Cuban Currency (CUC) Explained
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: Multicoloured 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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AUD (Australian Dollars)
CAD (Canadian Dollars)
CHF (Swiss Francs)
DKK (Denmark Kroner)
EUR (Euros)
GBP (United Kingdom Pounds) |
JPY (Japan Yen)
MXN (Mexican Peso)
NOK (Norway Kroner)
PAB (Balboa)
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, BANDEC), 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. However, the following link will provide a general idea of current international CUC exchange rates (buying/selling) in Cuba. Important note: The 10% penalty imposed for exchanging USD in cash may not be reflected in this information:
View today's CUC Exchange Rates in Cuba: Banco Metropolitano
Travelers Cheques Top of Page
Travelers cheques issued by non-US or non US-affiliated banks are accepted in many banks (best bet: BFI) and hotels (typically more so in larger cities) in Cuba. There is usually an exchange surcharge which ranges from 3 to 6%. 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.
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), but at a slightly higher rate.
Debit Cards Top of Page
The system used for debit cards in Cuba is CABAL, incompatible with North America's Interac. 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/Amigo Travel Card Top of Page
The Amigo Travel Card allows you to deposit a lump sum prior to departure and then draw down on that balance while traveling in Cuba. You can use the card 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 Transcard as a means of forwarding remittances to family members in Cuba. It is 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
WoWCuba offers an exclusive cash advance service to its 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.
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