Cuba Travel Guide - Money

Convertible Peso (CUC; symbol CUC$) = 100 centavos. Notes are in denominations of CUC$100, 50, 20, 10 and 5. Coins are in denominations of CUC$1, and 20, 5, 2 and 1 centavos. In the 1990s, the US Dollar was in common use throughout Cuba, and in Cuba's foreign trade. In response, the USA put caps and heavy taxes on family remittances and punished international banks for breaking the US embargo. Cuba decided to slowly get rid of its Dollar reserves, banning the currency from general use and introduced the replacement CUC as a ‘tourist dollar' under its control. Cuban nationals continue to be paid in the Cuban Peso (CUP). In some tourist areas, the Euro is also accepted. Hard currency (ie CUCs not CUPs) must be used in most transactions.

Money should be exchanged at state-run CADECAs (cheaper than banks) or international air- and seaports. Dollars attract a 10% surcharge on top of the normal commission (US citizens should bring Euros to exchange). All local currency must be exchanged again before leaving the country. Card transactions attract a surcharge (3 to 5%) - see below.

MasterCard and Visa are increasingly accepted, provided they are not issued by a US bank, or a bank with links to the USA, but hefty fees are often added. ATMs are still rare, but cash can be obtained in banks with non-US Visa credit and Visa debit cards. Cirrus/Maestro is not accepted.

US Dollar, Pounds Sterling and other major currencies are accepted; US Dollar cheques issued by US banks are not accepted. It is recommended to take cheques in a currency other than US Dollars.

Restrictions apply.

Mon-Fri 0830-1200 and 1330-1500, Sat 0830-1030. Hours may vary and banks may be open all day in larger cities.