cuban tourist money

Cuba Currency: A Local’s Guide To Currency in Cuba For Travelers [2024 Update]

As recently as three years ago, there were two different types of Cuban currency…and many people in Cuba used them both every day. This is just the start of what is a constantly changing and eternally perplexing situation surrounding Cuba currency and money in Cuba.

As locals, we’re well acquainted with all the details about the ongoing changes to currency in Cuba. In our updated Cuba currency guide for travelers, you’ll find everything you need to know about how to use Cuban pesos, including how to exchange money and what currency to bring to Cuba.

This post contains affiliate links that may reward me monetarily or otherwise when you use them to make qualifying purchases – at no cost to you. As an Amazon Associate, I earn from qualifying purchases. For more information, please read our  disclosure policy .

Currency in Cuba

The sole national currency in Cuba is the  Cuban Peso, also known as the CUP or simply the peso . It is officially the only currency accepted in Cuba for most transactions.

Bills come in the following denominations: 1, 3, 5, 10, 10, 20, 20, 50, 100, 200, 500 and 1000 pesos. Coins also come in denominations of 1, 3, and 5 pesos in addition to fractional coins, rarely used due to their tiny value.

Exchange Rate in Cuba

The Cuban peso to USD rate has historically been valued at $1 USD = 24 Cuban Pesos (CUP) and is held at this rate, not allowed to fluctuate as most exchanged currencies do. A recent revision of this rate by the Cuban government lifted the exchange rate to $1 = 120 Cuban Pesos (CUP).

Official Cuba Currency Exchange Rate

$1 = 120 Cuban Pesos (CUP)

Because the Cuban peso is held to an official exchange rate, a “black market” for foreign currency is now well established in Cuba, leading to an unofficial exchange rate for Cuban pesos that is much higher than the official exchange rate.

Unofficial Cuba Currency Exchange Rate

$1 = 265 Cuban Pesos (CUP)

While the Cuban government has taken steps to reign in the dual exchange rate, you’ll still find informal money changers paying exchange rates of, at currency revision, around $1 USD = 265+ CUP at the current revision of this article.

This has created an incredibly challenging situation for locals who are seeing the value of their money evaporating rapidly. For travelers to Cuba, it has other consequences, including actually lowering the price of many goods and services for those who travel with cash.

Cuba Currency for Travelers

While the Cuban currency situation can be a bit confusing, especially considering the formal and informal exchange rates caused by inflation, it’s easy enough to manage once you remember these important takeaways:

• Bring Foreign Cash to Cuba
• Exchange Money (Informally) Once You Arrive

Here are some answers to the Cuba currency questions we’re frequently asked by readers :

What is the Best Currency to Bring to Cuba?

Bring Euros or U.S. Dollars to Cuba if you can. I highly (highly!) recommend that you do not exchange money at the airport or at the CADECA official money exchange locations – speak with your accommodation host and ask where you can exchange your money.

You’ll get triple or quadruple the amount of Cuban pesos if you change your money with an unofficial money changer.

What is the Best Currency to Use in Cuba?

Legally, the only currency you can use in Cuba is the Cuban peso (CUP). However, most Cubans would be glad to accept foreign currency, especially Euros or USD. If you haven’t pre-booked and paid for accommodations, activities, or transportation, you could likely pay for these things in cash in foreign currency.

I don’t recommend trying to pay for things with these currencies directly – change them for Cuban pesos (you’ll get more pesos that way!) – but in a pinch, you won’t have an issue paying for things in foreign currency.

What Kinds of Currency Can I Exchange in Cuba?

Travelers can bring any type of currency to the island and exchange it for pesos upon arrival, though most travelers choose to bring U.S. dollars or Euros. CADECA – the official, state-run money changer in Cuba – will accept many types of currency, including the Mexican peso, Canadian dollar, and more.

What to Bring to Cuba

Check out our Ultimate Cuba Packing List to help you pack for your trip – we’re sharing exactly what to bring to Cuba, and what we never travel without.

Should I Take USD or Euros To Cuba?

We’re often asked – is it better to bring Euros to Cuba than U.S. Dollars? The short answer is no. If you’re traveling from the U.S., don’t exchange your dollars for Euros before arriving. You’ll be paying an exchange fee to do so when U.S. Dollars and Euros are both equally coveted in Cuba.

In previous years there used to be some logic to doing this – there was an additional “tax” on U.S. dollars when exchanged at the state-run money changers, but this is no longer the case.

Should I Take USD or CAD To Cuba?

Canadian travelers also often enquire about whether they should exchange their CAD for USD before arriving in Cuba. Again, the short answer is no. If you’re traveling from Canada, don’t exchange your CAD for USD or Euros before arriving. The same goes for U.S. travelers.

You’ll be paying an exchange rate to change your home currency before arriving. USD, CAD, and Euros alike are all equally coveted in Cuba, so there’s no need to eat the cost of an additional money exchange fee.

In previous years there used to be some logic to doing this – there was an additional “tax” on U.S. Dollars when exchanged at the state-run money changers, but this is no longer the case.

Should I Bring Cash to Cuba?

When you exchange money at the official, state-run CADECA money exchange locations throughout the country or in the airport, you’ll get the $1 USD = 120 CUP Cuban peso to USD exchange rate. You’ll also get this exchange rate when withdrawing money from an ATM or bank.

For this reason, we recommend travelers do not plan on withdrawing money from Cuban ATMs but rather bring cash in their home currency to the island, and then exchange it at an informal exchange spot. If you take anything away from this article, let this be it!

Why? Say you want to exchange $100 USD for Cuban pesos. If you withdraw it from an ATM, you’ll receive 12,000 CUP. However, if you exchange $100 USD in cash at an informal exchange spot, you’d get (given current informal exchange rates) about 26,500 CUP – that’s more than double the amount of money!

An important note for U.S. travelers: bringing cash from home is NOT optional for you. Because of the U.S. embargo against Cuba, your bank cards and credit cards will not work in Cuba, and there is no way around this – you MUST bring all the cash you’ll need for the duration of your trip! Read our guide to travel to Cuba from the United States for more details.

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Can I Still Use the Cuban Convertible Peso?

From its start, the convertible peso was the currency of Cuba intended for foreign transactions, and the CUC was mostly used in the tourism industry. After operating with two currencies in Cuba – the Cuban peso (CUP) and the Cuban convertible peso (CUC) – since the 1990s, in January 2021, Cuba adopted the Cuban peso as its sole currency.

While it is no longer in use, you may find some publications locally and internationally that may still reference it.

The former exchange rate for the CUC was pegged to the U.S. dollar, 1 CUC = 1 USD . For the first few months of 2021, the government continued to accept CUC and allow people to change their CUC to Cuban pesos. This is now no longer the case – CUC bills are now worthless.

Exchange Money in Cuba

Unlike other currencies that can be exchanged anywhere in the world, you can’t get Cuban pesos off the island – you’ll have to wait to get it until you arrive and then exchange money in Cuba. This means you should bring cash with you to Cuba and exchange it once you arrive.

At the airport, when you arrive, do NOT immediately change your currency into Cuban pesos. At the official money changer at the airport, you’ll get a lower exchange rate. Instead, wait until you arrive at your destination – go ahead and pay your taxi driver in foreign currency; they’ll be thrilled by that!

Once you’ve arrived at your destination, ask at your accommodation for informal money changers. Any casa particular owner or host can direct you to the money changer they use and will likely have them on speed dial, able to come to the house. They may even be able to do it for you! This will get you that better exchange rate you’re after.

Where to Exchange Money in Cuba

If you’re staying in a casa particular guest house or an Airbnb , your host will let you know where to change money , formally or informally. Informal money changing arranged through casa particular or Airbnb hosts is quite safe and secure, as the hosts know that their rental business relies on their guests having a good experience.

If you’re staying in a hotel, it’s still worth asking the staff where to exchange money informally. They might be able to direct you to someone. If they only direct you to a CADECA (the state-run money changers), you can ask in other tourist establishments like restaurants or bars if they know an informal money changer.

This type of money changing in Cuban currency is so common nowadays in Cuba that most Cubans do it on a regular basis as a part of their day-to-day. Of course, take basic safety precautions, but don’t fear – you’ll be fine.

Remember not to change all of your money at once. As you start to see how much you’re spending each day, you’ll be able to exchange more money later on in your trip – it’s better not to exchange too much money and get stuck with leftover pesos at the end of your trip.

Read More: Is Cuba Safe? Cuba Satefy Guide + Local Tips

Currency in Cuba for American Travelers

An important reminder if your banking is set up in the United States, you won’t be able to use your debit card or credit card at all while in Cuba due to U.S. sanctions on Cuba. While this is due to the U.S. embargo on Cuba rather than the Cuba currency situation itself, it’s definitely something to be aware of as you prepare for your visit.

If your banking is through a U.S. bank – or your credit cards are issued in the United States, you’ll need to bring ALL the money you’ll use during the duration of your trip in cash with you when you arrive.

Here’s a needed safety reminder – don’t carry all of your money with you at once! Everyone knows the money in Cuba situation means travelers are walking around with more cash these days, so only carry around exactly what you need; leave the rest locked up in your casa particular or hotel room, just in case you were to get pickpocketed.

Travel to Cuba From the United States

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Currency in Cuba for Non-U.S. Travelers

Visitors who have credit cards and bank accounts outside of the United States should have no issues accessing their money here. Any money withdrawn from ATMs or banks will be in Cuban pesos.

However, some online banking apps (like Paypal and others) are regularly blocked by the United States for all users here, so I recommend downloading a VPN (a virtual private network) like Nord VPN to make sure you can still access online banking here.

Even if you’re not very tech-savvy, Nord VPN is very easy to use. Just hit a button on your phone or computer, and you’re instantly connected to a secure network that makes it look like you’re accessing the internet from another country, avoiding blocks, and staying safe online.

Even if your banking is not set up in the United States, I recommend bringing as much money in cash as you can. With the informal exchange range and the official one being so different, you’ll save significantly.

Plus, banks tend to have long lines here, and ATMs can sometimes be hard to find, especially if you won’t be staying in a bigger city like Havana. You wouldn’t want to get stuck without cash in Cuba.

Read More About Internet in Cuba

• The Best VPN for Cuba (And Why You Shouldn’t Travel Without One)
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Carley Rojas Avila

Carley Rojas Avila is a bilingual travel writer, editor, content marketer, and the founder of the digital travel publications Home to Havana and Explorers Away. She is a serial expat and traveler, having visited 40+ countries and counting. Carley has written for publications like Travel + Leisure, MSN, Associated Press, Weather Channel, Wealth of Geeks, and more. Find her front row at a Bad Bunny concert, befriending street cats, and taste-testing every pizza in Havana.

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A Traveler's Guide to Cash, Currency and Costs in Cuba

Currency exchange in Cuba

Photo: Shutterstock

Planning a trip to Cuba? Get savvy with your money and currency management using our practical tips for a budget-friendly Cuban adventure.

Planning a trip to Cuba? You might find yourself tangled in questions about managing your money effectively for a successful and memorable journey. From the acceptance of credit cards to the use of foreign currencies, and even the mystery surrounding the Cuban Convertible Peso (CUC) - the financial landscape of Cuba can seem complicated, especially for first-time visitors. 

But don't worry, we've got you covered. Read along for some practical advice to help you navigate the complexities of money and costs in Cuba, ensuring you're well-prepared for your Caribbean adventure.

Bill payment in Havana

Photo: Alamy

Understanding Currency in Cuba

The value of foreign currencies can fluctuate in the Cuban market. However, due to the generally lower cost of goods and services in Cuba, your foreign currency can have more purchasing power. This means that the same amount of money can buy more in Cuba than in many other countries. When traveling to Cuba, it's advisable to bring US dollars, euros, or pound sterling, as these are the most valuable in the Cuban market.

Exchanging Foreign Currency to Cuban Pesos

Upon landing at any Cuban airport, you'll find currency exchange booths ready to convert your foreign currency into the local Cuban Pesos. While it might be tempting to exchange all your money right there at the airport, hold that thought. Navigating the currency exchange in Cuba can be a bit tricky if you're aiming for the best rate. 

The official rate of the Cuban Peso is maintained at an artificial level, not reflecting its real market value. This means that with a bit of savvy, your foreign currency can stretch much further. So, while it's a good idea to exchange a small amount at the airport for immediate expenses like your taxi ride, hold onto the rest of your cash for now. 

Government-run establishments like hotels, banks, and CADECAS (currency exchange houses) might seem like convenient options, but they'll offer the same unfavorable exchange rate as the airport. So where can you get the best bang for your buck? Read on to find out.

Changing euros for Cuban Pesos

Cash Transactions in Cuba

In Cuba, cash is king. Most transactions, from public transportation and recreational activities to cinema, theater, museum, and park admissions, are conducted in cash, specifically in Cuban Pesos (CUP). However, the landscape changes slightly when it comes to private businesses.

Many private establishments such as restaurants, bars, clubs, and non-state rental houses are more than happy to accept foreign currency. Here's where it gets interesting: the value of your foreign currency in CUP is much higher in these private businesses than in any government institution. This means that the change you'll receive in Cuban Pesos will be significantly higher, sometimes 30% to 40%, or even 50% more.

So, while you're enjoying the Cuban vibe, remember to be strategic about where you spend or exchange your foreign cash. A little thought can lead to substantial savings, making your trip even more enjoyable.

Chek our six essential tips for your trip to Cuba!

ATM queue in Havana

Using Credit Cards in Cuba

While some places, primarily hotels, accept Visa or other types of cards, the use of credit cards is limited as many businesses operate on a cash-only basis. Therefore, withdrawing the amount you plan to spend before arriving in Cuba can make your trip smoother.

Withdrawing Cash from ATMs

Withdrawing cash from ATMs in Cuba is an option, with the exception of American cards. However, it's not always a smooth process. ATMs can be prone to malfunctions or long queues, and there's also the chance that an ATM might be out of cash. Additionally, since all banks in Cuba are government-run, the exchange rate you'll get when withdrawing cash from ATMs is the official one, which as mentioned earlier, is not the most favorable.

Identifying Cuban Pesos

Cuban peso bills are color-coded for easy identification: 1,000 CUP bills are dark brown, 500 CUP bills are light green, 200 CUP bills are orange, and 100 CUP bills are pink. Smaller denominations include 50 CUP bills in lilac, 20 CUP bills in blue, 10 CUP bills in light brown, 5 CUP bills in dark green, and the remaining 3 CUP and 1 Peso bills featuring historical figures Ernesto Ché Guevara and José Martí, respectively.

Reading Price Tags in Cuba

It's important to ask in which currency the price is listed when shopping, as it can sometimes be unclear. Also, avoid buying products without a marked price; instead, ask for the price and decide whether it's worth purchasing.

Bartender at Bodeguita del Medio, Havana

Tipping in Cuba

Tipping is a customary practice in Cuba, particularly in restaurants and cafes. As with anywhere in the world, the amount you tip should be a reflection of the quality of service you've received. A tip amounting to 10% of the total bill, or an amount you deem fair, is generally acceptable. However, if a service charge is already included in your bill, there's no need to tip extra. Remember, your tip is a token of appreciation for the service, and it's always gratefully received.

Money-Saving Tips for Budget Travel

Getting to grips with Cuba's public transportation system can save you a significant amount of money. The almendrones (the iconic old Cuban taxis), gazellas (small vans operating on fixed routes), and guaguas (buses) are all affordable options. 

If you're not a fan of crowded buses and prefer a quicker, more peaceful ride, consider using "La Nave". This app is Cuba's local version of Uber. You can request a ride to your exact destination, and the fare, which is payable in CUP, varies depending on the distance. This way, you can navigate Cuba comfortably without breaking the bank.

The Tale of Two Currencies in Cuba

If you've done some research on Cuba, you might have come across the fact that Cuba had two official currencies: the Cuban Convertible Peso (CUC), primarily used by tourists, and the Cuban Peso (CUP), used by locals. Sounds confusing, right? Fortunately, things have simplified. 

The CUC, which circulated in Cuba for about 30 years with an exchange rate of 1 to 1 with the US dollar, was officially withdrawn from circulation at the end of 2020. Now, the CUP is the only official currency in the country. So, any currency exchange you make will be into Cuban Pesos, making your financial navigation in Cuba a bit easier.

Written by Carlos Rojas .

Published July 2023.

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Cuba Currency: A Complete Guide to Cuban Money in 2021

From a traveler’s perspective, Cuban currency is super complicated. From spotting the differences between CUC vs CUP (the two official currencies on the island) to navigating spotty exchange rates and figuring out which currency is best to bring, you can lose a ton of currency converting to Cuban money in the blink of an eye if you’re not careful.

Luckily, it’s really not that complicated if you simply read this article entirely — because I’ve done the research and been there firsthand to provide you with some tips and tricks of what to do and what not to do.

So this is everything you need to know about Cuban currency for your trip in 2021! (Hint: U.S. Dollars are the worst currency to bring, but Americans can definitely still travel to Cuba! )

Table of Contents

Can You Use Credit Cards in Cuba?

Cuba is many years behind the technological eight-ball, so to speak. The country just got 3G network in some parts in 2018. Wi-fi is nearly nonexistent on the island (although some restaurants and shops sell it to tourists by the hour).

Since ATMs utilize wifi for connectivity, they’re tough to find on the island as well. And if you’re heading to Cuba with one of those new fancy debit or credit cards with a chip, you won’t be able to use your card at all.

As an American traveling to Cuba, big banks refuse to operate in Cuba in fear of the U.S. government cutting funding, so American credit and debit cards don’t work at all on the island. Cash is king in Cuba, so you’ll need to bring enough to last your entire trip because there are plenty of things to spend you money on !

What’s the Currency in Cuba?

Given that Cuba is a communist country, it’s unlike almost every other country in the world, and certainly unlike any country I’ve ever been to. Tourism fuels the economy of this 42,000-square-mile island, and the Cuban government will simply not allow tourists to pay a minuscule amount for things like dining out, tours, drinks and goods.

That’s why the country has two official currencies. CUC for tourists and CUP for locals.

The country’s two official currencies are the Cuban Convertible Peso (CUC) and the Cuban Peso (CUP). The CUC bills and coins will all be marked with the words “pesos convertibles.” If you don’t see the word “convertibles,” the coin or note is not a CUC. Another way to quickly tell is that CUCs are marked with statues and monuments while CUPs are all marked with faces.

But these are the differences and similarities of each.

Cuban Convertible Peso (CUC)

The CUC is the only currency that can be used by non-native Cubans. It’s kind of a sham because the CUC converts 1 to 1 with the U.S. dollar, which just doesn’t seem right when a nice dinner can cost 20 CUC.

It’s similar to USD in that paper bills come in denominations of 1, 2, 3, 5, 10, 20, 50 and 100, but keep in mind that many places don’t accept bills larger than 20. Coins and bills of CUC and CUP look nearly identical, so some locals may try to pull one over on you by handing you CUPs as change for your purchase.

Don’t fall for this! 1 CUC equals 25 CUP, so if you get tricked into believing 5 CUP is your change instead of 5 CUC, you just lost 5 dollars. While most people won’t try to trick you, you should recognize the differences.

Cuban Peso (CUP)

CUP exchange at a 25 to 1 rate with the CUC and USD, but they’re essentially worthless to everyone who isn’t from Cuba because nobody will accept them. The paper bill and coin denominations are the same as CUCs, but there are also CUP notes of 200, 500 and 1,000.

What Is the Best Currency to Bring to Cuba?

Since you can’t get official Cuban currency outside of Cuba, you must bring a different currency with you (and exchange all your leftover Cuban currency before you exit the country). It’s widely known on the island that nearly any currency is accepted, but if you plan to exchange your currency with an official currency exchange store, some monies are clearly more valuable than others.

At official currency exchange houses, they accept Euros, Canadian Dollars, U.S. Dollars, British Pounds, Swiss Francs, Mexican Pesos and Japanese Yen, among some other currencies.

The best currency you can bring are Euros and Canadian Dollars because you’ll get the best exchange rate. Plus, they’re the easiest to buy and sell on and off the island.

The United States Dollar is the worst currency to bring to Cuba because every official foreign currency exchange will charge an extra 13 percent on top of the ridiculously low CUC to USD exchange rate. Those people who wish to exchange USD for CUC will get about 0.70 CUCs to every 1 USD. Yup, that’s absolutely terrible.

Although if you’re exchanging your money with a local, they’ll likely give you nearly a 1 CUC to 1 USD rate. But I wouldn’t count on that, and I would bring a stash of Euros or Canadian dollars as the primary source of money and keep $100 USD as a backup (just in case you run out of Cuban money while on the island).

What Is the Cuba Exchange Rate for Money Used in Cuba?

• Euros : 1.07 Euro to 1 CUC
• US Dollars : 1 USD to 1 CUC (plus 13% exchange fee)
• Canadian Dollars : 1.30 CAD to 1 CUC
• Mexican Pesos : 20 MXN to 1 CUC
• British Pounds : 1.25 GBP to 1 CUC
• Swiss Francs : 1.02 CHF to 1 CUC
• Japanese Yen : 112 JPY to 1 CUC

Are US Dollars Accepted in Cuba?

Yes, you can use USD in just about every shop, restaurant, tour or anywhere else you can spend money. You can also get a much better exchange rate from those places, but you should definitely not rely on them for your primary source of Cuban currency exchange.

USD can be exchanged for CUCs at official exchange offices as well, but I wouldn’t recommend doing so. There is a 13 percent fee tacked onto the going rate, which makes it the absolute worst currency you can possibly exchange in Cuba.

So, yes, US Dollars are accepted in Cuba, but I highly recommend using Euros and leaning on any remaining USD you brought to the country as a backup in case you run out of Cuban money on the island.

How Much Money to Bring to Cuba

Cuba isn’t as cheap as people think it is. It’s certainly not nearly as cheap as some Central or South American countries. It’s a Caribbean island, which means it’s really expensive to import or grow certain products, and you’ll have to pay for that.

That being said, there are many ways to cut costs while visiting. From street food vendors to free walking tours , you can certainly do Cuba on the cheap. But if you want to live it up, experience the culture, have a few mojitos, take a few tours (like a Vinales day trip from Havana ) and eat some good food, you’re going to spend a fair amount of money.

How much is a fair amount, you ask? Expect to spend about $100 CUC per day. You can get a cheap breakfast for about $5 CUC, a hearty lunch for $7 CUC and a really nice dinner for $10 to $15 CUC, but that’s really where the cheapness ends.

A convertible tour through Havana will set you back $30 to $40 CUC. A day trip to Vinales will cost you $100 CUC. Cigars, alcoholic beverages, trinkets and museum entries are $2 to $5 CUC each. But if you’re going to Cuba, ask yourself the question, “When will I ever be in Cuba again?”

That question will certainly evoke the feeling that you can be a bit looser with your wallet (and this is coming from a budget traveler).

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Cuban Currency & Money in Cuba Guide [Update Feb 2024]

There have been many changes in Cuba’s currency in the last couple of years. What matters to you as a visitor to Cuba is what is happening now in Cuba with regard to money. So in this article on Cuban Currency I’ll detail how to pay for things in Cuba in 2024, whether you need to take cash to Cuba, and if ATMs in Cuba work in 2024. And then, because its interesting, I’ll detail some of the history of Cuban currency changes. Welcome to our guide to money in Cuba and the Cuban currency.

THIS POST MAY CONTAIN COMPENSATED AND AFFILIATE LINKS. MORE INFORMATION IN  OUR DISCLAIMER

TOP CUBA TRAVEL TIP

Save Your Cash in Cuba for Tips

Unless you want to carry a lot of cash around in Cuba, then try pre-booking your transport and tours, pay ahead of time on a card, and save your cash.

Cuba’s currency changed in 2021 when the Cuban government finally ended the dual currency system that has been in place since 1994. The Cuban peso was devalued for the first time since Castro led the revolution in 1959.  Then big changes in the summer of 2022 in the official exchange rates also led to more changes. Dealing with currency exchange rates in Cuba is a moving target and you’d think that all these changes make dealing with money in Cuba easier. Well, sometimes it is, and sometimes, well, it’s not. So read on for a guide to Cuban currency, how to get cash in Cuba, what cash to take to Cuba, credit card usage in Cuba, and what you should watch out for when paying for things in Cuba.  We’ll also provide a brief history of Cuban currency, so you can understand perhaps why many see the single currency as a welcome change, and why the changes in August 2022 were also welcome.

A History of the Cuban Currency

I know, I know, you just want to know how to get Cuban money and how to pay for things in Cuba right?  Ok, skip ahead, but sometimes a little history is important so you can understand why we are where we are about Cuba, dollars, and foreign currency and why it’s often particularly confusing.  So ready?  Here we go.

The Cuban Peso (or CUP) was created as Cuba’s currency by Ernesto “Che” Guevara, who was the first president of the country’s Central Bank in the post-revolution period.  The Cuban Peso – aka the CUP.

Cuban Currency in 1993:  Legalising the US Dollar

The Cuban government also legalized the use of the US dollar alongside the Cuban peso (CUP) in 1993 to help with stabilization following the collapse of the Soviet Union.  The US dollar was legal tender in Cuba from 1993 until 2004.  The Cuban Peso (CUP) was still used, but only by Cubanos.  The dollar, however, became the most used currency in Cuba during that time, but wait, there’s still more.

Cuban Currency in 1994 – adding the “convertible Cuban Peso – “CUC”

In 1994 the Cuban Government created the “Convertible” Cuban Peso (or CUC) at the same time as banning the use of US dollars in Cuba. CUC gradually replaced the US dollar.  CUC was used for buying items shipped in from abroad – but couldn’t be taken out of the country, although it could be used in the free trade area of Panama. CUCs were pegged at US$1 to the CUC but were exchanged with the public at a rate of 24 to buy and 25 to sell.  Tourists would use CUC and Cubans would be paid in CUP – and most goods of any use (apart from the rationed food items) were only available in CUC.

And so, Cuba had two currencies.  The CUP and the CUC, but both called the Cuban Peso.  Most tourists in Cuba until Jan 1 2021 used CUCs.  Most Cubans received their wages in CUPs, but most goods for sale were only available to be bought in CUC.  This made life very expensive for locals.

In addition in 2020 Cuban banks stopped accepting US dollars from those trying to deposit them, citing US sanctions. As of April 2023, US dollars can now be deposited into Cuban bank accounts.

Cuban Currency Changes in 2021 – the removal of CUC

In December 2020 the Cuban Government announced that Cubans would have until the end of June 2021 to trade in their CUCs for CUPs. They would receive 24 Cuban Pesos (CUPs) for each 1 CUC. 

At the same time, the Cuban Government started to digitalize payments, introducing bank cards for Cubanos, and the ability to pay for things electronically, via phone-based apps, at the same time they introduced a new digital currency.  (Sigh, yes, why does it have to be this complicated?)

The withdrawal of CUC started on January 1 st, 2021. 

The digital currency is called MLC (moneda libremente convertible).  This MLC can be used to pay for items in the stores where imported goods, like foreign medications, imported foods, etc) with the new bank cards.   You can’t pay for goods in these stores, called MLC stores, with Cuban Pesos.  

You can only pay with MLC, which Cubans can only pay with by loading up their MLC cards with foreign currencies, like Euros, Canadian Dollars, or British pounds.  And most Cubans can’t get hold of these foreign currencies unless they get them from tourists, or family and friends from abroad send them to them.

The value of MLC cards is measured in US Dollars, but this is the one currency that you CANNOT use to buy MLC cards or top them up with. There’s more here on the official Cuban government website about MLC and MLC cards.

Added to this Cubans are STILL paid in CUP, in Cuban Peso, which can be used to pay for food and basic items, but nothing else. 

And that’s why, in a nutshell, there’s so much that you’ll read about why Cubans want paying in foreign currency. Because it’s a tradable commodity that they can use to live. 

Wait.  There’s more.

There are three ways of getting hold of Cuban Pesos (there are loads more on this later, but briefly)

• By changing your foreign currency at an official “Cadeca” – the government exchange houses.
• By sticking your ATM card in a bank ATM in Cuba.  (note this doesn’t work for US bank-issued cards)
• By changing your foreign currency on the black market aka informally aka with your casa particular owner/taxi driver/anyone else.

Until August 2022 the official Government rate was 24 CUP to the US Dollar.  And because the Cubano on the street wanted the foreign currency more than they wanted the Cuban peso you’ve been able to get WAY better rates informally.  (and its not just for the dollar, its for the Euro, GBP, and Canadian dollar too)

And so the black market flourished so that Cubans could buy stuff at MLC stores, save money in foreign currencies, etc. The black market rate bounced around, but you could get 100-115 CUP to the US Dollar (and similar rates for other currencies).

What happened in August 2022 to the Cuban Peso and Exchange Rates?

That official exchange rate (scroll back up to remind yourself) – of 24 CUP to the US$ was set in 1994. 

It was on August 4 th that the Cuban Central Bank devalued the Cuban Peso, the CUP, and brought it into line with the rates you could get on the black market.  Now banks and Cadecas are giving 120 CUP to the US dollar.

Phew. 

So is this a good thing?  Heck yes. 

The new rate is available from banks, bureaux de change, and hotels in exchange for hard currency.

Why did the Cuban Government devalue the Cuban Peso in August 2022?

Here’s what Economy Minister Alejandro Gil said when the announcement was made.

“Today there is a high level of foreign currency that is entering the country that is not being captured by the national financial system,”

(i.e. Cubans were being paid by tourists in foreign currency and NOT depositing it in banks.  Foreign visitors were exchanging their dollars, pounds, and euros on the street, not with the government).

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What is the Cuban Currency?

The Cuban currency is the Cuban peso.

How to buy Cuban currency – Where to Exchange Money in Cuba

The Cuban Peso is a closed currency.  That means it’s not available outside of the country.  So you can’t head to your bank or your home airport and change a few dollars or pounds before you get to Cuba.  You have to wait until you arrive to buy Cuban currency.  This will likely be your first experience of the Cuban queue.  Get used to it.   Don’t forget that you will need your passport to change money.  There are several places where you can get hold of Cuban pesos.

Exchange money with a trusted person in Cuba.

You’ll get a much better rate by exchanging money with a trusted person in Cuba than anywhere else. Period. Your casa particular owner is usually the best place to start.

Buy Cuban Pesos from the Cuban official currency money exchange – CADECA

The official Cuban currency exchange offices are called Cadeca’s.  You’ll find them at airports – (here are our experiences at  Havana Airport  ) and you’ll also find them in major towns.  Just search for cadeca.    Rates will always be posted above the window that you approach individually – they won’t serve you if more than one person is at the window at a time.

Getting Cuban currency from ATMs in Cuba

There are ATMs in the major cities in Cuba.  While we only had one instance where the ATM didn’t work – and that was because my debit card had been stopped by my bank, it is MUCH more frequent today. Of course, this is a challenge when internet access was poor ( read about how to get internet in Cuba here  ) and my mobile phone didn’t work either. In 2023 you can buy a tourist sim card – there’s more on that  here. You’ll want to ensure that you have an ATM card that works in Cuba. Check with your provider before traveling.

It’s really important to note that you cannot get foreign currency out of an ATM in Cuba. They only dispense Cuban pesos.

The Central Bank announced on August 9th that there is no commercial margin applied for purchases or withdrawals in CUP.

Be aware that power outages might affect ATMs’ working

You should check with your bank BEFORE you travel and always have a backup plan.  There are a few things you should know about ATMs in Cuba too.

US Bank cards will NOT work in Cuba.  Most European, Latin American, Asian, Australian, New Zealand and Canadian bank cards WILL work in Cuban ATMs – but check for your particular bank. 

Wise (formerly Transferwise) cards will NOT work in Cuba. Neither do Revolut cards.

The following branded cards WORK in Cuba – but cards from some bank providers might not – take a backup and check with your provider before traveling.

The following branded cards do NOT work in Cuba

• American Express

Cards issued by US banks will NOT work in Cuba

As a UK ATM cardholder, when we needed an ATM in Cuba we could find one.  And they always worked for us.  We have UK Bank Accounts and UK Cards.  Apart from once on our first trip to Cuba when my card stopped working.  Luckily, we had a backup, as it was a further 3 weeks before the card worked again (we were back in the UK before we were able to contact the bank!)

All foreign exchange rates, including those set by the Cuban banks’ ATMs that you will use, are set by the Cuban government. 

Most Cuban ATMs have a withdrawal limit (usually the equivalent of US$200 PER DAY (not per transaction). Cuban ATMs usually dispense 10’s but can also dispense 5’s and 20’s.

Changing Money Informally in Cuba

This is the biggest market for money changing in Cuba.  Exchanging it on the “black market”, or with your Casa Particular Owner, or Taxi Driver.  It is easy to buy Cuban currency on the black market.  You’ll find plenty of offers – from the taxi or colectivo drivers, looking for hard currency, to those standing around waiting by ATMs and Banks.  Know how to check that the currency you’re receiving isn’t fake and that you understand what a good exchange rate is.

While the government issues the OFFICIAL rates for exchange you’ll find that the street rate still may differ, even with the changes that the Cuban government brought in in August 2022.   And this site here is a great way to get an idea as to what exchange rate you’ll be offered. The exchange rate that you’ll be offered will also depend on how much the person wants your dollars, pounds, or euros.  Many Cubanos have family abroad or are saving for travel abroad and that’s one of the reasons that they want foreign currency.

It is NOT illegal for YOU as a tourist to exchange money in this way.

Using Debit and Credit Cards in Cuba

You will be able to use (non-US issued) Visa and MasterCard credit and debit cards in Cuba, but only at upmarket, high-end hotels, expensive restaurants, and tourist shops.  So, if you’re staying in casa particulars that you haven’t prepaid, eating in paladars, and hailing colectivos and taxis on the streets you’ll need to make sure you have cash.

However, you’ll want to be sure you have a backup of cash. 

In 2022, there were rolling power outages in Cuba and when the power goes out your credit cards won’t be approved and you’ll have to find an alternative means of payment.  These outages continue and you’ll need to check locally on timings.

Credit Cards in Cuba

Cuba is primarily a cash-based society when you’re there in person unless you’re staying at a high-end resort or hotel.  While we did use a credit card while we were in Cuba, it was to pay for pre-booked Casa Particulars

In Cuba, credit cards are only really used at high-end establishments or for buying and pre-booking activities before your arrival.

US-based Credit Cards will not work in Cuba.

There is a 3% surcharge from Cuba on payments and cash withdrawals on credit cards in addition to any charges from your card provider.

Using Debit Cards in Cuba

Debit cards can be used in the same way as credit cards in Cuba.  If it’s a Visa or MasterCard, then it will be accepted in the same way that the credit card is.  You’ve just got to find the location that accepts it. Withdrawing money in Cuba from an ATM is the same as in any other country.

Tips for Cash and Payments in Cuba

Your time in Cuba is limited.  We recommend organizing as much as you can before you get there.  Plan what cash you’re likely to need, how you’ll pay for things, and, well, here are some tips for cash and payments while in Cuba.

Take Less Cash to Cuba by Prebooking and PrePaying Online

One way around this, if you’re not comfortable carrying wads of cash around is to prebook and prepay for your activities, accommodation, and transport.  Here are some suggestions as to how you can do that.

• Prebook your transport – you can use our partner in Cuba to book AND pay for your airport transport, and shared or private rides all around the island.
• Prebook activities – want to take a classic car tour in Havana? A day trip to Vinales?  A private walking tour?   Book it online  before you go to Cuba and you won’t have to worry about taking the cash there to pay for it. > Read our article on  things to do in Cuba  and get some ideas for what you shouldn’t miss!
• Don’t forget that it is mandatory to have medical travel insurance for Cuba – if you don’t have it on arrival and you’re asked for it, you’ll have to buy a policy before you’ll be allowed in the country! > You can get a quote for Cuba Travel insurance here   
• Save money on drinking water by  buying and taking a filter water bottle  so you CAN drink the tap water (which isn’t deemed safe without further treatment) – our guide to drinking water in Cuba is  here.

Want to know about tipping in Cuba? Here’s our guide on the  etiquette of tipping in Cuba.

Keep your cash secure in Cuba

Serious crime isn’t a problem in Cuba, but the more cash you have on you, the higher the risk of it being stolen.  Only take out what you need each day.  Avoid counting out large amounts of cash in public.  Secure your cash and other valuables when you are away from it.  We recommend and use the Pacsafe portable safe.  Buy yours here – there are a host of different options!   This nifty little device has secured our valuables around the world, even padlocked to trees with all our gear while we’ve been snorkeling on secluded (but busy) beaches!  Read about portable travel safes here.

How not to get scammed with cash in Cuba

We’ve felt entirely safe while traveling in Cuba.  We don’t feel that we’ve been ripped off at all, but we always take a few precautions.  Here are some suggestions of how not to get scammed (and this holds for ANYWHERE in the world).

Always know the exchange rate when changing money

The Cuban Government publishes the official exchange rate here.

You can find the unofficial exchange rates on this site.

Exchange rates on the street will differ around Cuba and they will also differ depending on what currency you want to exchange.  Everyone has a different experience.  One person will tell you that Euros are preferred in Santiago and US Dollars in Havana.  Others will tell you that they got better rates for Canadian dollars over all other currencies.  The general rule of thumb is that no foreign currency is likely to be turned down but stick to the main ones – US Dollars, Canadian Dollars, Euros, and British Pounds.

Always count any change when paying for something

Foreign currency looks entirely different from your home currency.  Count it out, in the same way that you count the money that you’re handing over to pay for something.

Always confirm a price upfront for goods or services

Taking a taxi?  Buying a drink at a bar?  Buying souvenirs?  Always check the price beforehand and confirm it with the vendor.  Confirm the currency that you’re paying in as well.  You’d be amazed how many times I’ve had someone tell me that they felt they were scammed when they’d assumed the price was in Cuban pesos… and it turned out to be in dollars. 

Confirm it upfront.  That way there are no surprises.

Be able to tell the difference between CUP and CUC

One of the challenges of two currencies in Cuba before 2021 was that unsuspecting tourists might have been passed CUPs rather than CUCS.  And so it was important to be able to tell if the notes you were being passed were CUP or CUC.  That’s still important, as there are likely to be a few CUC still in circulation.  And so if you don’t want to be scammed in this way (as CUC are no longer legal tender), then you’ll need to be able to tell the difference between them.

The EASIEST way is that

• All CUC notes or bills have monuments on them.  They also have “pesos convertibles” printed on them.  You DO NOT WANT ANY OF THESE
• All CUP notes or bills have the faces of famous leaders.

FAQs on Cuban Currency

Got questions about the Cuban Currency? Or want to know more about the currency in Cuba and we haven’t answered your questions?  Check out our frequently asked questions about Cuba’s currency below, or ask us yours in the comments.

What is Cuba’s Currency?

The Cuban currency is the Cuban Peso.

Can I buy Cuban currency in the USA, Canada, or the UK?

No.  You cannot buy Cuban Pesos outside of Cuba.   Cuban money is not traded internationally and is known as a closed currency.  You cannot buy Cuban currency outside of Cuba.

What is the best currency to bring to Cuba?

The best currencies to take to Cuba are US Dollars, British Pounds (£), the Euro (€), or Canadian dollars ($).  If you have the chance, then a mix of currencies is best.  You can exchange these currencies at official government exchanges or on the street.  The currency that is preferred will depend on where you are in the country and if you’re exchanging informally with your casa particular owner or taxi driver, their personal circumstances.

Can I use dollars in Cuba?

Yes and No.  The US dollar is not legal tender in Cuba.  However, you can exchange it at the new August 2022 rate.  Cubans will accept US dollars for payment.  US Dollars can still NOT (as of January 2023) be deposited in Cuban bank accounts.

Are there American Banks in Cuba?

No. There are no American Banks in Cuba.

Can I use ATMs in Cuba?

Yes.  There are ATMs in Cuba.  ATMs will work with foreign cards (with some restrictions that we’ve detailed below) ATMs in Cuba are not designated just for Cuban cards. 

Will my ATM card work in Cuba?

It depends.  If you have an American ATM card it will not work in Cuba.  For all other countries, you should ask your bank before travel as to whether there are restrictions on using it in Cuba.  Always take a backup card or two.

Does Revolut work in Cuba?

No. Revolut does not work in Cuba

Which is the best ATM in Cuba?

The only serious answer to this is one that both works and one that has cash inside it.  Be conscious of weekends, holidays, and potential power cuts, and always plan ahead when it comes to cash in Cuba.  There are often rolling power outages throughout Cuba, so don’t rely on arriving somewhere and finding an ATM that is working.

Can I use a credit card in Cuba?

Yes and no. 

When it comes to using credit cards in Cuba, it’s a hard NO if you have a US credit card in Cuba that has been issued in the USA.  Credit cards from countries other than the USA are likely to work.  Check with your credit card company before your arrival whether they have limitations on use in Cuba. American Express will NOT work in Cuba.

If you are staying at a higher-end hotel then they will accept credit cards.  If you are staying in a casa particular (which we seriously recommend), then they are unlikely to accept credit cards.  Only high-end restaurants will accept credit cards.  If you want to organize trips, activities, and even dining, then we recommend booking ahead online if you want to use your credit card. 

You can use credit cards in MLC stores, you will need your passport as well.

Power outages and blackouts might also affect your ability to pay by credit card.  Try and have a cash backup, and prepay for accommodation, transfers, buses, and tours BEFORE you arrive in Cuba.

What is the best credit card to use in Cuba?

The best credit card to use in Cuba depends on which country you are coming from. Credit cards are not accepted in many Cuban businesses, and you may find that “the card machine isn’t working” unless you are staying in a high-end resort or visiting high-end restaurants. It’s best to confirm with your current credit card provider if they have experience with credit cards and Cuba. American Express credit cards will not work in Cuba.

Can I buy an MLC Card in Cuba as a foreigner?

Yes.  You can buy MLC Cards as a foreign visitor to Cuba.  They are available in various denominations.  You can buy them with foreign currency (but NOT US dollars) or with a foreign credit or debit card (but not cards issued by US banks).  You can buy MLC Cards at Airport Cadeca. You buy fixed-amount cards, e.g. 100, 500, 1000 MLC.

What currency can I change in Cuba?

You can change Canadian dollars, British pounds sterling, Japanese Yen, Swiss Francs, Euros, and Mexican pesos in Cuba.   You can see the exchange rates at the Central Bank of Cuba here.

You CANNOT exchange Irish or Scottish pound notes in Cuba.

You CANNOT exchange Australian Dollars or Hong Kong Dollars in Cuba.

Notes should be clean, without tears or creases.  (Iron them, it works!)

What do you do if you run out of cash in Cuba?

If you have problems in Cuba you’ll be directed to Asistur.  This is the Cuban government agency set up to help Tourists.  They can arrange for you to have money sent from abroad.  They will also be able to assist if you have problems with your credit or debit card being declined.

We have readers who have ended up selling their touring bicycles while in Cuba as a result of running out of cash, please, please, plan ahead, and take enough cash and backup cards.  Most people only travel to Cuba once in their lives, so make it memorable for all the right reasons.

Can you pay in Cuba with US dollars?

Yes.  It depends on what and where you are buying things. 

Our experiences with money in Cuba

We take cash to Cuba – we  prebooked our Casa Particulars  for the first two weeks of our trip and prepaid them.  For everything else we paid cash.  And we used ATMs throughout Cuba with only one problem – a card that stopped working, so we used another one.

What is the best way of sending money to Cuba in 2023?

You cannot use Paypal to send money to Cuba (this service stopped in March 2021. You can use Western Union to send money to Cuba.

We have heard positive things about using  Envirodinero  to send money to Cuba. Sendvalu also provides a service.  Fonmoney  also gets great reviews on Trustpilot (if you are in Europe)

You can also use Duales , which gets great reviews.  They not only deliver cash to your recipient’s door, but they’ll also recharge AIS cards too.  You do NOT need to be a relative of the person that you’re sending money to either.  An AIS card is a free debit card in Cuba. IAS = American International Service.  They’re an accepted payment method in Cuba and allow Cubans to easily receive money from abroad.

ESSENTIAL TIPS FOR EXPLORING CUBA INDEPENDENTLY

These are the resources and booking sites that we use when traveling to Cuba.

Get a Cuba Travel and Medical Insurance Quote from Visitors Coverage here – Alternatively, Civitatis Insurance is a great option for the required insurance for Cuba. You will need a Cuba Tourist Card to enter Cuba – some airlines include these, if yours doesn’t, buy one from EasyTouristCard – now valid for 90 days. Book your Viazul Bus tickets here Pre-book and prepay shared & private shuttles here Book the best FREE Walking Tours in Cuba Reserve attractions, day trips, and activities in Cuba here Get online in Cuba EASILY with a Cuba eSIM – read about Cuba ESIMS here , or buy a Cuba eSIM here .

Download and install a VPN BEFORE you travel to Cuba > discount coupon here Book Accommodation in Cuba’s Casa Particular here

Final Words on Cuban Currency and Money in Cuba

Congratulations if you made it this far!  This article used to be SO complicated.  And now it’s, well, still complicated, but a lot easier.  I suspect, though that we still have a long way to go yet.  Cuba has a single currency again, the Cuban Government is taking steps to get foreign currency back into the official mechanisms of the country.  But Cuba always has a fluid situation.  Take cash with you, take your ATM card, and pre-pay what you can.  Cuban currency is getting a lot easier to understand, but, likely, the changes from a dual currency situation to a single one will cause a few issues before they settle down.

Cuba’s Best is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com, amazon.co.uk, amazon.ca. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates .

Sarah Carter

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2 thoughts on “ Cuban Currency & Money in Cuba Guide [Update Feb 2024] ”

• 2 Comments

Can you add a bit more detail about where a tourist might be able to use CUP, and where it might be mandated to use only foreign currency?

I.e.: Casa’a, Bus, train, collective, I am guessing will want / prefer foreign currency or the MLC card? what about food, etc.? ALso: I travel to the countryside a lot where I used to use only CUP, except for CUC for Casa’s: what can I expect now?

Hi there. Sure I’ll add some more content in, but in the meantime Expect private businesses (i.e. non Govt restaurants, hotels and the like) to prefer foreign currency. Viazul is purchase only by card these days (although you can always find an exception). Out from the cities, I would take a mix of pesos and foreign currency. The situation on the ground changes quite regularly, but anything non-Govt is definitely foreign currency.

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🌍 Help Me, LP! What currency should I bring to Cuba?

Nov 11, 2022 • 3 min read

What currencies are accepted and where? Brendan Sainsbury's top tips on Cuban currency © Salvador Aznar / Shutterstock

In this series, Lonely Planet's team of writers and editors answers your travel problems and provides tips and hacks to help you plan a hassle-free trip. This week, Brendan Sainsbury, who has been traveling to Cuba for over 25 years as both a guide and a guidebook writer ,  shares his top tips on currency in the country. 

Question: Hi, I am traveling from the UK to Cuba for the first time, which currency should I take?

Brendan Sainsbury: Money continues to be the trickiest question for travelers contemplating a trip to Cuba with the situation changing regularly.

A quick recap. Cuba now has one official currency: the Cuban peso (CUP$). Convertible pesos were phased out in 2021.

After over a year of hyperinflation and the growth of a rampant black market, the Cuban government radically re-adjusted its exchange rate in August 2022, from 24 pesos to a US dollar to 120 pesos to a US dollar. 

This is the rate you’ll get if you change your money in government-run banks and Cadecas (exchange booths). You can check the current rates for all the main currencies on the Cadeca website .

What to eat and drink in Cuba

Euros are best

As it stands, euros are the best foreign currency to bring to Cuba because it’s the most widely accepted and subject to the lowest bank fees (approx. 2 percent). Furthermore, many private businesspeople (restauranteurs, taxi drivers, homestay owners) prefer to be paid directly in euros rather than Cuban pesos (although they’ll accept both). Some state-run businesses also accept euros.

Sterling is also a viable option but, while it’s readily exchangeable for pesos in Cadecas and banks, it’s less desirable among locals as a means of direct payment.

US dollars can be exchanged in banks and used in private businesses, but they’re not accepted in state-run places.  

The rules for Americans visiting Cuba in 2022

Credit cards & ATMs

Non-US-affiliated credit cards are accepted at most government-run establishments. Indeed, at some state-run places (including hotels, resorts, car hire and bus stations), you can only pay by credit card. Outside of the state sector, Cuba is still primarily a cash economy.

Most British Visa/Debit cards will work in Cuban ATMs, but the machines will only dispense Cuban pesos. 

Don’t buy too many Cuban pesos in one go. They have no value outside Cuba. Also, bear in mind that, if you stick mainly to the private sector, you can pay for many things in foreign money (preferably euros).

Carry plenty of small bills for tips. Tipping is vital in Cuba, especially given the current economic climate. 

See the real Cuba on these top road trips

Other recommendations for your Cuba visit

• Stay in casas particulares (homestays) and eat in private restaurants to put money directly into the pockets of ordinary Cubans.
• Visit Havana’s fabulous Fábrica de Arte Cubano .
• Make sure your ‘tourist card’ is included in the package when booking your flight. 
• Don’t change money on the street, or on the black market.

Cuba accommodation 101

If you have a burning travel question you would like Lonely Planet to answer, please contact us here . We will select one question and publish the answer each Thursday.

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The national currency in Cuba is the Cuban Peso (CUP). One Cuban Peso is equivalent to 100 cents. There are bills of 1, 3, 5, 10, 10, 20, 20, 50, 100, 200, 500 and 1000 pesos, as well as fractional coins of 1, 3 and 5 pesos and 5 and 20 cents.

MLC Prepaid Cards

You can purchase prepaid cards in the network of CADECA offices, airports, hotels and ports.

It is acquired in the currencies listed by CADECA: Canadian dollar, pound sterling, Swiss franc, Japanese yen, Mexican peso, euro and USD for values of 50,100, 200, 500 and 1000.

Valid for the payment of goods and services in the commercial network such as hotel reservations, excursions, purchases in stores, purchase of airline tickets, car rental, restaurant and cafeteria services, among others.

At the request of the client, the balance of the card is reimbursed by the Exchange Houses (CADECA) to the tourist in freely convertible currency, upon leaving the country, at international airports, in any of the foreign currencies accepted by the country.

Where to exchange money?

The exchange of freely convertible currencies (foreign currency) for Cuban peso (CUP), is carried out at airports, banks, hotels, exchange houses (CADECA) and shopping malls; always respecting the current exchange rate of the different currencies according to the fluctuation in the world market.

There is also a large infrastructure of banking services throughout the national territory that includes the network of Banks and Automatic Teller Machines (ATM), as well as the Exchange Houses (CADECA), which have a wide network of commercial offices, duly located in:

    All international airports in Cuba, both in the passenger arrival halls, as well as in the departure halls, prior to immigration control.

    - All ports where international cruise ships operate.

    - In 60 of the main hotels in all tourist areas.

    - In the areas of greatest affluence or access of tourists.

At the exit of the country, in the CADECAS of the international airports you can make the reimbursement of the balance of the MLC Prepaid Card in freely convertible currency in one of the foreign currencies of those that are quoted in Cuba.

To know the location of the Banks, CADECAS, ATMs with contact information, you can select one of the destinations shown below.

Exchange rates

👉Click here to know the current rates.

What currency to bring to Cuba?

To travel to Cuba, the traveler or tourist may enter in cash any foreign currency accepted by the Central Bank of Cuba to be exchanged for Cuban peso (CUP), which are only accepted through transfers.

The Cuban Peso is neither valid nor exchangeable outside Cuban territory, so upon your departure you must exchange it to the currency you deem convenient.

Magnetic cards that can be used

Debit or credit cards accepted in Cuba are: Visa, Mastercard, Union Pay, Ocean Card, CABAL,  American International Service (AIS) and MIR. However, travelers interested in traveling to Cuba are advised to check with the bank where they have their bank account to see if they will be able to use their card in the national territory.

No card issued by U.S. institutions works in Cuba, so it is recommended that you verify beforehand that your card is not associated with a U.S. banking institution and secondly, and of great importance, that you always have a cash backup to avoid setbacks.

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Money & Currency in Cuba

Updated: Dec 19, 2022

Money & Credit Cards in Cuba

From now on, it is also possible to purchase prepaid cards to make purchases in the so-called dollar stores , where cash payments are not accepted.

Cuba has used two currencies since the mid-1990s. At the beginning of 2021, this parallel currency system, which often led to confusion, was fortunately abolished. What remained is the Cuban peso, with which package tourists rarely get in contact with. For hotel guest, it is often the easiest, to take cash and exchange it in Cuba. For individual round trips, it is preferable to use a combination of cash and credit cards. The credit cards can be used to withdraw money from ATMs and in some location also to make cashless payments. This article explains in your need to know, when it comes to money in Cuba.

For travelers who have booked a package with extensive catering in a hotel complex, it is often easiest to take cash to Cuba. Cash can be exchanged on site quite uncomplicated in hotels, banks or in one of the many exchange offices that exist all over the island. Most hotels - but also quite a few of the widespread private accommodations - have safes, so that also larger amounts of money can usually be safely stored.

ATMs & currency exchange at Havana Airport

In almost all of Cuba, it is common to pay with foreign currency. Suitable foreign currencies are primarily US Dollars and Euros , although it is easier to calculate prices in USD. However, since coins cannot be exchanged locally, only bills are accepted. When paying in euros, you have to reckon with a somewhat unfavorable exchange rate - often 1 Euro to 1 US-Dollar. In many cases, however, you will be charged a fairly accurate rate. The change is often given in Cuban pesos.

If you booked a package deal, and you plan to stay primarily in a hotel and only plan to buy a souvenir at a tourist market in Varadero, for example, you can pay quite comfortably in Euros or US-Dollars.

State-owned bank branch

For individual travelers, on the other hand, it is not recommended traveling with large amounts of cash. The safest method of supplying money four round trips is a combination of cash and credit cards .

Ideally, one should be equipped with at least two credit cards and have in addition always a sufficient cash amount available.

The cash secures the ability to pay if it is not possible to get money with the credit cards. This can happen, for example, when cards are damaged or lost or if there is no ATM available or functioning.

If you do not have a credit card, you can of course travel with cash only. In this case, however, it is particularly advisable to reserve and pay for accommodation, buses or other means of transport from home. In this way, you are able to keep the amount of cash carried with you as low as possible.

Prepaid cards in US dollars

It is no longer possible to exchange US dollar bills for Cuban pesos. This is probably due to the reintroduced sanctions by the U.S., so that the Cuban state banks have problems to work with the greenbacks.

This new restriction only applies to the U.S. dollar, while the exchange of other currencies such as Euro, Swiss Franc or Canadian Dollar is still allowed.

As in many countries, the COVID-19 pandemic has caused a severe economic crisis in Cuba. Purchases in supermarkets can no longer be made in cash , but must be paid in USD with credit cards.

To ensure that visitors can make purchases in the so-called new dollar stores, the Cuban government has set up prepaid cards. These cards are loaded with US dollars, but cannot be purchased with greenbacks, but only with other major currencies. All this seems a bit paradox, and it is: The cards are issued in USD, while the prices are also in USD, but the cards cannot be purchased with US dollar bills.

Let's take a closer look at the terms and conditions of the new prepaid cards:

• The cards are issued by Cuba's Banco de Crédito y Comercio (BANDEC) and can only be used in Cuba. You can purchase the cards at currency exchange offices, the so-called CADECAS (details below) for a $5 USD fee.
• There are only three cards available, with denominations of 200, 500 and 1000 USD . However, the amount is non-refundable and therefore better spent during your stay.
• The cards allow cashless payments as well as free withdrawals in Cuban Pesos at all ATMs found in Cuba. For both, payments and withdrawals, you will need the security code that comes with the card.

Whether you need one of these cards depends on whether you have your own credit card and whether you plan to use it to cover your travel expenses.

Currencies: Cuban Peso & US-Dollar

For a long time, the Cuban monetary system was somewhat bizarre, as there were two currencies. The Peso Cubano (CUP) is the Cuban national currency, often referred to as the "Moneda Nacional" (M.N.). The second currency, the Peso Convertible (C-U-C), was once created to replace the disliked U.S. dollar, which until then had been used as hard currency.

In the wake of the severe economic crisis caused by the Corona pandemic, the Peso Convertible was abolished in the year 2021, although the abolition had been planned for quite a long time. Today, the U.S. dollar is again used as a hard currency, but often only cashless, through credit card payments.

Peso Cubano

The exchange rate ratio of the Cuban peso to US-Dollar is 24 CUP per USD. This means that for one USD you will receive 24 CUP. The economically skilled traveler therefore recognizes that this is a fixed exchange rate system.

Many goods and services can be purchased with both currencies, but it must be expected that exchanges will be given in CUP.

Moreover, as described, only banknotes (bills) of the hard currencies are accepted.

Cayo Santa Maria

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If you want to take cash with you, you can take euros, Swiss francs or Canadian and US- Dollars . Ideally, you should be careful not to have the largest bills. To be on the safe side, we do not recommend banknotes with a face value of more than one hundred.

The cash can be exchanged for Cuban pesos in state-run banks or exchange offices (so-called "CADECAS" - Casa de Cambio). The network of banks and exchange offices is quite good. Even in most smaller towns, there are exchange offices, because Cubans also use them regularly to change money. Waiting times must be expected, especially in Havana. You should also be able to identify yourself, so better take your passport with you.

Queue in front of the CADECA (Matanzas 2020)

It is also possible to exchange money in hotels, but often at less favorable rates. At all international airports there are ATMs as well as exchange offices. It should be noted that, as in hotels, the exchange rates at airports are often a bit worse, although the difference is not particularly large.

When exchanging in exchange offices - as with ATMs (see below) - a 3% fee is charged . The fees are not shown, but result from the difference between the official USD and the used peso exchange rate . The official exchange rate is 1:24. So for one dollar, you will receive 24 Cuban pesos.

However, due to the three percent fee, travelers only receive 23.28 pesos. There are no flat fees , so regardless of the exchanged amount, only the 3% fee applies. It therefore doesn't matter whether you exchange larger or smaller amounts.

It is advisable to check carefully the amount of money you hand and receive, so you should take your time when recounting. You also should receive a bill.

Under no circumstances it can be recommended to change money on the street. Many Cubans exchange hard currencies on the black market. T here is a big incentive to do so, because the unofficial exchange-rate is far better as the official (around 60:1). Foreigners should keep in mind, that private exchanges are forbidden. Besides the legal risk, you are also in the danger of getting scammed . Instead of changing on the black market, it is better to pay with a hard currency.

Credit Cards in Cuba

The best and safest way to get money is by, in the best case a charge-free, credit card. First, you should check whether your bank charges fees for withdrawals abroad. In general, MASTER and VISA cards are both accepted in Cuba, but better double check with your bank. Due to US-American sanctions, issues could be caused.

For security reasons, you should limit the daily limit for foreign withdrawals before starting your trip . It is also advisable to make a note of the bank's telephone number so that the card can be blocked quickly in a case of emergency.

As with exchanging cash, Cuban state banks charge a 3% fee for credit card withdrawals . However, Cuban banks do not charge a flat fee. Therefore, if your own bank is not charging you a fee, small amounts can be easily withdrawn when using ATMs in Cuba.

The debit on the domestic account is in US dollars. For 2400 Cuban pesos withdrawn, the Cuban bank charges 103 USD from your account. Those whose domestic bank charges additional fees (foreign currency or withdrawal fees) have of course add these fees to the 3%.

Withdrawing money: How to use Cuban Atm´s

The availability of banks and ATMs is quite good, and that not only in the tourist areas. Throughout the island, money can be withdrawn at about 1000 ATMs. All ATMs are operated by state-owned banks and are generally secure. However, before inserting your card into an ATM, you should be on the lookout for manipulation , as is recommendable in all countries.

Besides this, you should have various peculiarities in consideration, when withdrawing money in Cuba:

24h ATMs in Havana (2020)

First, ATMs in Cuba only operate in Spanish and English. Second, you should know, that the available banknotes are shown on the display of the machine.

This is important, because Cubans ATMs dispense a maximum of 40 bills per disposition. If you enter an amount that exceeds the maximum amount, that the denomination does not allow, the machine will abort the process without comment and dispense the card.

If the machine is not equipped with larger banknotes, only quite small amounts can be obtained with a single withdrawal. In case you need a larger sum, you will have to withdraw money for several time or find another ATM. It should also be noted that only amounts corresponding to the available denomination can be obtained. Ideally, therefore you should better choose round amounts, such as 2400 and not 2430.

Available Notes

Another peculiarity of Cuban ATMs is the design of the withdrawal process . After the card has been inserted into the machine, the first step is to request the secret code (1.). Then you select the language (2.), withdrawal (3.) and then the desired amount (4.). After the machine has issued the amount, the card remains in the machine . Now you will be asked if you want to make another transaction. If you deny (5.), the card is finally come out.

Attention: If you forget the card in the machine, there is a risk that another withdrawal will be made during the period until the machine swipes the card, because the PIN has already been entered.

Reports from travelers about problems with swiped credit cards are probably due to this unusual - and not entirely optimal - procedure. However, if the machines are operated correctly, they usually work absolutely reliably.

Nevertheless, if possible, for security reasons, withdrawals should only be made from ATMs at open banks. If the card is retained by the ATM, it can be reclaimed immediately inside the bank. The card is returned in most cases immediately and without complications. You must be able to prove your identity . If the card cannot be returned immediately, it is advisable to block it immediately - just to be on the safe side.

Still happens: ATM out of order

It happens regularly that ATMs are out of order . This can also happen at the airport and was generally the case in the evenings and at night, at least until some time ago.

Most of the machines are now operational around the clock. As described, it is still better to get enough money during the day. If there are problems at the ATM, you can also withdraw money with your passport and credit card at the bank counter. In this case you should pay attention to the fees of your own bank.

Payment's in Cuba

In Cuba, you can rarely pay with credit cards . With credit cards, bills sometimes can only be settled in hotels, car rentals, supermarkets, petrol stations and a few upscale restaurants. Even with these institutions, credit card payments are often not possible. Typically, most bills will have to be paid in cash.

In almost all shops prices are marked, and you will receive a sales slip. It is advisable to check the change. Experience has shown that cheating is particularly common in tourist places. In addition, "mistakes" occur more frequently in state restaurants and shops. Banknotes are also used for trickery.

While the products are usually on display in state stores with their prices, it is almost the rule that a product will be sold at slightly higher prices. Often it is the mineral water, because it is popular among travelers. If a product is missing a price , it can be assumed that something is wrong. In supermarkets, a price is sometimes typed into the cash register instead of scanning the product. The most common tourist traps are discussed in the safety article.

In the event of complaints, the difference is usually returned without any problems. However, the amounts that are overcharged are in most cases quite small. Many travelers will not notice this. For those who take a closer look, however, the attempts to overcharge, which can be quite frequent, can be exhausting.

With the trickery, however, one should keep in mind that the regular Cuban wages are barely enough to survive. For this reason, Cubans tip a little, even in locations where tipping seems  unfamiliar to us, such as supermarkets. If the service is right and the products are prices correctly, there is nothing wrong with a small tip.

Tipping in Cuba

It is always advisable to have some change ready for tips. As a rule of thumb, around 10% of the invoice amount is given as a tip in Cuba restaurants. You should also tip if the bill already has 10% service charge. In cooperatives - many larger Cuban restaurants are operated as such - the 10% shown on the bill is often the regular wage of the employees.

In hotels,  you should follow the international standard. A tip of one to two USD per day is appropriate for housekeeping/maids. Wealthy Cubans also tip in supermarkets and kiosks, as the employees rely on it due to the low state wages.

Unfortunately, quite a few tourists are often quite stingy, although a little tip does not burden the travel budget very much. A couple of pesos, on the other hand, help the people of Cuba, especially where there are not many tourists.

Reverse exchange

The export of Cuban money is officially forbidden. If you don't plan to return and still have some money left, you can exchange it in any bank, exchange office or at the latest in the security area of ​​the airport, although the exchange rates at the airport are somewhat less favorable. Alternatively, a bottle of rum or another souvenir can be purchased in the duty-free stores at the airport (in USD).

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Best time to visit cuba, shopping & stores in cuba, cuba with kids, holidays & events, eat & drink, airports & duty-free: what to expect at cuba’s airports, how much money do you need.

How much money is required during the trip, of course, depends on the individual requirements and a number of other factors. Since it is advisable to reserve accommodations in advance on the Internet for individual trips, they are usually already paid. Only breakfast usually has to be paid for in cash in the private accommodation. Those who are traveling with a rental car will also have already paid most of the costs, but have to pay some additional costs on site in addition to the fuel costs.

How much money is required for transport, food & drink and other expenses in Cuba can be roughly estimated using the current prices in Cuba. However, if you have average demands, you can roughly calculate with around 50 US dollars per vacation day and person. However, frugal backpackers can also get through the day with a significantly lower budget.

If you rely on a mixture of cash and credit cards, you can keep the amount of cash low and thus travel less risky.

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The Traveler’s Guide To Currency In Cuba

If you’re just traveling to Cuba for the first time, then you may have a few questions about the currency in Cuba.

Up until recently they had two currencies: the Cuban peso and the Cuban convertible peso, but in 2021 Cuba merged these two currencies into one making it a lot easier for visitors and the locals alike. 

With the new singular currency, it has made it a lot easier to navigate currency in Cuba, but you may still have a few questions regarding how to use Cuban pesos and how to exchange money.

In this guide we’ll be answering these questions for you so that you have a worry free trip.

What Currency Is Used In Cuba?

There is officially one unified currency and that is the Cuban peso (CUP), previously there was another currency alongside the Cuban Peso and that was the Cuban convertible peso (CCP).

The Cuban convertible peso was regarded as the tourist currency and many tourists would use this to pay for accommodation, taxis or food. 

You can bring any type of currency with you to the island and exchange it for pesos once you arrive.

We mentioned that the official currency is the Cuban peso, but many local stores and accommodation will accept US dollars, Euros and Pound Sterling. 

Can I Get Pesos In The US?

No, unfortunately you won’t be able to convert US dollars for the Cuban peso, this is the same for around the world too.

As we mentioned before, a lot of places in Cuba will accept a few different types of currency such as US dollars and Euros, so there’s no need to worry too much. 

If you want to get pesos for your trip you’ll have to exchange your cash at official CADECA money exchange locations, though some visitors say that the street exchange rate is much better than the official exchange locations.

You’ll also be able to use ATMs (as long as you’re not an American citizen) to withdraw pesos straight from your bank and that’ll sort out the exchange rate for you. 

It’s important to be careful if you are going to be exchanging money from an unofficial place as scams can take place, make sure to use your common sense and use places that have a good reputation. 

The Cuban Peso

The Cuban peso is valued at $1USD = 24 CUP, this rate won’t fluctuate as it’s not allowed to, which is different from most other exchanged currencies.

You may find that unofficial exchange locations will offer a much different exchange rate than this, sometimes even reaching $1USD = 45 CUP due to the rapid inflation that Cuba is currently experiencing, so you may get a different rate everyday if you choose to change your money at these places.

Unfortunately for Americans, if your banking is set up through a US bank or all your credit cards are issued in the US then you won’t be able to use your cards at all in Cuba, this is because of the US sanctions placed on Cuba.

So in this case, you’ll need to bring all the cash you plan to use whilst you’re there with you.

If you’re going to be doing this, be aware of pickpockets especially in large cities like Havana, so don’t bring all your cash with you at once if you’re going out for the day and make sure wherever you’re keeping your money is secure. 

The Cuban Convertible Peso

So we mentioned earlier that Cuba previously had two currencies but they have now unified into one, meaning the Cuban convertible peso has been eliminated from Cuba.

This currency was made for tourists and was intended for foreign transactions.

Some places online like accommodation sites or guides may still have their prices listed in the Cuban convertible peso, but don’t worry this just hasn’t been changed yet and you will be charged in the Cuban peso.

The Cuban convertible peso was tailored for the US dollar, the conversion rate was $1USD = 1 CUC.

Banks will still accept the Cuban convertible peso to exchange it into the Cuban peso as it is being phased out, but it won’t be in circulation anymore. 

How To Exchange Money In Cuba

As you already know, you can’t get Cuban pesos off the island, so you’ll need to exchange your US dollars or any other currency you have once you’re in Cuba.

But a lot of Cuban businesses and stores will accept a variety of currencies and may prefer to be paid in dollars or pounds. 

The official Cuba currency exchange is called CADECA (Casa de Cambio) and you probably won’t have a hard time finding one, they’re everywhere in Havana and other large cities on the island.

The only problem with these official exchanges is that the queues can be huge, so you’ll have to be prepared to take some time out of your trip to just stand around in a queue.

That’s why most people will exchange their money at their accommodation (it’s not always offered in every accommodation, so check first) or just bring their regular currency and pay with that. 

If you’ve been researching the Cuban currency you might’ve stumbled across a 10% penalty that was charged on exchanging US dollars in Cuba, or you may even see some sites recommending bringing alternative currency to avoid this.

Be assured that the 10% penalty on the US dollar was dropped in 2020, so you’ll be charged the regular surcharge when converting any currency. 

It may be a good idea to ask the host of wherever you are staying where the best place to exchange money is, they will most likely be a local and be able to give you the best exchange rates of the unofficial exchange locations. 

It’s best to exchange a little bit at a time and try to judge how much you’re spending a day to ensure that you’re not stuck with a lot of pesos at the end of the trip that you’ll have to exchange back in the US, which you may not be able to do.

Prepaid MLC Cards For Travelers

There is another option if you don’t want to be carrying cash around with you whilst you’re on the island. On June 21 2021, the Cuban government launched prepaid MLC cards that are exclusively for foreign travelers.

The Cuban bank BANDEC issues these cards and they can be used to pay for goods and services at any place that accepts them.

You can research beforehand to see what types of stores and restaurants will accept these cards, a lot of places will be MLC exclusive and be preferred to be paid in this way and thus may have more stock than other stores. 

MLC is a free convertible currency and is essentially a foreign currency.

These can be especially useful if you’re a US citizen and can’t use your credit card due to the US sanctions on Cuba. There is some information you should know about these prepaid MLC cards first. 

These cards are only available in denominations of US dollars, so there is a $200 card, a $500 one and a $1000 card. The cards are only valid for 2 years and you can only pay in MLC.

You can buy these cards at BANDEC offices and CADECA currency exchange locations and you can only withdraw the money on the card in Cuban pesos and if you have any remaining on the card after your trip, CADECA will refund you the amount on the card in Cuban pesos. 

How Much Does Cuba Cost?

It’s hard to say as everyone will be different, but compared to America it’s much cheaper as a whole. It’s said to expect to spend around 87 Cuban pesos a day which is equivalent to $33.

On average a meal may cost you around 211 Cuban pesos ($7.98) and 204 Cuban pesos ($7.71) on public transport.

An average night for one person in Cuban accommodation is 488 Cuban pesos ($24.96). So as a whole, staying in Cuba for your trip will be a lot cheaper than it would be if you were staying in the US.

How To Avoid Currency Scams

The most popular way to exchange currency whilst in Cuba is exchanging it unofficially either at your accommodation or at a local store as the street exchange rate is much better than the official exchange rate. 

Cuba is a relatively safe country, but like most popular cities scams can occur due to the sheer amount of tourists that are around.

So it can be difficult to know where the best place to exchange your money is if you’ve never been there before. 

Being scammed in a currency exchange can go one of two ways.

You either receive forged cash in exchange for your real currency or you receive the eliminated currency of the Cuban convertible peso that is no longer in circulation in Cuba.

Either way, if you’re a victim of either of these scams, it’s going to be a downer on your trip, so how can you avoid it?

In regards to being scammed by receiving the Cuban convertible peso instead of the Cuban peso, the Cuban convertible peso bills don’t have faces on them and they will also say “pesos convertibles” in the center of the bill.

If you do receive any Cuban convertible pesos, you’ll most likely be able to give them to a bank on the island that will exchange them for Cuban pesos, so don’t worry too much if you have been scammed this way.

To avoid someone scamming you by giving you fake money, you should make sure that you go to a reputable exchange place that is often used by foreign travelers.

It can be hard to know where to go if you’ve never been to Cuba before, but most hosts of accommodation will be more than helpful in letting you know where to go and where the best exchange rate will be.

You could also research online about exchange places near to where you are staying, this will also most likely show the reviews too so you’ll know if the business has a good reputation in regards to exchanging currency. 

Final Thoughts 

Currency in Cuba is extremely unique, and you probably will never have witnessed a place like it when it comes to exchanging money.

This can make it incredibly difficult to actually know what to do when you’re there as they’re are many different rules and restrictions on the island compared to other countries or the US. 

For a first time visitor it can be quite tricky, but as long as you know a few basic things then you should be absolutely fine.

Cuban pesos is the official currency of Cuba and you can exchange your currency in Cuba for the pesos, but you can also spend other currency you may have whilst you’re on the island.

MLC cards are useful if you’re an American because you cannot use your card whilst you’re in Cuba. 

Finally, make sure that you exchange your currency at a reputable place if you’re not exchanging it at the official CADECA exchange location (remember you’ll get a better exchange rate from unofficial currency exchange locations), to ensure that you’re not victim to any currency scams that exist on the island.

If you enjoyed this article, you might enjoy our post on ‘ Santiago De Cuba ‘.

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• Money in Cuba

Money In Cuba: Everything You Need To Know

As of January 1, 2021, there is no dual currency system in Cuba. Cuba uses its own currency called the Cuban Peso (CUP).

How Much Money To Bring To Cuba

Cuba is cash only. You will not be able to use an ATM, withdraw cash or use a debit or credit card in Cuba.

For those visiting Cuba without a tour operator, we suggest bringing at least $200 in cash per person for each day spent on the island. This ensures visitors have plenty of money for food, any incidental expenses and of course, souvenirs .

Cuba Candela travelers should bring at least $100 per day. It is better to plan to take more money than to get caught short of funds. You can always bring back excess cash.

Exchanging Money in Cuba

As of July 16, 2020, the 10% penalty for converting US Dollars to Cuban Pesos has been eliminated. The Cuban Peso has a fixed exchange rate of 24 CUP to 1 USD, therefore, you can expect to receive 24 Cuban Pesos for every US Dollar you convert.

Once you arrive in Cuba you can convert US Dollars to Cuban Pesos. We recommend exchanging your money at the airport, but you may also exchange at a Cuban bank or a CADECA (exchange bureau). Most hotels offer exchange services as well. You will need your passport to make any exchanges. You should never exchange money outside of hotels or the official CADECAs.

When you leave Cuba, convert any extra Cuban Pesos back to US Dollars. The Cuban Peso is not recognized outside of Cuba.

Navigating the Cuban currency system is not difficult. Travelers visiting with Cuba Candela are well taken care of with a host to assist you with any questions that may come up during your trip. Just follow the above guidelines and relax as you prepare for the adventure of a lifetime!

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Privacy overview.

Cuban Currency: Your Complete Guide

One of the biggest questions about visiting Cuba has to do with money — what's the Cuban currency? What's the best way to pay for things in Cuba? How much money should travelers bring? 

This handy guide covers it all. Below, we discuss the importance of cash in Cuba, why you should leave your American credit card at home, and how to get the best exchange rate. 

No one knows a place like the people who live there. Work with a Cuban local to answer all your questions about visiting Cuba. Learn more.  

• What to know about Cuba's two currencies
• What To Know About Exchanging Money In Cuba
• How Much Money Do You Need to Bring?
• What To Know About Credit Cards, Debit Cards, and Traveler's Checks

A handy guide to the CUP (Cuban Peso)

In Cuba, cash is king. Your American credit and debit cards simply won't work. Use this guide to learn all about using cash, cards, and checks in Cuba—after, feel free to   message us   with any questions you still have!

Want to make the most out of your trip? Tap into our network of local travel planners— Heroes —who build unique, locally-curated trip plans, designed just for you.  Get started .

Cuban Currency

For twenty-five years, Cuba had 2 currencies circulating at the same time, but in 2020 they eliminated one (the CUC) and went back to having a single currency in circulation: the Cuban Peso (CUP). The Cuban peso can be used in almost any shop across the island, aside from special stores that only take a specific Cuban debit card for payment.

The Cuban government has recently made drastic changes to the USD-CUP exchange rate, so be sure you know what the latest rates are. It can be very helpful to have   the assistance of a local planner   to make sure you're getting the best rate.

Exchanging Money In Cuba

To get the best exchange rate and avoid getting ripped off, be careful where you exchange money in Cuba. Cuban travel experts  recommend that you only exchange money at the following places:

• Airports : Lines at the Havana airport are often quite long, so plan accordingly.
• Cadecas or exchange houses in the city :  Ask your casa particular owner or hotel front desk for the closest option.
• BFI and Banco Metropolitano banks  
• Major hotels like the Hotel Nacional or Hotel Saratoga . 

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How much money you need to bring to cuba.

When it comes to how much money you should bring to Cuba, our locals say it depends on what kind of experience you're looking to have. They provided these general tips (but are great at answering more specific questions):

• As an American , you need to bring enough money to last for your entire trip, so a  good budget is essential.  
• Paying for lodging via Airbnb is helpful, as it lessens the amount of cash you need to carry.
• Meals can range from $1 for street food to $25 per meal at a fancy restaurant.

Credit Cards, Debit Cards, And Traveler's Checks

Locals tell us that the biggest mistake travelers make has to do with credit cards, debit cards, and traveler's checks. So, read these tips carefully:

For credit cards:

• No credit card associated with an American bank can be used while in Cuba.
• If you plan to get around this rule by bringing a credit card issued by a European bank, keep in mind that some European banks have American parent holding companies so these cards won't work in Cuba  either. Contact your bank beforehand to ask if your card will work in Cuba.
• For those traveling with all other (non-US) credit cards, most hotels and high-end restaurants will accept credit cards.  Otherwise, all other transactions will be in cash.  

For debit cards:

• ATMs will not accept American debit cards .  The same goes for all Mastercard debit cards, regardless of country of origin.  Visa debit cards associated with a non-US bank are accepted at ATMs.
• You can use non-US debit cards to exchange money at CADECA offices, plus all BFI and Banco Metropolitano branches.  You will be charged a 3% processing fee whenever you take out money with a debit card or exchange cash directly

For traveler's checks:

• Traveler's checks do work in Cuba . The most reliable ones are from Thomas Cook and Visa, as long as they are associated with non-US banks .  You can use them at most banks, CADECA offices, hotels, and tourist-related businesses. These places charge commissions of around 3% (4% on weekends) for cashing traveler's checks. 
• All that said, traveler's checks can be very inconvenient. If you're careful with where you keep your cash, there's no need to bother with them.

Looking for more info?

Have more questions about money in Cuba? Here is a list of our local Cuban travel experts who can help—feel free to send them a message!

And check out our other Cuba content, including:

• You Can Still Travel to Cuba: Update 2024
• Taking a Cruise to Cuba: What You Need to Know
• Cuban Tourist Cards and Visas
• Cuba Info for Americans

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Welcome To Travel with Lady Chin

Cuba Currency Guide: Everything You Need To Know

Caribbean , Cuba / January 12, 2022 by Lady Chin

Are you visiting Cuba for the first time and unsure how the currency works?  Can you use your U.S. credit card or debit card?  Are ATMs available in Cuba? Can you use U.S. dollars in Cuba? Did you hear there are two currencies? 

Not to worry, I’ve got you covered.  In this guide, I will break down everything U.S. visitors need to know about the currency in Cuba and save you from making frustrating mistakes.

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This is the second post in the Cuba series. Here’s the complete 10-part series:

Cuba Travel Series

Travel Guide: The Complete Travel Guide For First Time Visitors

Money Honey: Cuban Currency Guide: Everything You Need To Know

For The Culture: 36 Ways To Immerse Yourself in Afro-Cuban Culture

The Ultimate Cuba Bucket List: 101 Fun Things to Do in Cuba

Cuba Bucket List: Top 10 Epic Things To Do in Cuba

Packing Tips: The Complete Guide To Packing For Your Trip To Cuba

Inspiration: 30 Photos That Will Inspire You To Visit Cuba

Travel Tips: 10 Things You Should Know Before Visiting Cuba

Trinidad: How To Explore Trinidad in 3 Days

Viñales: How To Take the Perfect Day Trip From Havana To Viñales

What You Need To Know About The Money In Cuba

What is the official cuban currency.

Until December 2020, Cuba had two currencies: the CUP (Cuban Peso) and CUC (Cuban Convertible Peso).  CUP was reserved for Cuban residents, and tourists primarily used CUC. 

That all changed in January 2021 when the CUC was discontinued, leaving just the CUP as the official Cuban currency.  

For visitors, this means you must use CUP at all resorts, hotels, airports, restaurants, and tourist attractions. 

I should also mention that having lower denomination bills comes in handy, especially when purchasing small expenses such as bus fares, taxis, and street food.

While CUC is no longer accepted in Cuba, you may see some CUC still circulating until mid-2021. Cuban residents have until July 2021 to exchange their remaining CUCs for CUPs. 

The primary Cuban currency known as CUP (residents refer to it as “‘Moneda Nacional” or MN) is available in bills of 1, 3, 5, 10, 20, 50, 100, 200, 500, and 1000.  

The current CUP exchange rate is 24 pesos for USD 1.  However, be sure to check xe currency converter , as rates tend to fluctuate daily.

What is the difference between CUC and CUP?  

To avoid getting scammed, you need to know the difference between the two currencies.  CUP bills have portraits of famous Cuban leaders such as; José Martí, Fidel Castro, Ernesto Guevara (“Che”), and Antonio Maceo, to name a few, on the front of the bills. CUC banknotes (no longer in circulation) have images of monuments or statues. 

Also, CUC has the Cuban Convertible Peso smack dab in the middle of the bill.  If you exchange money and don’t see the faces of famous Cuban leaders, then know the money you receive will not be accepted in Cuba.  

What’s the best currency for visitors to bring to Cuba? 

Figuring out the best currency to bring to Cuba has to be one of the questions I’ve been asked the most.  The answer depends on where you are traveling from.  In the past, I’ve brought Euros or British Pounds with me as they offer the best exchange rates at that time.  Before December 2020, a 10% tax was imposed on exchanging USD, which is why I never brought American dollars. That said, your best bet is to exchange your U.S. dollars for Euros or British Pounds before arriving in Cuba.

Note: Cuban currency is not traded internationally and can not be bought ahead of time outside the country.

Can I use U.S. dollars in Cuba?

Let’s face it, cash is always king, especially when it comes to American dollars.  However, you cannot use U.S. dollars in Cuba as a traveler. Only Cuban residents are allowed to spend U.S. dollars. The reason is because of “dollar stores,” also known as “Tiendas de MLC.”  The dollar stores are solely meant for Cuban residents to buy anything from food to appliances to hygiene supplies, you name it.

Where can I exchange money?

Government currency exchange houses, CADECA , are the most reliable and safest ways to change money.  You can find CADECA offices in the airport, hotels, resorts, and shopping centers. CADECA offices will have TV screens displaying the daily exchange rates. 

Due to the COVID-19 pandemic, CADECA have limited capacity and reduced hours.  

Tip: Before leaving the airport, I recommend exchanging a small amount of Cuban pesos to last you for at least two days. I wouldn’t recommend exchanging all your money at one time.  You can exchange more money once you arrive at your hotel, resort, or casa particular .   

Can I use credit cards in Cuba?

If you’re banking with an American bank, your credit card and debit card will not work due to the U.S. embargo and sanctions on Cuba.  Non-American visitors can use their credit cards at restaurants, shops, hotels, and resorts but watch out; you’ll notice the fees add up after a while. 

ATMs in Cuba?

As mentioned above, U.S. debit cards aren’t accepted in Cuba. Trust me, I know; I tried! There’s no use trying; you won’t have any luck. 

Visitors from other countries can withdraw Cuban pesos from ATMs but be prepared for two things: potentially waiting in a long line and hefty service fees.  

You’re better off bringing enough cash with you and don’t even bother using ATMs and credit cards. 

Is Cuba expensive?

 I will be the first person to admit that Cuba was more expensive than I anticipated.  I recommend budgeting for at least $50-$100 per day per person; if you can get away with spending less, then more power to you!  I prefer ballin’ on a budget and tried to spend no more than $50 per day.  However, I admit there were a few days when I exceeded my daily budget.

That one time, I ran out of money in Cuba

Running out of money in Cuba is not something I wish upon my worst enemy.  The third time I went to Cuba, my sister and I did not plan accordingly, and both ended up running out of cash.  

On top of running out of cash, there wasn’t wifi for me to send my mother a Whatsapp message asking to borrow money. And let’s not forget that even if she could send money to my bank, I wouldn’t be able to retrieve it.  Yep, you guessed right; I bank in the U.S.  

Luckily, I called my mother via WhatsApp from our driver’s phone.  After speaking to my sister to confirm I wasn’t calling for ransom money, she sent the money to the Western Union—the ONLY option to send money to us.  

But wait, there was a catch; only Cuban residents can retrieve money from Western Union offices.  Non-Cubans can’t have money wired to a Western Union.  My mother sent money to our driver, and after paying the fees, we got our money and were all set for the rest of the trip.  

After that day, I promised myself I would never underestimate bringing enough cash and some with me during my next visit to Cuba.  

Cuban Currency Guide Recap

I hope this guide offers you valuable insight into the ins and outs of understanding the Cuban currency and what not to do!  Here’s a recap of things you need to know about the currency in Cuba: 

• The official Cuban currency is the Cuban Pesos (CUP)
• The faces of famous Cuban leaders appear on CUP banknotes
• The best currency to take with you is Euros or British Pounds
• You can exchange money at government currency exchange houses called CADECA , resorts, hotels, airports, and your Airbnb or casa particular host
• U.S. visitors can not retrieve money from local ATM machines
• U.S. credit cards and debit cards will not work in Cuba
• Recommended spending: $50-100/per day, per person
• Plan to bring an additional $100 per day in case you run out of money

Conclusion – Lady Chin’s Two Cents

When I think back to when I ran out of money, I was terrified.  I am thankful my sister, and I was able to get the help we needed.  However, I learned from my mistake, and during my next visit to Cuba, I will do a few things differently because there will obviously be the next time. 

I aimed to spend $50 per day and ended up spending closer to $ 100 per day, which is why I blew my budget.  Figure out how much you need to spend per day and double it.  You’d rather be safe than sorry!

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New 2024 money guidelines for americans visiting cuba, how much cash do i need to bring to cuba.

We suggest a minimum of $ 100 dollars per day for expenses not covered in your tour package. Prices in Cuba are similar to the United States. US credit cards don’t work in Cuba except at Hotel Aston and select restaurants. Bring more cash than you think you’ll need. You don’t have to spend all of it.

If you get stuck short of funds during your Cuba Explorer trip, WE WILL HELP.

How do I get Cuban pesos, and what is the exchange rate?

Cuba’s currency is called the peso, CUP, or moneda nacional. Visitors can purchase Cuban pesos at exchange bureaus (CADECA) with American dollars and other major foreign currencies.

The official exchange rate for Cuban pesos is one US dollar for 110 pesos. The street rate to purchase pesos is more favorable.

It is not possible to buy Cuban pesos outside of Cuba. We don’t recommend taking Cuban pesos home except as souvenirs, as they have no value outside Cuba.

Once you purchase Cuban pesos, it is unlikely that you can exchange them back for US dollars or other foreign currencies.

• At banks Cuban pesos can be purchased at Cuban banks. The rate is one dollar for 110 pesos.
• At Cuban exchange bureaus A limited number of CADECAs are available in Havana, including the airport. At a CADECA, you will receive a special tourist rate of 1 dollar for 110 pesos.
• On the street This option is subject to scams and is not recommended.
• At major hotels This option is no longer available.
• Ask Cuba Explorer Tell us before arrival if you need clarifications or help with money matters in Cuba.

Why would I bother to convert my US dollars into pesos?

Small private businesses display prices in pesos. Many display prices in US dollars. So you’ll always know accurate costs and pay the same price as Cubans. You’ll not have to worry about calculating or haggling over exchange rates on the spot.

Nearly all businesses and services you’ll encounter welcome payments in US dollars – most honor the one dollar for 110 pesos exchange rate, and some better it.

What is a prepaid MLC tourist card?

In Cuba, there are two payment systems: Pesos and MLC cards. There are two types of MLC cards. One is for Cubans, and the other is for visitors. Both function as prepaid debit cards.

Funds are added to these cards using foreign currencies. Once the money is in the MLC card, its value is equivalent to the US dollar.

Do I need a prepaid tourist card, and where do I get one?

Prepaid MLC cards are the only way to pay at most hotels and Cuban government stores. Likewise, many small private businesses, including restaurants, are beginning to accept MLC card transactions.

Prepaid MLC tourist cards are sold at exchange bureaus (CADECAS). They come in five amounts: 50, 100, 200, 500, and 1000 dollars. Refills are added in these same fixed amounts. The one-time card cost is $ 5 USD.

Prepaid MLC tourist cards only work in Cuba. You cannot transfer funds into or out of the card. However, you can refill them and use them to withdraw Cuban pesos from Cuban bank machines at the rate of 110 pesos for one dollar.

Your name is not attached to the card. Replacements or refunds aren’t possible if you lose the card or forget your PIN. The card is not redeemable for US funds but is valid for two years.

Travel with Cuba Explorer means fewer money worries in Cuba

Major expenses during your Cuba Explorer tour are prepaid: accommodations, transportation, day excursions, and most meals. You only need cash for gratuities, optional evening entertainment, extra libations, souvenirs, and meals not listed in your tour package.

Tips from seasoned travelers and Cuba travel advisors

Don’t be overwhelmed. Make a simple expense plan before travel. Here’s a summary of what our travelers say worked best for them. Cuba travel advisors concur.

• Budget a minimum of $ 100 per day in US dollars.
• Consider exchanging $ 100 to 200 dollars for Cuban pesos. Ask us. We can help.
• Keep the rest of your money in US dollars, which you’ll have no problems spending while in Cuba.
• Only purchase the MLC tourist card if you have a good reason, such as staying in hotels outside Havana.
• Rest assured, Team Cuba Explorer is happy to answer money questions and assist with Cuba money matters. So feel welcome to call, email, or chat with us.

Cuba planning topics

• Cuba and COVID-19
• Cuba travel alerts
• About tour companies
• Cuba travel options
• Ultimate travel guide
• Money matters in Cuba
• Tipping and gratuities
• Packing list for Cuba
• Donations and gifts
• Vaccinations for Cuba
• Cuba map travel app

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Money in Cuba: Everything You Need to Know

Money in Cuba, feeling a bit confused? The only official currency of Cuba is the Cuban Peso (CUP) and it has been that way since the 1st January 2021. This was the date that the government abolished the Convertible Peso (CUC) thus doing away with the dual currency system. Money in Cuba everything you need to know is all explained below.

CASH is king in Cuba. Both local CUP and FX such as USD$ + EURO +GDP£.

• Most CREDIT CARDS will work in Cuba, except those issued by banks in the USA as they don’t function in Cuba due to the ongoing embargo. So remember to always check with your bank first to see if your credit card will work in Cuba.
• The Cuban Peso (CUP) is not available outside Cuba and can only be purchased in the country. It is impossible to exchange outside of Cuba.
• OUR ADVICE: Don’t exchange your USD$, EURO or GBP£ for more CUP than you’ll think you’ll spend. Better to exchange small amounts frequently than one large amount.
• To understand more about what to expect when you travel to Cuba you can check out our advice for travellers to Cuba .

IMPORTANT: The economic situation in Cuba is fragile and accepted payment methods and exchange rates can change on a weekly basis. So CASH is always going to be your safest bet.

What currency to bring to cuba.

• As of April 10th 2023 the Cuban government changed the laws regarding the USD$. The end result being that the USD$ is now equal to the EURO in terms of its exchange rate in Cuba.
• So whether you bring USD$ or EURO with you don’t worry they’ll both work. Good news for US citizens! GBP£ also works but may be a little less easy to exchange. We recommend to stick to these 3 currencies.
• Make sure you bring notes are either new or at least in very good condition because worn notes may not be accepted.
• We DON’T recommend the Canadian Dollar CAD$ as it’s little more difficult to exchange in Cuba right now and the exchange rates offered for CAD$ are not as favourable.
• Remember that whatever currency you decide on, bring it in notes of SMALL denominations. This makes it easier to pay for goods and services, because you’ll get your change in CUP.

How Do I Exchange My Money Into CUP In Cuba?

Our current advice is that you that you DO NOT exchange your currency on arrival at the airport at the branch of the official currency exchange office called CADECA.

You’re much better off waiting until you meet your guide or accommodation host. They they will know the best place(s) to exchange the currency you’ve brought with you into Cuban Peso (CUP).

In addition note that exchange rates (other than official bank rates) may vary according to where you are travelling in Cuba .

How Much Money Can You Take to Cuba?

You can bring up to USD$5,000 in cash into Cuba so any amount in excess of that you’ll have to declare it to Cuban Customs upon arrival.

Do Credit/Debit Cards work in Cuba?

• YES, most CREDIT CARDS (apart from those issued by US banks) will work in Cuba but only for VISA Mastercard and American International Service (AIS).
• CREDIT CARDS that WILL NOT work in Cuba include: Diners American Express Discover
• For further information see travelling as a US citizen in Cuba.
• DEBIT CARDS: At this point in time we advise that you DO NOT take DEBIT CARDS of any kind as they will not work in Cuba.
• You should also double-check that your bank is not associated with a US financial institution as many banks don’t advertise this publicly.
• If you have a credit card that will work in Cuba, the rate of exchange that you will receive from a bank or ATM withdrawal, will not be as good as the CUP’s unofficial street exchange rate. 
• CREDIT CARDS issued through these Australian banks WILL NOT work in Cuba: 28 Degrees Westpac Travelex Citibank St George

What’s the Best Way to Pay in Cuba, CASH or CREDIT CARD?

• CASH is almost always the best way to pay for goods or services in Cuba.
• In private restaurants (non-govt) they will sometimes allow you to pay the CUP bill in the applicable equivalent amount in USD$ or EURO$. Bear in mind the exchange rate they offer will be between what the official bank rate is and the unofficial street rate is.
• Cuban Peso (CUP) is the only currency accepted in shops selling souvenirs and artisanal products in the country.
• It’s always good to have some CUP on hand for shopping in local fruit markets and small shops on the street and for various incidentals.
• In non-government shops and restaurants you’ll sometimes be able to pay for goods, services and meals in foreign currency (EURO’s, USD$, GBP£), as well as in local CUP.
• CREDIT CARDS are accepted in all major hotels, some government shops, various up market restaurants and bars. Also in places like Galeria de Tiendas in the Hotel Manzana Kempinski which houses a number of foreign luxury brand outlets. Some MLC stores also accept credit cards.

What’s an MLC card and how does it work?

An MLC card (‘Moneda Libremente Convertible’) is Cuba’s official digital currency that’s equal to the current value of the USD. Eg: 1 MLC = 1 USD$ . It can only be obtained at the CADECA at Jose Marti Airport.

For instance if your CREDIT CARD won’t work in Cuba, you might want to consider getting an MLC Card on arrival at the airport. MLC can be used in cigar and rum shops, some optional activities and some evening shows as well and official MLC Shops.

MLC shops are where you can buy all imported goods like shampoo, imported foods etc. Just be prepared to possibly have to wait in line for hours!

• You WON’T need an MLC card if you credit card that functions in Cuba. See “Do Credit/Debit Cards work in Cuba?” above.
• MLC card can only be purchased with currencies currently listed by CADECA: EURO, Japanese Yen, Swiss Franc, Canadian dollar, Pound Sterling, Mexican Peso.
• MLC cards CANNOT be purchased with USD$.
• It can be loaded with values equivalent to $50, $100, $200, $500 and $1000.
• There is a $5 charge for the card, so for example, you will pay €50 for a card worth €45.
• Refunds are NOT possible for any remaining balance left on your MLC card. Be aware that some websites writing about tourism in Cuba claim that refunds are available but our local guides tell us this is NOT the case.
• Buy an MLC card only get a card of an amount that you think you will spend!
• The MLC card expires in 2 years.
• Generally you won’t need a MLC card if you have a CREDIT CARD that functions in Cuba.

Can I Use Travellers’ cheques in Cuba?

We generally advise against bringing travellers’ cheques to Cuba. They are becoming less and less common worldwide and ultimately stand a very slim chance of being accepted in Cuba.

Is Cryptocurrency Used in Cuba?

Cryptocurrency is new to Cuba. It’s rare to find businesses that will accept, although there’ll be the occasional restaurant or casa particular that will. The two main types of crypto that are accepted are USDT and BUSD. But we suggest don’t rely on it as a form of payment and always bring cash as a back up.

Money in Cuba All You Need to Know About Tipping

Tipping is very common in Cuba and it’s a good way to help local Cubans to supplement their modest incomes. We suggest the following as a guide:

• €1 per person per day for drivers
• €3 – €8 per person per day for your guide
• 15% for your waitstaff

BUILD YOUR OWN TAILOR-MADE CUBA TOUR ITINERARY WITH US!

• Travel Guides

Money in Cuba

Cuba has two currencies, and understanding the difference between the two can be a bit confusing. We’ll do our best to outline the practical ways of using each currency, and also mention other important money-related things that you should know before traveling to Cuba.

One of the reasons navigating money is more complicated in Cuba than in other countries is due to the country's government and economy . As a Communist nation, Cuba is not governed by the same market principles as most countries you'll visit. This is most apparent in the fact that this small island country uses two different types of currency. Additionally, the Cuban economy must continuously try to improve in the face of both self-imposed restrictions and foreign embargoes.

Tourists use convertible pesos, known as CUC, to purchase goods and services in Cuba. The rate is one-to-one with the American dollar. Local Cubans, however, are paid in pesos, or CUPs, which run around 25 to the dollar. In essence, this system makes tourists pay higher prices and allows the Cuban government to subsidize certain essential items for locals. The government has talked of unifying the dual currencies, which would attract more foreign investment and help prepare the Cuban economy to participate more fully in the global market.

CUCs vs Pesos

CUCs – pronounced “say-oh-says,” but simply called “kooks” by most people – come in the following denominations: 1, 3, 5, 10, 20, 50, and 100. There are 1, 5, 10, 25, and 50 centavo coins. Travelers must convert their foreign currency to CUCs when arriving in Cuba. The easiest way to do this is to stop by the currency exchange at the airport after arriving in Cuba.

While traveling around the island, try to keep small bills on hand. Oftentimes, stores will have a hard time cashing anything over CUC10, so it’s wise to have a wad of smaller bills with you. If you’re a photographer and want to tip your subjects, it’s best to use 50-centavo coins or CUC1. CUCs are much more valuable to Cubans than the Cuban pesos, as they are worth much more.

All state employees are paid in Cuban pesos. There are 100 centavos to the peso. Pesos can be used to purchase food at Cuban street stalls – including pizza, sandwiches, and coffee – or to buy fruits and veggies in markets. At such places, it may be hard for the purveyor to give you change in CUC, so it will come in handy to have a few pesos on hand. Travel on local buses also requires the use of pesos.

On signs, the peso is often designated by “$” however, CUCs will sometime share this symbol as well. When in doubt, ask which currency is accepted.

Exchanging Money

Travelers can exchange foreign currency for CUC at banks, hotels, and burós de cambios (exchange bureaus) run by Cadeca. All exchanges are subject to a 3 percent commission charge. If you want Cuban pesos, you can also exchange CUCs and foreign currency for moneda nacional at one of Cadeca’s exchange bureaus. Do note that when exchanging U.S. dollars, you’re subject to an additional 10 percent commission charge, putting the total fee at 13 percent. To avoid this additional 10 percent charge, change U.S. dollars into Canadian dollars or euros before arriving in Cuba.

You may be offered to exchange your money on the street while in Cuba. Don’t do it! Not only is this illegal, but you’re also more likely to be ripped off.

Banks, ATMs, Credit Cards, and Travelers Checks

All Cuban banks are run by the state. Banks are typically open Monday–Saturday from 8 AM to 3 PM. Banco de Crédito y Comercio has branches throughout the island. Banco Financiero Internacional caters to foreigners; Banco Metropolitano and Banco Popular also offer transactions for foreigners. After receiving money from a bank, always check your receipt and count out the money.

ATMs can be used during bank hours (some ATMs will eat your card after the bank closes). Many ATMs are connected to Cirrus and other international systems. Although Americans are now legally allowed to use credit and debit cards in Cuba, the electronic system has not caught up with the law—you’re unlikely be able to us a U.S.-issued credit or debit card to withdraw money from an ATM or bank in Cuba. You can, however, use a non-U.S. credit card to get cash advances from a bank (the limit is CUC5,000).

Hotels, major restaurants, and large shops often accept credit cards . Do note that credit card transactions are subject to an 11 percent commission.

Travelers checks can be cashed at banks and in many hotels. Some stores, restaurants, and hotels will also accept travelers checks.

Costs are somewhat variable in Cuba, due to the government’s strong hand in the economy. However, as of 2015, here is what you can generally expect to pay for goods and services in Cuba:

Casa particulares cost around CUC25 per night. In Havana and other large cities, the going rate is usually CUC30 per night.

Hotels vary based upon location and quality. Most cost between CUC100–CUC300 per night.

Breakfast in a casa will usually run about CUC5. Lunch and dinner in a restaurant can cost between CUC5–CUC25.

Liters of water cost CUC1–CUC2. Local beers cost about the same.

Internet at an Etecsa office costs CUC4.50 per hour. Hotels sometimes charge more.

A 5–10 minute taxi ride will usually cost at least CUC5–CUC10.

Cubans receive very low wages—the average worker is paid about $20 per month. For this reason, it’s extremely important to tip service providers. Tip waiters and waitresses at least ten percent. The same goes for tour guides. Tipping musicians is welcomed, as this is how they earn the majority of their income.

Also, if you’re staying in casa particulares , it’s nice to leave a small tip for the family. The state takes a huge portion of the money that owners make, and it’s good to give the family you’re staying with a bit more income for the services that they provide.

Frequently asked questions

Can’t find the answer you’re looking for? Reach out to our local experts .

Can I Bargain In Cuba?

It is considered impolite for foreigners to try to bargain or haggle with Cubans. Most Cubans live below the poverty line and make the equivalent of 17 USD per month.You can sometimes negotiate the price of your stay at a casa particular , but not always. It is acceptable to bargain with the driver of an un-metered taxi. Anything at a shop or a restaurant is non-negotiable.

Are Traveler's Checks Accepted in Cuba?

It is possible to use traveler’s checks in Cuba, but they are not considered a convenient way to carry money.To use traveler’s checks you need to have the receipt for the checks from the bank where you purchased them. You can only use traveler’s checks at banks, where you can exchange them for cash. If your traveler’s checks are from an American bank, you will have to pay the same expensive 10 percent charge that applies to exchanging American dollars.

Where Can I Exchange Moneyin Cuba?

Whatever you do, make sure not to exchange money on the street. You are likely to be cheated. Remember, Cuba has two currencies, the moneda nacional (national money) and the CUC, also known as the convertible peso. Money changers on the street are known for trying to trick visitors into exchanging their money for the much less valuable moneda nacional .Before you leave for Cuba make sure you have currency in something other than U.S. dollars. There is a hefty 10 percent charge to exchange American dollars into Cuban currency. In addition to the charge, the exchange rate is approximately 1 USD to 0.87 CUC. If you are leaving from the U.S., exchange your money for Canadian dollars (or another foreign currency) before you leave.

Once you arrive in Cuba, exchange your money at the local banks. In nearly every visitor destination and in most airports you will come across a casa de cambio (or “changing house”) called CADECA. It’s also possible to withdraw money from non-U.S. based credit cards and debit cards and exchange currencies at either a Banco de Crédito y Comercio or a Banco Financiero Internacional.

Remember that you will be stopped at customs if you try to export more than $5,000 of any type of currency. You are not allowed to take Cuban money with you when you leave. It is also hugely expensive to withdraw money from American banks at ATMs in Cuba, with 10 percent charges added to your bank’s international withdrawal fee.

Should I Leave Tipsin Cuba?

Tips are expected for tour guides, cab drivers, servers, and bar tenders. You should also tip your maids and porters. Remember, Cubans make extremely low wages, and your small tips will be a huge help for their personal economies.If you take a metered taxi ride, you should pay a 10 percent tip. It is best to only take taxis with meters, but if you choose to do otherwise, agree to the fare beforehand.

Tip your server 10 percent of the total cost of your stay. It’s common to tip servers 15 percent for excellent service.

Tip your hotel (or casa particular ) maid around 1.50 CUC per day. You should tip hotel porters 1 CUC per guest. Be a little more generous if you have more than a few bags.

Tip bartenders around 1 CUC for every couple of drinks.

Give tour guides a 5 to 7 CUC tip. Tip museum guides 1 CUC.

How Much Are Daily Vacation Expenses in Cuba?

Traveling in Cuba can get pretty expensive, but you can make it affordable by knowing your options ahead of time.Hotels in Cuba can cost as little as 20 to 30 USD per night if you choose to stay in one of the privately owned casa particulares . For a nice resort you will pay as much as 200 USD per night. Mid-range hotels usually cost 60 to 70 USD per night.

State-run restaurants and roadside stands are your cheapest options for meals in Cuba. Food served in state restaurants is notoriously bland, and you will probably get tired of the menu options quickly. Privately owned restaurants called paladares cost around 15 USD per day.

If you want to hire a private car or pay for a taxi, you can expect to pay around 60 to 70 USD per day on transportation. Small Coco taxis are available in some Cuban cities, and are significantly cheaper. The most affordable way to travel in Cuba is the Viazul tourist bus. You can take a 3-hour bus ride that covers 185 miles (280 km) for around 20 USD. Domestic flights in Cuba cost around 60 USD.

Drinking can be quite cheap in Cuba. Domestic beer is especially cheap, and you can have a decent beer for a 1 or 2 USD. Cocktails are usually around 2 to 4 USD.

Entrance fees to museums and other sites of cultural interest cost approximately 5 USD. Visiting a cabaret or seeing a live performance can cost quite a bit more, depending on the performer. Budget around 60 USD for a night out on the town.

What Kinds of Gifts and Souvenirs Can I Findin Cuba?

Cuba's famous rum and cigars are the obvious choices. Remember that you can only bring back $400 worth of souvenirs, and you must have receipts for everything that you purchase. Only $100 of these can be for cigars, so choose your Cuban cigars carefully. Any cigars that you find on the black market are most likely to be fakes. Moreover, black market cigars won’t come with receipts.Go the art galleries in Havana and Santiago de Cuba, if only to browse the latest additions to Cuba’s art scene. Original works of art are exempt from the export restrictions on travelers. Varadero has a popular street market for art souvenirs – here you can buy distinctly Cuban crafts and paintings.

Cuba is known far and wide for its music. Look out for albums of Cuban jazz, salsa, and son music.

How Much Cash Should I Carryin Cuba?

Pickpocketing is fairly common in Cuba, so it is a good idea not to carry more than 100 USD. That should be more than enough to cover your meals, drinks, an overnight stay in a casa particular or a hotel, tips, small souvenirs, as well as tours and entrance fees.

Are Credit Cards Accepted in Cuba?

There are still prohibitions against using US-issued Visas and Mastercards. Make sure you bring cash to spend. Keep in mind that some businesses, especially those in rural areas, only accept cash.If you choose to use a debit card abroad, check with your bank to learn how much of a fee they will charge for an overseas withdrawal. The fee for withdrawing money from the ATM will probably be higher in Cuba than it is at home. Withdrawing money from an American bank is especially expensive, and comes with a whopping 10 percent fee.

Are There Tourist Taxes in Cuba?

The only tourist tax is the departure tax, and as of May 2015 the departure tax is included in the cost of your airline ticket. The exit tax costs 25 USD.

The most seamless way to plan

Things To Know About Money When Traveling To Cuba

Although Cuba has been off-limits to Americans for over five decades, Cuba’s improving relations with the U.S. makes it an easier destination to visit now. With affordable flights departing from the U.S., Cuba is one of the hottest travel destinations in the world and you can easily fill a 10 day Cuba itinerary . In fact, in 2016, Cuba was the top trending destination to search for on Kayak. And although many of my friends are rushing to visit before it “changes forever”, I’ve only started thinking about visiting Cuba recently. But as I plan my trip, I’ve realized that I have a lot of Cuban currency questions.

What currency should I use in Cuba? Can I use the US Dollar in Cuba? And more importantly, what’s the exchange rate?

I’ll be the first to admit that the Cuba money situation is complex. So, for starters, here are the important financial things that you should know about Cuba before you go.

Krity’s Cuba guide  is also extremely insightful. It shares tips on the best times to travel, where to go, and how much things cost. Also, if you rather book a casa particular, an accommodation similar to a homestay or bed and breakfast, this in-depth booking guide walks you through how to book a casa particular in Cuba .

Your Cuba Money Questions Answered

Table of Contents

What money is used in Cuba?

Where to use cuc, where to use cup, can you exchange cuban currency at home, where can you exchange currency in cuba, effects of the u.s. embargo, are atms accessible, who to tip to cuba.

Cuba has two official currencies: the Cuban convertible peso (CUC) and the Cuban peso (CUP).

Although Cubans refer to both currencies as “pesos”, they are different.

Cuban Convertible Peso (CUC)

Tourists and foreign visitors use the CUC.

Nicknamed “chavito”, the CUC is on par with the US Dollar. As the ratio suggests, a stronger US Dollar implies a stronger CUC. Although in theory, this is a 1:1 ratio, you’ll have to read on to find out how the embargo makes this inaccurate.

$1 USD = 1 CUC$

• Hotels and resorts
• Restaurants

Money Tip: When quoted a price, always confirm if it is in Cuban pesos or Cuban convertible. Also, if you pay in Cuban convertible, check your change. You should always get back CUC, not CUP.

Okay…still with me? Great, it’s time for the second currency.

Cuban Peso (CUP)

Referred to as “moneda nacional,” locals use the Cuban peso (CUP). The Cuban peso is worth a lot less than the Cuban convertible peso.

1 CUC$ = 25 CUP$

25 CUP$ = $1 USD

Money Tip: The Cuban peso is not exclusive to locals. Visitors can also use the national peso.

• Food stalls and food markets
• Ice cream shops and cafes
• Communal taxis
• Local shops
• Inter-city buses

Since Cuban currency is not available in foreign markets, you cannot buy Cuban currency before you arrive.

You can only purchase Cuban currency on the island.

Exchange your currency for Cuban money at the airport. You can also go to CADECAs (change bureaus or casa de cambios). The Cuban BFI Bank is another reliable alternative.

Exchange rates at government-operated change bureaus and banks are generally the same. The exchange fee is 3%.

Remember, you will need your passport to exchange money in Cuba.

Expect less favorable rates at the hotel and resort front desks. These rates are not regulated by the government.

Read More: How Much Does A Trip To Bermuda Cost?  

What is the best currency to bring to Cuba?

Euros, British Pounds, and Canadian Dollars are the most common currencies to exchange in Cuba. Rates for Mexican Pesos, the Danish Krone, and Japanese Yen are also favorable.

Avoid using the US Dollar.

When converting US Dollars to pesos, there is a 10% special additional tax/commission – this is the embargo at work here. This tax only applies to US currency. It does not apply to other currencies.

If you are exchanging US Dollars, the exchange rate fee will be 13% (10% special additional tax + 3% exchange fee).

So, for example, if you walk into a change bureau with $100 USD, you will walk out with 87 CUC$.

Money Tip: Avoid this unnecessary loss in value by changing your US Dollars into another currency at your local bank. Once you get to Cuba, exchange your Euros or Canadian Dollars for Cuban cash.

Credit Cards in Cuba

Cash is king in Cuba.

Major hotels and restaurants may accept credit cards. However, it’s unlikely that you’ll be able to pay for goods and services with a credit card.

In summary, do not rely on credit or debit cards.

For more Cuba travel tips, press play to listen to this podcast episode, where Beatriz shares practical Cuba travel tips.

Listen to this episode for:

• Resources to plan your trip to Cuba
• Tips for saving money in Cuba
• How much things cost in Cuba
• Where to stay in Havana

By the way, Beatriz says she never saw anyone using a credit card in Cuba.

Although ATMs are gradually popping up in Cuba, most ATMs do not accept foreign debit or credit cards. So bring all of your cash with you to Cuba. And don’t forget your emergency stash too!

Since you won’t have access to U.S. banks, carefully plan your Cuba budget.

Tipping and Taxes in Cuba

How much to tip in cuba.

Tipping can go a long way in Cuba. On a global scale, the hourly rate for service industry workers in Cuba is considered low income.

Rule of thumb: tip at least 5-10% at restaurants. But check your bill carefully; some establishments may include a 10% gratuity. For outstanding service, feel free to add another 5%.

• Resorts and hotel staff
• Tour guides
• Toilet assistants

Regarding taxes, the Cuban government requires departing travelers to pay a tax of 25 CUC$. As for sales tax, the standard sales tax rate is 20%.

Overall, Beatriz Reynoso says because of the big boost in tourism to Cuba; she found things cost similar to the U.S. – may be somewhat cheaper. She spent nine days in Cuba and still had money left over. She says it’s all about how you optimize your spending. Due to food shortages and rations, Beatriz packed her own snacks and toilet paper, and she bought a case of water upon arrival. She recommends bartering with locals to get the best deals.

Have you been to Cuba? Share a Cuba money tip!

Danielle Desir Corbett paid off $63,000 of student loan debt in 4 years, bought a house at 27, and has traveled to 27 countries, including her favorites, Iceland, China, and Bermuda. Go here to learn Danielle’s incredible story, from struggling financially and in debt to finding creative ways to earn more and live on her terms. Listen to The Thought Card Podcast , where Danielle shares how you can creatively travel more and build wealth regardless of your current financial situation. Reach out to Danielle by contacting: thethoughtcard (at) gmail (dot) com.

Such a convienent and useful guide! I usually end up having to look up this information in multiple locations.

Yay! It’s so much more helpful to have all the practical info in one place.

I am thankful for reading this. I am heading to Cuba end of the year for New years. This is simple and descriptive enough. Love it !

Great post! I am dreaming to go to Cuba soon so this is very helpful! Ive heard that cash is a king but I had no idea there are two different currencies! Its definitely worth to plan the budget before you go in that case!

A very useful post! I know I had the same questions when I visited Cuba some 2 years ago and I found the situation with the two different curriencies very interesting and intriguing. This is for sure a good read if considering visiting the island :)

Practicalities when travelling to unpopular countries such as Cuba can be complicated, so I’m glad you’ve written such a detailed guide about money in Cuba! This post is so useful especially for first-time visitors to Cuba.

Glad to come across this post. This is such a practical one. I am bookmarking this post and from now on I will be your latest follower.

This is all very helpful to know since I am, admittedly, very reliant on my travel credit cards working in most places. Will be saving this for future travels!

Cuba is on my bucket list so I found this guide really helpful and interesting! When I go, I’ll be sure to follow your tips!!

Great post! Very helpful to know about carrying enough cash!

This is a great post! I read up before going to Cuba and was crazy about making sure we had enough cash to last us the trip – but I was surprised to find out how many people are NOT prepared – everyone should be reading this!!

Thank you! I’m thinking about making my 1st trip to Cuba early next year so this will definitely come in handy!

Very helpful information. I haven’t been to Cuba, but I’d love to go. Good to know about the ATMs.

We live in New Zealand, where the NZ dollar isn’t that common, so we almost always have to change when we visit a new country. We’re planning on visiting South America later in the year and hopefully Cuba will be on the list.

Incredibly helpful information! I really want to go to Cuba and hope I will get there before this administration shuts it down again. I hope they won’t.

I hope they don’t – fingers crossed!

Thanks for this update on Cuban money. I am Canadian and have been there three times, but not recently. It is definitely time to go back.

I went to Cuba in April and the money situation was definitely interesting. It was the first time I went somewhere that had two currencies. So glad you mentioned about tipping. We didn’t know if it was customary to tip and actually had to ask a local about it. This post is super informative and a must for those traveling to Cuba for the first time.

Cuba has been at the top of my list for quite some time, although I really fear bringing ALL my money with me. I think this guide is super guide is super helpful for those headed there soon as the logistics of it all seem to be confusing. You’ve done a great job clarifying!

Thanks so much for your kind words Laura, I’m happy this post brought some clarity especially when it comes to money!

This is really helpful! I had no idea about that extra fee for USD. That could get expensive if you are changing enough money over. Good to know about the credit cards, too. While I sort of assumed that was the case, it’s good to have it confirmed. We have been talking visiting Cuba, but so much seems to be changing every day, it almost seems more of a risk now than it did a year ago. Still, it’s on the wish list!

Whoa, I could easily see how that could be confusing! Thanks for putting this all together! We have been intrigued with Cuba but haven’t done much research since we don’t have any plans on going yet. This is valuable information!

Oh wow I wouldn’t have known there were two different currencies if I didn’t read this! Making sure to get back the same currency is a great tip. I wonder if this is confusing for locals more than tourists.

The locals have it down to a science, but as a visitor if you aren’t prepared or in the know it can really be to your disadvantage.

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Understanding Cuban Money

More than 2 years have passed since Cuba got rid of its dual currency system. The CUC (Cuban Convertible Peso) has gone and the country now has a single-currency economy.

Until 1 st January 2021, Cuba had spent nearly 20 years living and working with 2 currencies, the CUP ( Cuban Peso ) and the CUC ( Cuban Convertible Peso ).    The CUP was the everyday currency used to pay wages, utilities and basic foodstuffs.  Meanwhile,  the CUC ( pegged CUC1:USD1) was the currency used for everything else ( buying imported food, luxury goods, homes, meals and accommodation ).

The only Cuban currency nowadays is the CUP.  Which should make things more simple, right? WRONG!!!

Cuba is edging towards a digital economy and your bank cards may come in handy, but there’s still a way to go before Cuba is truly digital.

If you Google search official money advice you’ll learn that the CUP ( Cuban Peso ) is the only legal currency in the country.

But if you want to make the most of your trip ( and your money ) a little background knowledge goes a long way! Money has never been straightforward on this island.  Anyone travelling to Cuba should get a basic understanding of what’s going on money-wise and rethink what spending money to bring.

Here’s my potted history of money matters in Cuba over the past 30 years. I will explain to you how Cuban money got to where it is now – and why you should bring cash EUROS on any trip to Cuba. 

The Soviet Era

For 30 years ( 1961-1991 ),  Cuba’s Revolutionary economy was propped up by Soviet oil, Soviet investment and subsidised imports from Eastern Bloc countries.  The Cuban Peso ( CUP ) had remained stable since the 1960’s and,  although Cubans weren’t wealthy, the average wage covered everyday expenses such as rent, utilities, food, clothing and going out.

The Dollar Rules  1993-2004

I first went to Cuba as it emerged from the economic free-fall caused by the collapse of the Soviet Union in 1991.  The only money I could use was the USD.  Weird.   Why?  Because when the Soviet Union withdrew,  Cuba lost most of its business partners and the economy collapsed.  The CUP became worthless and the USD became the underground currency used to purchase anything of value.   Such was the strength of the USD in Cuba, that the government eventually made it legal tender and – from 1993-2004  –  it became the most common currency to purchase goods ( both in government stores and small privately owned businesses ).

CUC 2004- 2021

Legalising the USD must have been painful for Fidel Castro and his Revolutionary Government.  But thanks to his pragmatism and the development of tourism,  Cuba slowly emerged from the worst economic crisis in decades.   The USD meant it could invest in the future of the country.

During the last years of the 20 th Century, a new currency appeared in Cuba, the CUC ( Cuban Convertible Currency ) which was, effectively, a USD dressed in tropical Cuban clothing.  Pegged at USD1:CUC1 this currency replaced the USD, which was withdrawn from circulation in 2004.

Everything was bought with CUC and although originally derided for being a “fake” currency, its stability meant that it could even be used abroad ( Panama, for example, accepted the CUC for purchases in the free zone ).

Even though the CUC was stable,  its existence created a complicated double economy.  For nearly 17 years the exchange rate remained CUC1:CUP24.   The problem was that, while the Cuban population was paid in CUP ( an average monthly wage of less than CUP1000)  most goods were only available for sale in CUC.

Stuff was really expensive for locals.

2021 – The Economic Reform

This is why, for many years, everyone in Cuba talked about the need for economic reform, to remove the dual currency.

For reasons which few will ever understand, the Cuban Government eliminated the CUC in the middle of the Covid-19 pandemic.

Cuba’s economy relies heavily on tourism, a source of much-needed foreign income and investment.  The effects of the pandemic and the resultant economic crisis due to the lack of tourism have only been sharpened by withdrawing the CUC, which began on 1 st January 2021.

Now that the CUC’s withdrawal is complete, the CUP is, once again,  the sole Cuban currency in circulation.

At the same time as the CUC was withdrawn, the Cuban Government started to digitalise the economy by introducing bank cards to the Cuban population and by creating telephone apps to allow for digital payments of utilities and other services.

So far so good and, for the most part, people are happy with the modernisation of their economy and the easier access to wi-fi which has made it possible.

The Cuban Convertible Peso ( CUC ) has vanished but the need for foreign currency has not.   And so, in a monetary storyline which could have been plucked from The Emperor’s New Clothes,  a new digital currency was introduced.  It’s called MLC (Moneda Libremente Convertible aka the USD in digital clothing! ) and can be used to buy goods in stores using the newly issued bank cards Cubans now use.

So far so logical.

But here’s the rub.  While Cuban salaries are paid in CUP (which can be used to pay for utilities and basic foods), they can’t really be used for anything else. Nada.

The shops with the good stuff (imported food, medication, toiletries, air conditioning units, electrical goods, building materials…you name it) only sell in MLC, a currency which Cubans must upload to their bank cards by buying expensive foreign currencies such as the USD, EUR or GBP, to name a few.  Which most Cubans can’t access unless they have friends or family abroad who can send it to them.  It’s completely bonkers.

Everything you need for your Cuba holiday

With over 20 years of experience organising sustainable tours in Cuba, at Cubania we have your back. From passport and visa information to foreign travel advice and what to bring, visit our practical information hub for the latest Cuba travel tips!

So what money should I bring to Cuba?

Good question!  The legal currency is the CUP and prices are now displayed in this currency ( unless you’re buying in an MLC store). Stay with me while I walk you through what this means in reality…

Since Cubans have, until recently, had to buy hard currency at black market rates prices in private restaurants ( paladares )  and accommodation ( casas particulares ) reflect these exchange rates.

Let me give you a real example, something which happened to me in early 2022:

I went to Juanky’s Pizza joint to buy 4 takeaway Margherita Pizzas, each costing me around CUP230.  Convert that using the official rate at the time ( CUP24:USD1) and it works out at an exorbitant $9.58 per pizza, or nearly $40 for 4 pizzas.   I mean it’s ok pizza, but it’s not that good!

When I looked slightly stunned by the bill, the waiter said “Cambiaste tus Euros por izquierda, verdad?”  ( You exchanged your Euros on the black market, right? ) At the time the black-market rate was CUP100:USD1, making that average pizza cost a very tasty $2.30 each.

Since 4th August 2022, black market rates and official rates have been aligned,  which means that you too can buy Juanky’s Margherita pizzas for a tasty $2.30.  Even when exchanging your hard-earned cash at the official CADECA exchange rates.  No longer any need to go find a “man on the street” to sell you CUP on the sly….

Which brings, finally,  me to our advice….

• Bring  EUROS in cash and bring them in small, useful denominations ( €5,€10 and €20 notes are the best).

You’ll buy food and drinks on your trip to Cuba and you’ll be able to do this using EUROS.

In spite of the new official exchange rates, Cubans still want EUROS cash, so bring the currency they want.

Our favourite  paladares display prices in CUP but will be happy to give you the bill in EUROS.  Some paladares even bring you the bill with totals in EUR and USD ready calculated.  How come they do this?  Because business owners need EUR to load onto their bank cards so that they can buy supplies! It’s a win-win 😉.

2. Exchange a small amount (say EUR50) into CUPs for incidentals

We recommend you exchange only at official exchange bureaux.

3. Bring your bank card too!

As Cuba hauls itself into the 21 st Century, more and more Government-owned establishments will accept bank card payments and more ATMs will appear.  Before heading to Cuba, check that your bank card can be used in the country (if your bank is US owned, then your card won’t work in Cuba due to the US Embargo on Cuba ).   Don’t expect to use them much but do bring them.

You can use bank cards in government-owned shops throughout the island ( to buy rum, coffee, souvenirs, and cigars ) and you can use them in most large hotels and some restaurants too. Your bank card will also be accepted in the Duty-Free Shops to stock up on cigars and rum as you leave Cuba too.

But for the time being, Cuba remains enchantingly cash friendly,  its economy maddeningly complicated and the country incredibly welcoming in spite of it all…

To get more advice on travel to Cuba read our Travel Tips for Cuba 2023 story.

Need help planning an epic Cuba holiday?

With over 20 years of experience organising sustainable tours in Cuba, at Cubania we have your back. From Cuba cycling tours to family or LGBTQI-friendly Cuba tours, we’ve got something for everyone!

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• Money in Cuba
• Travel Essentials

Currency in Cuba

Money is an important topic when planning travel to Cuba, so here is what you need to know.  While it may seem complicated, we hope this information helps simplify things.  It’s important to know that you can use USD and Euros fairly easily for many purchases as well as for tipping.  Read on and you’ll learn what you need to know. This information is current as of June 2023.

What Kind of Money is Used in Cuba?

The Cuban currency is known as the CUP, or Cuban Peso.  It is also referred to as "moneda nacional" - or "national money".  The official exchange rate was pegged at 24 to $1 USD as of March, 2022.  However, due to a growing informal or “black market” exchange that provided a much better rate, the Cuban government changed course August 4, 2022 and set the foreign currency exchange rate for USD at 120 CUP per dollar.  Currently you can get this rate at banks and/or the Cadeca Exchange Bureaus. An 8% conversion fee for USD is applied, meaning that you’ll get about 110 CUP to the USD.  Other currencies, such as the Euro or Mexican Peso, Canadian dollar, etc, have a 2% conversion fee. Again, this is the amount you will get at the bank or any official exchange bureau and rates are consistent at all banks and exchange bureaus in Cuba. See below for more information on where to exchange money.

Using CUP in Cuba

You will want to have at least a few CUPs for buying a drink at a bar, drinks that are not included in your tour, or for small purchases at local markets.  Or if for some reason you were going to take a short taxi ride on your own, it would be good to have CUP, although the driver might be happy with USD or Euros as well.  Also, in shops and most businesses, prices are posted in Cuban Pesos, so by using those you know you are paying the same price as locals. As well, this way you don't have to negotiate an exchange rate with a merchant when making small purchases. That said, it never hurts to ask “What is your exchange rate for USD?” and see what the merchant says.

Exchange Only A Little at a Time

For a typical one-week tour, we recommend that you exchange no more than $40-$50 USD into CUP at any time.

Can I use US dollars in Cuba

US dollars (USD) are very popular in Cuba and can be used for many small purchases and tipping.  Euros are also widely accepted. So, you might pay for a drink at a bar in CUP, but then leave $1-3 USD or Euros as a tip.  While Cuba Unbound includes most tips during the trip, here are a few places you would want to tip:

• When you are out on your own in the evening having an extra drink.
• Maid Service: Leave $2-$3 for maid service at your accommodations. This is up to you, but remember Cuba is a poor country and your money will go a long way in helping people
• Anytime you feel inspired to give someone a bit of appreciation.  Bring $1, $5, $10 and $20 bills for this purpose.
• At the end of the trip, a gratuity for the tour guide(s) and driver is very appreciated.  This is best given in foreign currency such as USD, CAD or Euros.

Shopping and Souvenirs

You will find that USD, CAD or Euros are all accepted at most places that sell souvenirs.  However, it's a good idea to have some CUP with you in case a merchant only accepts that.

Where Can I Exchange Money?

There are several options.  Banks and the official foreign currency exchange house called CADECA are the primary locations for exchanging foreign currency for CUP.  Banks and CADECA pay the official rate. There is also an informal market where you can find a better rate. This, however, may not be legal and therefore official Cuban guides won’t want to help you exchange in this manner.  However, owners of private businesses such as restaurants or B&B’s, often will. This, however, is strictly speaking, not legal. This informal rate is tracked by the website El Toque but know that this is only a guideline and you may not be able to exchange for as much as is indicated on the website. Currently the street market rate is about 30-40% more than the bank rate.  You must have clean bills to exchange with no tears, no ink marks or writing on them, or they won't be accepted. This is true at the CADECA, banks or on the street.  Larger bills such as $50 and $100 are best for exchanging, while smaller bills ($5, $10, $20) are what you want for incidental tipping.

Carrying Cash in Cuba

Like anywhere in the world, be smart with your cash.  Generally, Cuba is a very secure place.  But it's smart to carry your wallet in your front pocket.  Don't carry large amounts of cash outside of your accommodation.  And when you leave your room, use the room safe, or hide your cash in your luggage.

Bring More Cash Than You Think You Need

Because your US bank credit card or ATM will not work in Cuba, be sure to bring more cash than you think you might need. This is super important. You may have some unexpected situation arise where you need extra cash.  Be responsible and bring more than you think you need because you can always bring it back home.

US Bank Credit Cards DO NOT WORK IN CUBA

Cards affiliated with American banks are NOT accepted in Cuba. If you have a credit card issued in another country, it might work, but even that is not assured.  Plus, there are very, very few businesses that accept credit cards. It's simply best to bring cash with you and more than you think you need. Remember, you can always take it back home if you don't spend it.

MLC Card (For most travelers this information is not essential but if you’re the curious sort you may want to know about MLC cards.)

MLC (‘Moneda Libremente Convertible’) is Cuba’s official digital currency and it trades at 1:1 with the USD, and sometimes is even referred to as “dollars.” There are special government-run MLC shops that sell imported items that can only be purchased with prepaid MLC cards.

A few things to know about prepaid MLC cards:

• They are sold at some hotels and CADECA offices in denominations ranging from $50-$1000.  You pay a $5 charge for the card which is deducted so when you pay $100 you get a card good for $95.
• You can only purchase these with Euros, CAD or other foreign currencies, but not USD.
• The card expires after two years and any remaining balance of your MLC card won’t be refunded

A Helpful Glossary of Money Terms in Cuba

• CUP - The Cuban Peso also known as M.N. or Moneda Nacional. This is the only official currency  in Cuba and it has no value outside of Cuba.
• MLC -  Moneda Libremente Convertible  meaning “Freely Convertible Money”. This is Cuba’s dollar equivalent digital currency.
• MLC Card - This is a pre-paid card you can buy in Cuba that will work in government, restaurants, government hotels and the few government stores that exist.  We don’t recommend use of this mainly due to the hassle of buying it and the limited places that accept it.
• Official Rate - The CUP exchange rate offered in CADECAs (exchange bureaus), ATMs, Banks, Hotels, and with state-run entities. This rate is static and set by the government, and as explained above, changed dramatically in August 2022.
• Unofficial Rate - The exchange rate found with individuals or private businesses, instead of state institutions.  It’s also known as the black market or ‘por la izquierda’ (to the left) and the rate is determined by supply and demand.  The rate fluctuates and you can find current rates on this page .

What's the Best Currency to Take to Cuba in 2023?

Byron Mühlberg

Monito's Managing Editor, Byron has spent several years writing extensively about financial- and migration-related topics.

Links on this page, including products and brands featured on ‘Sponsored’ content, may earn us an affiliate commission. This does not affect the opinions and recommendations of our editors.

Are you travelling to Cuba and wondering which currency you should take there? Cuba uses the Cuban peso, meaning that, except in tourist establishments, airports, or hotels, you normally won't be able to use major currencies like the US dollar or British pound to pay your way.

To pay while you're in Cuba, you'll either need to buy Cuban peso banknotes before or during your trip, use your credit card, or use a low-cost multi-currency debit card like Revolut 's or Wise 's travel cards.

In a rush? Here are our recommendations for how to pay in Cuba if you're...

• from the UK:   Revolut 's debit Mastercard
• from the USA:   Chime 's VISA debit card
• from Canada:   KOHO 's debit Mastercard
• from the EU, Australia, or Singapore:   Revolut
• wanting local banknotes:   ChangeGroup

In this short guide, we'll discuss what's the best currency to take to Cuba, how you should pay when you're there, and what your cheapest options are to avoid paying hefty exchange rate charges.

Key Facts About Currency in Cuba

Best currency to take to cuba.

• 01. Currency in Cuba scroll down
• 02. Best currency to take to Cuba scroll down
• 03. How to pay in Cuba scroll down
• 04. FAQ about currency in Cuba scroll down

Overview of Currency in Cuba

As we saw earlier, the currency in Cuba is the Cuban peso .

As the official legal tender in Cuba, it's the sole currency recognized by the Cuban government, and you can use it to settle all financial obligations in the country, from paying for your hotel stay, to the entrance fee at the Museo Nacional de Bellas Artes, to a bite to eat in Habana Vieja.

Because it's the local currency and because you won't have any trouble buying goods with it, the best country to have on hand and spend while visiting Cuba is, unsurprisingly, the Cuban peso.

However, if you're taking another currency along with you, the US dollar is a safe bet, as it's highly exchangeable at banks and currency exchange offices in Cuba, even if it's neither official nor used ubiquitously across the country.

You can check out the prevalence of a few of the most popular tourist currencies in Cuba below:

US dollars are widely accepted in Cuba, even if it's not the official currency. However, whenever you spend US dollar cash in Cuba, you'll be charged an 8% commercial exchange rate over and above the base exchange rate of 24 CUP for 1 USD. If you're from the USA, we recommend using Chime 's debit card, which charges no foreign exchange fees, to make low-cost card payments while travelling in Cuba. However, out-of-network ATM withdrawal fees and over-the-counter advance fees may apply.

Cash stirling is sometimes accepted in Cuba, but US dollars and, in particular, euros are generally more ubiquitous and better currencies to spend there. If you're from the UK, we recommend using Revolut 's travel debit card, which has market-low currency exchange charges.

Euros are widely accepted in Cuba, even though it isn't an official currency. Whenever you spend euros in Cuba, you'll be charged an 2% commercial exchange rate over and above the base exchange rate, which is significantly better than the US dollar's conversion rate of 8%. If you're from the European Union or EEA, we recommend using Revolut 's debit card, which charges no foreign exchange fees, to make low-cost card payments while travelling in Cuba.

Although Cuban peso is the best currency to use and the US dollar can be helpful at times too, exchanging currencies in the form of cash almost invariably leads to poor exchange rates for tourists (we've seen as high as 20% commissions, although the average is between 5% and 15% of the amount exchanged).

For this reason, it's generally a better idea to use your credit or debit card to pay at local points of sale wherever possible or (if cash is urgently needed) to withdraw some money from a local ATM. This will let your card provider handle the conversion, which is usually, although not always, a better deal than bringing foreign currency into Cuba and exchanging it there. However, as we'll see below, a conversion-friendly debit card is the best choice of all!

ChangeGroup

ChangeGroup  is a viable option If you need physical Cuban peso in cash in hand before your flight abroad to Cuba. When it comes to popular currency pairs like  GBP to EUR , ChangeGroup maintains a low FX markup of approximately 2.2%.

For less common currency pairs like GBP to Turkish lira, however, their rates may be comparable to those offered by traditional services, hovering around 15%. This is why we tend to recommend Revolut and Wise for less common currencies.

• FX Margin : 2.2% - 28.7%, varies by currency pair
• Home Delivery: For a fee
• Cash Pick Up : Free
• Guaranteed Buyback: For a fee
• Availability: UK, USA, Australia, Germany, France, Austria, Spain, Denmark, Sweden, Finland

How to Pay in Cuba

When it comes to paying your way in Cuba, you'll have the following three options broadly speaking:

Method 1: Cash

As we mentioned earlier, cash is an important medium of exchange in Cuba. Pretty much all shops, restaurants, and commercial establishments around the country will accept Cuban peso, US dollar, and euro banknotes, and we recommend having some on hand when you travel. Foreign cash can be purchased before your trip from your bank in your home country, or during your trip at a local Cuban bank or currency exchange office or (most affordably) from an ATM.

Note that in Cuba, currency exchange offices normally go by the name cadeca (casa de cambio) , so if you want to exchange your home currency for Cuban peso, be on the lookout for signage with this name.

• Cash prevalence in Cuba: Very prevalent
• Cost to exchange: 5% - 15% on average

Method 2: Credit Card

Although cash is king in Cuba, credit and debit cards issued by major global providers like VISA and Mastercard are commonly accepted too. If your card is issued by American Express, Diner's Club, or another card company, there's a good chance they'll also be accepted in Cuba, but we recommend checking with your bank or card provider directly to make sure that Cuban peso currency conversion is indeed supported, and that card machines and ATMs in Cuba commonly support cards of this type.

• Card prevalence in Cuba: Somewhat prevalent
• Cost to exchange: 2% - 5% on average

Method 3: Travel Debit Card

Just like credit cards, prepaid debit cards (which are also normally issued by VISA or Mastercard) provide an excellent way to pay while visiting Cuba, the main difference being that you normally pay lower fees and exchange rates . Depending on where you live, you'll probably have options from your bank or a third-party provider to use a commission-free debit card or a multi-currency card which can help you dodge high Cuban peso conversion costs, including DCCs .

According to our analysis of dozens of providers, the top two options for travelling to Cuba, in general, are the following:

Revolut is an excellent option for paying in Cuba. Its all-in-one mobile finance app and debit card offer competitive exchange rates to the Cuban peso and low fees. What's more, you can easily manage everything through your money through Revolut's user-friendly app.

• Trust & Credibility 8.9
• Service & Quality 7.9
• Fees & Exchange Rates 8.3
• Customer Satisfaction 9.4
• Monthly fee: $0
• Card type: Mastercard debit
• Card payment cost in Cuban peso: 0.5% - 1.5%
• Cash withdrawal fee: 0% - 2%
• Cuban peso balance: No
• Cuban peso bank details: No

Wise Account

The Wise Account is another great option for paying in Cuban peso. It gives you the lowest possible currency exchange rates with complete transparency and no hidden fees. It also allows you to hold and manage over 50 currencies in one account and provides fast and secure cross-border money transfers at a fraction of the cost of traditional banks.

• Trust & Credibility 9.3
• Service & Quality 8.9
• Fees & Exchange Rates 7.6
• Customer Satisfaction 9.6
• Card type: VISA debit

Wise and Revolut are excellent options that are available in many countries around the world. However, depending on where you live, you might have access to better deals still. We go over a few of them below:

United Kingdom

• Revolut : Best spending and budgeting app.
• Wise : Best for multiple foreign currency balances.

United States

• Chime ®: Best all around; no fees for non-USD transactions.
• Revolut : Best all-around spending app.
• Wise : Best for foreign currency spending and holidays.
• KOHO : No foreign transactions fees on Easy or Everything plan.
• Wise : Best for foreign currency spending and holidays.

European Union

• Revolut : Excellent for spending abroad.
• N26 : Best full bank account with low fees (even abroad)
• bunq : Best credit card (also a fully-licensed bank).

FAQ About Currency in Cuba

The best currency to take to Cuba is the local currency, the Cuban peso. US dollars are also highly exchangeable at local banks and currency exchange offices. However, instead of converting physical banknotes, the cheapest way to pay in Cuba is to use a multi-currency travel debit card like Revolut or Wise .

Generally, we don't recommend exchanging currency before travelling to Cuba. Although having some Cuban peso cash on hand can be helpful, we recommend drawing some from an ATM once you've arrived in Cuba using a prepaid multi-currency card like Revolut to avoid the hidden currency exchange fees.

It depends on the country you're visiting and the expenses you will have. Credit cards are widely accepted in many countries, including Cuba, and can offer benefits such as rewards points and fraud protection. However, some places may only accept cash, especially in more rural areas. It's a good idea to have both cash and credit cards on hand and to research the best way to access your money while travelling.

The best way to avoid currency exchange fees when travelling to Cuba is to pay using a multi-currency travel debit card like Revolut or Wise . This way, you can make low-cost conversions to the Cuban peso every time you tap your card or withdraw cash. Other excellent debit cards that don't charge conversion fees include Revolut in the UK and Chime in the US.

Take a Look at These Related Guides

Travelling to Another Country Too?

Take a look at the best currencies to take to other countries:

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What You Need To Be Aware Of As A Tourist Visiting Cuba

B eaches with white sand as fine as sugar, vintage American cars cruising down streets lined by colorful aging buildings, and the chance to puff on a fine cigar while watching people dance the salsa in the warm night air: It's not hard to understand the picture-postcard allure of Cuba. It's a country in the throes of rapid change as it emerges back onto the world stage after decades of stagnation following the 1959 revolution. So now is a wonderful time to pack your dancing shoes and visit the Caribbean's largest island.

However, Cuba isn't an uncomplicated tropical paradise and there are several things you need to be aware of before you visit as a tourist. Like, as an American, is it even legal for you to visit Cuba as a tourist? What's with the money situation? And can you access the internet or are you going back to the Stone Age (also known as the early 1990s)?

Can Americans Visit Cuba?

Cuba is just 103 miles from the tip of Florida making it the ideal winter getaway for sun-seeking Americans. However, the U.S. imposed restrictions on travel to Cuba in 1963 and while the level of restrictions has varied over the years, as of July 2023, Americans can't visit Cuba purely for tourism purposes.

That said, there are 12 categories of authorized travel to Cuba, and the one that most Americans visiting the island use is the "support for the Cuban people" category. You'll need a passport with six months validity at the time of entry and two blank pages. You also need a Cuban Tourist Card, which you can usually get from your airline for as little as $50.

Speaking of airlines, you can fly direct to Cuba from several U.S. cities, including Miami, Tampa, New York City , and Houston. Most direct flights from the U.S. land in the Cuban capital of Havana, though there are several nonstop flights from Miami to other destinations in the country, including Santiago de Cuba and the popular beach resort of Varadero.

Cuban Currency

There's good news and, let's say, tricky news when it comes to paying for things in Cuba. The good news is that there is now one currency used by residents and visitors alike in the country: the Cuban peso (CUP). The Cuban convertible peso (CUC), which used to be the currency used by tourists, was eliminated in 2021.

The only official place you can exchange currency in Cuba is at Cadeca exchange houses. You cannot get CUP outside of Cuba, nor should you take the currency home with you. Spend or exchange anything you have left over before you go to the airport (after security, you should pay in foreign currency).

What about credit cards? U.S. credit and debit cards won't work in Cuba. Credit cards from major financial institutions like Visa and Mastercard from other countries should be accepted by certain businesses and ATMs. However, cash is king in the country and it's always a good idea to keep some with you for tips to service workers.

The Internet In Cuba

Cuba is the perfect place to go on a digital detox. We're going to be honest: Getting online isn't as easy as in the U.S. and internet speeds can be sluggish. However, if you need to connect to the internet, you can. The most common way to access the internet in Cuba is via hotspots in places like public parks and on the Malécon in Havana. (They are also perfect for people-watching, so embrace the experience!) Many hotels and some other businesses also have Wi-Fi.

To access the internet in most places you're going to need a NAUTA card, which you can purchase from ETECSA offices around Cuba. Be prepared to stand in line to buy the card and take your passport along with you. Our advice? Be patient and make the most of your offline moments to fully immerse yourself in the Cuban experience. And plan to latergram your posts on Insta.

Sleeping And Eating

When it comes to accommodation in Cuba, you'll find a range of options. From all-inclusive beach resorts to cozy casas particulares, you'll find somewhere to suit your preferences and budget. Our pick for independent travelers is a casa particular, a privately owned guesthouse which offers a fantastic opportunity to experience Cuban hospitality firsthand. Many places offer breakfast and an evening meal, so you can taste home-cooked Cuban food. It's also an excellent way to support the Cuban people (this is likely the stated purpose of your visit, after all) as the money you pay goes directly to the guesthouse owners. In contrast, the Cuban government holds at least a 51% share in all hotels in Cuba. Hotel star ratings are often on the generous side, so be discerning.

As far as food goes in Cuba, your best bet is to go to a paladar, a privately run restaurant that serves excellent versions of classic Cuban dishes like roast pork, shredded beef, and suckling pig (the cuisine is pretty meat-forward). A note on cultural sensitivity: Many products that are widely available in the U.S. might not be in Cuba and even basic products often disappear from Cuban shops at short notice. Savor what's put on your plate and enjoy the often simple but tasty food.

How To Support And Respect The Cuban People

Staying in casas particulares and eating at paladares are just two ways that you can support the Cuban people on your trip. Consider taking a salsa class run by a local, buying locally made handicrafts, and whiling away the steamy nights sipping rum and listening to musicians put on a fabulous show. By patronizing local businesses, not only are you financially supporting the Cuban people, but you're also going to have an authentic Cuban experience.

We touched on the unavailability of some food items earlier, but shortages extend to many consumer products in Cuba. Bring everything you think you'll need for your trip, including medications. You may also want to bring a roll of toilet paper (glamorous, we know), as public bathrooms often don't have it. Power cuts are common; while they might be frustrating, remember that you're only there for a short time and, for Cubans, power cuts are infuriating, so keep your complaints to yourself. This goes for everything, really; if you're not prepared for some minor inconveniences, don't visit Cuba. If you want to take a memorable trip to a country steeped in history with a vibrant culture, stunning urban architecture, and beautiful natural landscapes, it'll all be worth it.

Read this next: The World's Best Places To Put On Your Travel Bucket List

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Alejandro Fonseca stood in line for several hours outside a bank in Havana hoping to withdraw Cuban pesos from an ATM, but when it was almost his turn, the cash ran out.

He angrily hopped on his electric tricycle and traveled several kilometers to another branch where he finally managed to withdraw some money after wasting the entire morning.

"It shouldn't be so difficult to get the money you earn by working," the 23-year-old Fonseca told The Associated Press in a recent interview.

Fonseca is one of an increasing number of frustrated Cubans who have to grapple with yet another hurdle while navigating the island's already complicated monetary system — a shortage of cash.

Long lines outside banks and ATMs in the capital, Havana, and beyond start forming early in the day as people seek cash for routine transactions like buying food and other essentials.

Experts say there are several reasons behind the shortage, all somehow related to Cuba's deep economic crisis, one of the worst in decades.

Omar Everleny Pérez, a Cuban economist and university professor, says the main culprits are the government's growing fiscal deficit, the nonexistence of banknotes with a denomination greater than 1,000 Cuban pesos (about $3 in the parallel market), stubbornly high inflation and the nonreturn of cash to banks.

"There is money, yes, but not in the banks," said Pérez, adding that most of the cash is being held not by salaried workers, but by entrepreneurs and owners of small- and medium-size business who are more likely to collect cash from commercial transactions but are reluctant to return the money to the banks.

This, Pérez says, is either because they don't trust the local banks or simply because they need the Cuban pesos to convert into foreign currency.

Most entrepreneurs and small business owners in Cuba have to import almost everything they sell or pay in foreign currency for the supplies needed to run their businesses. As a consequence, many end up hoarding Cuban pesos to later change into foreign currency on the informal market.

Converting those Cuban pesos to other currencies poses yet another challenge, as there are several, highly fluctuating exchange rates in the island.

For example, the official rate used by government industries and agencies is 24 pesos to the U.S. dollar, while for individuals, the rate is 120 pesos to the dollar. However, the dollar can fetch up to 350 Cuban pesos on the informal market.

Pérez notes that in 2018, 50% of the cash in circulation was in the hands of the Cuban population and the other half in banks on the Caribbean island. But in 2022, the latest year for which information is available, 70% of cash was in the wallets of individuals.

Cuban monetary authorities did not immediately respond to the AP's emailed request for comment.

The shortage of cash comes as Cubans grapple with a complex monetary system in which several currencies circulate, including a virtual currency, MLC, which was created in 2019.

Then, in 2023 the government announced several measures aimed at promoting a "cashless society," making the use of credit cards mandatory to pay for some transactions — including purchases of food, fuel and other basic goods — but many businesses simply refuse to accept them.

Making things worse is stubbornly high inflation, meaning more and more physical bills are needed to buy products.

According to official figures, inflation stood at 77% in 2021, then dropped to 31% in 2023. But for the average Cuban, the official figures barely reflect the reality of their lives, since market inflation can reach up to three digits on the informal market. For example, a carton of eggs, which sold for 300 Cuban pesos in 2019, these days sells for about 3,100 pesos.

The monthly salary for Cuban state workers ranges between 5,000 and 7,000 Cuban pesos (between $14 and $20 in the parallel market).

"To live in an economy that, in addition to having several currencies, has several exchange rates and a three-digit inflation is quite complicated," said Pavel Vidal, a Cuba expert and professor at Colombia's Javeriana University of Cali.

Long lines form and frustration grows as Cuba runs short of cash

Alejandro Fonseca stood in line for several hours outside a bank in Havana hoping to withdraw Cuban pesos from an ATM

HAVANA -- Alejandro Fonseca stood in line for several hours outside a bank in Havana hoping to withdraw Cuba n pesos from an ATM, but when it was almost his turn, the cash ran out.

He angrily hopped on his electric tricycle and traveled several kilometers to another branch where he finally managed to withdraw some money after wasting the entire morning.

“It shouldn’t be so difficult to get the money you earn by working,” the 23-year-old Fonseca told The Associated Press in a recent interview.

Fonseca is one of an increasing number of frustrated Cubans who have to grapple with yet another hurdle while navigating the island's already complicated monetary system — a shortage of cash.

Long lines outside banks and ATMs in the capital, Havana, and beyond start forming early in the day as people seek cash for routine transactions like buying food and other essentials.

Experts say there are several reasons behind the shortage, all somehow related to Cuba's deep economic crisis, one of the worst in decades.

Omar Everleny Pérez, a Cuban economist and university professor, says the main culprits are the government's growing fiscal deficit, the nonexistence of banknotes with a denomination greater than 1,000 Cuban pesos (about $3 in the parallel market), stubbornly high inflation and the nonreturn of cash to banks.

“There is money, yes, but not in the banks,” said Pérez, adding that most of the cash is being held not by salaried workers, but by entrepreneurs and owners of small- and medium-size business who are more likely to collect cash from commercial transactions but are reluctant to return the money to the banks.

This, Pérez says, is either because they don’t trust the local banks or simply because they need the Cuban pesos to convert into foreign currency.

Most entrepreneurs and small business owners in Cuba have to import almost everything they sell or pay in foreign currency for the supplies needed to run their businesses. As a consequence, many end up hoarding Cuban pesos to later change into foreign currency on the informal market.

Converting those Cuban pesos to other currencies poses yet another challenge, as there are several, highly fluctuating exchange rates in the island.

For example, the official rate used by government industries and agencies is 24 pesos to the U.S. dollar, while for individuals, the rate is 120 pesos to the dollar. However, the dollar can fetch up to 350 Cuban pesos on the informal market.

Pérez notes that in 2018, 50% of the cash in circulation was in the hands of the Cuban population and the other half in banks on the Caribbean island. But in 2022, the latest year for which information is available, 70% of cash was in the wallets of individuals.

Cuban monetary authorities did not immediately respond to the AP's emailed request for comment.

The shortage of cash comes as Cubans grapple with a complex monetary system in which several currencies circulate, including a virtual currency, MLC, which was created in 2019.

Then, in 2023 the government announced several measures aimed at promoting a “cashless society,” making the use of credit cards mandatory to pay for some transactions — including purchases of food, fuel and other basic goods — but many businesses simply refuse to accept them.

Making things worse is stubbornly high inflation, meaning more and more physical bills are needed to buy products.

According to official figures, inflation stood at 77% in 2021, then dropped to 31% in 2023. But for the average Cuban, the official figures barely reflect the reality of their lives, since market inflation can reach up to three digits on the informal market. For example, a carton of eggs, which sold for 300 Cuban pesos in 2019, these days sells for about 3,100 pesos.

The monthly salary for Cuban state workers ranges between 5,000 and 7,000 Cuban pesos (between $14 and $20 in the parallel market).

“To live in an economy that, in addition to having several currencies, has several exchange rates and a three-digit inflation is quite complicated,” said Pavel Vidal, a Cuba expert and professor at Colombia's Javeriana University of Cali.

Andrea Rodríguez on X: www.twitter.com/ARodriguezAP

Follow AP’s coverage of Latin America and the Caribbean at https://apnews.com/hub/latin-america

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Top Cuban official says country open to more U.S. deportations, blames embargo for migrant exodus

By Camilo Montoya-Galvez

April 18, 2024 / 4:22 PM EDT / CBS News

Washington — Cuba's government is willing to accept more deportation flights from the U.S. of Cuban migrants, who have traveled to the southern border in record numbers over the past three years, a top Cuban official told CBS News in an exclusive interview. 

After a two-year pause, the U.S. restarted deportation flights to the island last year. Since then, the U.S. has been sending one flight with Cuban deportees to Havana each month.

But in an interview with CBS News this week, Cuba's Deputy Foreign Minister Carlos Fernández de Cossío said Cuban officials are willing to accommodate more than one flight per month.

"We're open to having more" deportation flights, said Fernández de Cossío, who visited Washington this week to meet with Biden administration officials for the latest round of migration talks between the two countries.

Since the 1959 Cuban Revolution, the U.S. and Cuba have had a deeply contentious relationship. The Cold War-era rivals still bitterly disagree on many issues, from Cuba's human rights record and its ties to China and Russia to the decades-long American embargo on Cuban imports and exports.

But Washington and Havana have worked together on immigration, including by signing the 1994 U.S.-Cuba Migration Accords, which officials from both nations are discussing this week. The two countries' work on immigration has intensified in recent years amid the record arrival of hundreds of thousands of Cubans to the U.S.-Mexico border.

Since the start of fiscal year 2021, the U.S. has processed more than 450,000 Cuban migrants at the southern border, according to Customs and Border Protection data. The flow of Cuban migrants to the U.S. border has slowed since last year, when the Biden administration created programs that have allowed some Cubans to fly into the U.S. legally or appear at an official border crossing.

In the interview this week, Fernández de Cossío blamed the exodus from Cuba in recent years on the U.S. embargo and other American policies, including the 1960s Cuban Adjustment Act, which created a special pathway to permanent U.S. residency for certain Cuban migrants. Only Congress can change that law.

Fernández de Cossío said the U.S. is "aiming at destroying the Cuban economy" through its sanctions. He did not concede that economic mismanagement and repressive policies by Havana have also driven Cubans to flee the island, as the U.S. government has argued.  

"You can speak about other factors, but if you have a consistent policy by the most powerful economy in the world to try to destroy the livelihood of a whole population, 11 million Cubans, it is logical to expect people, a segment of the population, to want to leave the country," he said.

In 2023, the U.S. Department of Homeland Security assessed that "Cuba's deteriorating economic conditions and political repression continue to increasingly drive Cubans out of their country."

Fernández de Cossío also cited the lack of some legal channels for Cuban citizens to come to the U.S. for illegal crossings along the southern border by Cubans.

He urged the State Department to resume the processing of tourist and short-term visas in Havana. The Biden administration restarted immigrant visa processing in Cuba, but short-term visa seekers in Cuba still have to travel to a third country to have their cases processed. 

Fernández de Cossío said U.S. officials informed him they would resume full visa processing in Cuba in the future.

Representatives for the State Department did not respond to requests to comment on Fernández de Cossío's remarks.

Fernández de Cossío expressed some concern about additional U.S. sanctions if former President Donald Trump is elected in November. During Trump's tenure, the U.S. had a more aggressive stance towards Cuba, reversing the Obama administration's attempt to normalize relations with Havana.

"Of course we're concerned if there are additional economic measures [against] Cuba, regardless of who wins the election. The Biden administration has very faithfully applied the policies put in place by the Trump administration and added some," he said. "So we would not [be] surprised they would do it. It would be unfair, and we believe it would be immoral, but we have to acknowledge that would happen and [it] gives us room for concern."

Camilo Montoya-Galvez is the immigration reporter at CBS News. Based in Washington, he covers immigration policy and politics.

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Mark Cuban on his $288 million tax payment: ‘I’m proud to pay my taxes every single year. Tag a former president that you know doesn’t’

As you grimace today signing that check for the IRS, it helps to keep in mind that things could be worse. You could owe what Mark Cuban did.

Cuban, in a weekend post on Twitter/X, disclosed what he would be handing over to the IRS this year: an eye-popping $288 million. At the same time, he took an apparent swipe at Donald Trump, the former president who faces accusations of underpaying on his taxes: “I’m proud to pay my taxes every single year. Tag a former president that you know doesn’t.”

I pay what I owe. Tomorrow I will wire transfer to the IRS $288,000,000.00 This country has done so much for me, I’m proud to pay my taxes every single year. Tag a former president that you know doesn’t https://t.co/jxuICxOIAr — Mark Cuban (@mcuban) April 14, 2024

Cuban has hinted at political aspirations in the past. In 2015, he claimed he could beat both Trump and Hillary Clinton—and he has never hesitated to take shots at Trump. For example, at one time he slammed Trump over the then president’s comments on NFL players protesting during the national anthem. He has also said Trump is “ not a strong manager ” and called his presidency “political chemotherapy.”

Paying $288 million is something most people can’t conceive of—and even Cuban said it’s something he didn’t imagine doing years ago. To put the amount in perspective, that’s (substantially) more than Kodak reported in gross profits for 2023.

“It’s crazy and unreal in so many ways,” he wrote . “Never in my wildest dreams did I think I would be here. I try to never take it for granted.

Cuban’s tax bill might be a little lower next year. The billionaire entrepreneur is leaving ABC’s Shark Tank program after 13 years to  spend more time with his family and his burgeoning online pharmacy business. He also likely saw a bump this year from the 2023 sale of his majority ownership stake in the Dallas Mavericks. That deal was valued at $3.5 billion.

Cuban will retain control of basketball operations.

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Long lines form and frustration grows as Cuba runs short of cash

Alejandro fonseca stood in line for several hours outside a bank in havana hoping to withdraw cuban pesos from an atm.

HAVANA — Alejandro Fonseca stood in line for several hours outside a bank in Havana hoping to withdraw Cuban pesos from an ATM, but when it was almost his turn, the cash ran out. He angrily hopped on his electric tricycle and traveled several kilometers to another branch where he finally managed to withdraw some money after wasting the entire morning.

“It shouldn’t be so difficult to get the money you earn by working,” the 23-year-old told The Associated Press in a recent interview.

Fonseca is one of an increasing number of frustrated Cubans who have to grapple with yet another hurdle while navigating the island’s already complicated monetary system — a shortage of cash.

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Long queues outside banks and ATM’s in the capital, Havana, and beyond start forming early in the day as people seek cash for routine transactions like buying food and other essentials.

Experts say there are several reasons behind the shortage, all somehow related to Cuba’s deep economic crisis, one of the worst in decades.

Omar Everleny Pérez, a Cuban economist and university professor, says the main culprits are the government's growing fiscal deficit, the nonexistence of banknotes with a denomination greater than 1,000 Cuban pesos (about $3 in the parallel market), stubbornly high inflation and the non-return of cash to banks.

“There is money, yes, but not in the banks,” said Pérez, adding that most of the cash is being held not by salaried workers, but by entrepreneurs and owners of small- and medium-size business who are more likely to collect cash from commercial transactions but are reluctant to return the money to the banks.

This, Pérez says, is either because they don’t trust the local banks or simply because they need the Cuban pesos to convert into foreign currency.

Most entrepreneurs and small business owners in Cuba have to import almost everything they sell or pay in foreign currency for the supplies needed to run their businesses. As a consequence, many end up hoarding Cuban pesos to later change into foreign currency on the informal market.

Converting those Cuban pesos to other currencies poses yet another challenge, as there are several, highly fluctuating exchange rates in the island.

For example, the official rate used by government industries and agencies is 24 pesos to the U.S. dollar, while for individuals, the rate is 120 pesos to the dollar. However, the dollar can fetch up to 350 Cuban pesos on the informal market.

Pérez notes that in 2018, 50% of the cash in circulation was in the hands of the Cuban population and the other half in Cuban banks. But in 2022, the latest year for which information is available, 70% of cash was in the wallets of individuals.

Cuban monetary authorities did not immediately respond to AP's emailed request for comment.

The shortage of cash comes as Cubans grapple with a complex monetary system in which several currencies circulate, including a virtual currency, MLC, created in 2019.

Then, in 2023 the government announced several measures aimed at promoting a “cashless society,” making the use of credit cards mandatory to pay for some transactions — including purchases of food, fuel and other basic goods — but many businesses simply refuse to accept them.

Making things worse is stubbornly high inflation, meaning more and more physical bills are needed to buy products.

According to official figures, inflation stood at 77% in 2021, then dropped to 31% in 2023. But for the average Cuban, the official figures barely reflect the reality of their lives, since market inflation can reach up to three digits on the informal market. For example, a carton of eggs, which sold for 300 Cuban pesos in 2019, these days sells for about 3,100 pesos.

All while the monthly salary for Cuban state workers ranges between 5,000 and 7,000 Cuban pesos (between $14 and $20 in the parallel market).

“To live in an economy that, in addition to having several currencies, has several exchange rates and a three-digit inflation is quite complicated,” said Pavel Vidal, a Cuba expert and professor at Colombia’s Javeriana University of Cali.