And note that traveler's checks should not be associated with a US Bank. They are accepted in most banks, major hotels, government-run restaurants, and some tourist-related businesses, but far less readily than credit cards. Travelers Cheques: They can be inconvenient in Cuba because it may be difficult to find a place to cash them and you have to pay a commission (3-4%) and show a photo ID. You can exchange back your remaining pesos at the end of your trip but then the exchange rate ("sale") is disadvantageous, so it's better to exchange smaller amounts at the time and budget wisely at the end of your stay. The Cuban Pesos have no value outside Cuba. Before leaving the exchange desk, always check the cashier calculation to make sure the right exchange rate was applied, and count your money to make sure you received the right amount.No foreign coinage can be exchanged, notes only.Banknotes with rips or markings are not accepted, so make sure to bring notes in good condition.The passport is required to exchange money at the bank or Cadeca, but usually not at your hotel's Front Desk.The "Banco Nacional de Cuba" publishes the official daily exchange rates in its website: Useful Tips on currency exchange: Note, however, that not all banks, Cadecas or Hotel Receptions can exchange all of these currencies. Many foreign currencies may be exchanged for Cuban Pesos, such as: CAD, EUR, USD, GBP, CHF, MXP, DKK, NOK, SEK, and JPY, at the daily exchange rate.
Note that in some hotels the money exchange booth located in the lobby may be an official Cadeca, and in other hotels exchange in made at the Front Desk. Service fees vary from a hotel to another, on average 3% to 6%. However, in our experience, the Cadecas located in Cuban airports is usually the place where you'll get the least favorable exchange rate.Įxchanging currency at the Front Desk is the most easy and convenient option but usually not the best rate you will find. Cadecas can be found everywhere in Varadero: airport, many hotels and resorts, on the streets, shopping centers, etc. Exchange rate can be just a little bit higher than the bank, but they usually are more conveniently located. This is the official government's currency exchange house. Click for a list of banks located in Varadero. This is where you’ll usually get the best exchange rate. You can exchange foreign currencies at the following locations: Note that airside shops in Cuban airports (departure area past immigration) accept foreign currencies (USD, EUR, CAD) and credit cards. You must exchange your remaining pesos before leaving the country. It’s strictly forbidden to take Cuban Pesos out of Cuba It's the only foreign currency that was penalized with this surcharge since 2004. This currency is not traded internationally, so it cannot be bought in advance outside Cuba.Īs of mid-July 2020, the 10% tax on USD in cash has been removed. But on December 10, 2020, the Cuban President Miguel Diaz-Canel announced the unification of the two currencies resulting in the abolition of the CUC, starting January 1, 2021.ĭenominations of Cuban Peso (CUP) Banknotes :ġ, 3, 5, 10, 20, 50, 100, 200, 500, and 1000 pesosĭenominations of Cuban Peso (CUP) Coins :
One is the Cuban Peso (CUP) and the other is the Cuban Convertible Peso (CUC), the latter was pegged to the US dollar at par (see history of the CUC below).
The state-run banking system set a new rate of 120 pesos to the US dollar, compared to the previous official fixed rate of 24 pesos, and ~115-120 pesos on the informal/black market.īetween 19, Cuba adopted a dual-currency system, both called pesos. $1.00 USD = 120 CUP (since August 4, 2022)*Ĭheck the Banco Central de Cuba website for other currencies and up-to-date rates available at various Cuban banks: Ĭuba announced it will begin purchasing dollars (and other convertible currencies: CAD, EUR, MXN, etc.) from individuals at nearly five times the current rate in an effort to undercut the informal (black) money market. Since January 1, 2021, there is now only one currency in Cuba:
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