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Cuban Currency (CUC)
Explained
Cuban Convertible Pesos (CUC)
What is CUC: As a visitor to Cuba, the Cuban Convertible Peso
(CUC) is the currency which you will most widely use while in
Cuban territory. CUC is not an international currency, but is
valued (neutral rate) at 1.08 against the US Dollar.
Buying/selling rates in Cuban financial institutions make the
actual value for all non-commercial transactions and exchanges
closer to 1.12 USD. Denominations: Multicolored bills: $1, $3,
$5, $10, $20, $50, $100. Coins: $0.01 (rarely circulated), $0.05,
$0.10, $0.25, $0.50, $1.00. Cuban Pesos
(National Money)
CUP or MN: Cuban Pesos may be acquired at CADECA exchange
counters, presently at a value of $24 CUP to $1 CUC. As a
short-term visitor to Cuba, you will probably have very little use
for Cuban Pesos, and the common custom among Cubans is to accept
CUC directly for a value almost equivalent to the established
CADECA CUP/MN rate. Denominations: Multicolored bills: $1, $3
(Che Guevara bill), $5, $10, $20, $50, $100. Coins: $0.05, $0.20,
$1.00, $3.00 (Che Guevara coin). US Dollars
(USD)
US currency no longer circulates in Cuba. As an international
currency, it is accepted for exchange for CUC in financial
institutions, but with a 10% penalty on top of the ~ 1.12 banking
exchange rate (CUC-USD). To avoid the penalty, it is recommended
to exchange your USD for any other internationally-accepted
currency (such as Canadian Dollars, Euros, Swiss Francs, etc.)
prior to arrival in Cuba. Exchanging
internacional $ for CUC Top of Page
What funds can you exchange for CUC: International cash
currencies (divisas) accepted for exchange to CUC in Cuba:
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CAD (Canadian
Dollars) CHF (Swiss Francs) DKK (Denmark
Kroner) EUR (Euros) GBP (United Kingdom Pounds) |
JPY (Japan Yen) MXN (Mexican Peso) NOK (Norway
Kroner) SEK (Sweden Krona) USD (United
States Dollars) | Best rates:
CADECA exchange counters (banks & hotels have less
favourable buying/selling rates) Where else can you exchange funds:
Banks (BFI, Banco Metropolitano), and most hotel reception desks
(usually at the least favorable rates). Current Exchange
Rates Top of
Page
Note that the international CUC exchange rate varies depending
on the establishment where the exchange takes place. We’ve been
told that the airport Cadecas and some at higher-end hotels (with
exchange rates displayed on a back-lit sign) have higher rates for
exchanging foreign currency than at normal Cadeca counters or
banking facilities, since they serve a captive audience with fewer
lineups. However, to at least give you a general idea of current
rates in Cuba, here's a currency
calculator you can try.
Travelers
Cheques Top
of Page
Travelers cheques are accepted in many banks (BFI/Banco
Financiero Internacional or BM/Banco Metropolitano) and hotels
(typically more so in larger cities) in Cuba. For US travelers,
American Express Travelers Cheques are accepted at the BFI and BM
and are exempt from the 10% surcharge penalty which is imposed for
exchanging US cash. The exchange surcharge for travelers cheques
ranges from 3 to 6%. BFI's present exchange rate is $100USD =
$86.22CUC. Banco Metropolitano does not accept travelers
cheques at any Havana branches. Those which are reported to have
the most success are Thomas Cook and Visa, although in general
travelers cheques are reputed to cause difficulty for the traveler
in Cuba due limitations in where they can be negotiated, no
possibility of replacing them in Cuba in the event of loss, and
the exchange rates applied when cashing them in. Credit Cards Top of Page
Visa and Mastercard issued by non-US or
non US-affiliated banks are widely accepted in Cuba. In
installations which accept credit cards for purchases, the rate at
which your card will be processed (CUC prices are converted to USD
for processing) is 1.1124. Cash advance rates at participating CADECA
exchange counters are processed at a rate of
1.1192. Cash advances are available also in some banks or ATM
machines (providing you have a PIN # for your credit card). We
are told that if using the ATM machines, only Visa will work. Debit Cards Top of Page
The system used for debit cards in Cuba is
CABAL, incompatible with North America's Interac. Debit cards from
some other countries in Europe, Australia, New Zealand and Latin America
may function in Cuba. While bank machines are available in
some major urban centers, we generally do not recommend relying on
use of your bank card for monetary needs while traveling in
Cuba. Transcard/Duales Top of Page
For prepaid debit cards or international remittances, please
visit Transcard and Duales. You can
use the cards in many establishments for meals, hotel bills, car
rentals, cash advances at any BFI bank or CADECA change counter in
Cuba. Many Cubans living abroad also use the cards as a means of
forwarding remittances to family members in Cuba. They are also a
safe and convenient solution for US travelers to Cuba who are
otherwise unable to use credit cards. Emergency Cash Advances in
Cuba Top of
Page
We offer an exclusive cash advance service to our
clients in Cuba. Should you require additional cash while in Cuba,
our Canadian office can process your credit card for the amount
you will require to be advanced in Havana, plus a 10% service fee.
Cash advances are administered by our representatives in Havana
upon confirmation of successful processing of your credit card in
our Canadian office. Card presentation required, 24 hrs
notice may be
required.. | |