frequently asked question: Can I use credit cards in Cuba?
Answer: Yes, but..
Read more about credit cards
ATM's in HavanaThere 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: