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Cuba Currency and means of payment
Before your dream trip to Cuba begins, find out about the local currency and the various payment options on site. Also check the current exchange rate and take enough cash with you to remain flexible during your trip. Read more to prepare for payments and financial aspects in Cuba.
The Cuban currency at a glance
The currency in Cuba consists of two main currencies: the Cuban peso (CUP) and the convertible peso (CUC).
The Cuban peso (CUP) is the local currency used mainly by locals, while the convertible peso (CUC) was created specifically for foreign exchange trading and is preferred by tourists and in tourist facilities. The convertible peso (CUC) was introduced in the 1990s in response to economic problems and to facilitate foreign exchange trade. Both Cuban currencies have different exchange rates and uses, and it is important to understand them when traveling in Cuba to avoid misunderstandings.
Historical background of the Cuba currency
The currency in Cuba has a varied history that is closely linked to the country's political, economic and historical developments and has adapted over time to the changing challenges and changes in the country.
Early monetary history
During the colonial period, when Cuba was still a Spanish colony, Spanish pesos and reales were mainly used as currency. After independence from Spain in 1898, Cuba introduced the Cuban peso as an independent currency in 1914. Prior to the introduction of the Cuban peso, the currency in Cuba was influenced by various countries, including the USA.
20th century
In the 20th century, the Cuban peso (CUP) remained the official currency and was pegged to the US dollar, which led to a stabilization of trade and the economy. The Cuban Revolution of 1959 brought with it numerous economic and political changes, which also had an impact on the currency. Despite these changes, the Cuban peso remained the country's official currency.
Worth knowing
As Cuban currency may not be exported from Cuba, you cannot exchange money into Cuban pesos before your trip. You will only receive the local currency on site as soon as you start your trip to Cuba.
The two currencies in Cuba, CUP and CUC, are visually similar. CUP bills show portraits, while CUC bills depict important Cuban buildings. Make sure you get the correct currency as change.
You cannot pay with US dollars in Cuba; there is a 10% penalty if you try.
Dual currency system
In the 1990s, a dual currency system was introduced in Cuba, comprising the Cuban peso (CUP) for the local population and the Cuban convertible peso (CUC ) for tourists and special transactions. The dual system was created for economic and political reasons and was intended to help the country better adapt to economic challenges.
Abolition of the CUC
In January 2021, the dual currency system in Cuba was abolished and the Cuban peso (CUP) was reintroduced as the sole currency. This change was part of economic reforms aimed at simplifying and stabilizing the Cuban financial system.
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Money exchange in Cuba: your options
In Cuba you can exchange money in various places. Official exchange offices, also known as "cadecas", can be found in most cities and tourist areas. They offer fair exchange rates and often have longer opening hours than banks. Many banks in Cuba also offer currency exchange services, although their opening hours may be more limited.
Some larger hotels also offer their guests currency exchange facilities, but the exchange rates here can be less favorable than in exchange offices or banks. There are also exchange offices at international airports in Cuba where you can exchange money. This is a convenient option if you need money immediately after your arrival or before your departure.
It is important to exchange money only at official exchange offices to avoid fraud and unfavorable exchange rates. Find out about the current exchange rates and possible fees before exchanging money.
Overview of means of payment in Cuba
The Cuban peso is mainly used for domestic trade and by the indigenous inhabitants of Cuba.
Some stores, hotels and restaurants accept international credit cards such as Visa and Mastercard, but not everywhere in Cuba.
The convertible peso is a type of currency that is more commonly used in Cuba by tourists and for international trade.
US dollars are accepted as a means of payment in some stores, hotels and tourist facilities.
Other foreign currencies such as the euro are also accepted in some tourist areas and hotels.
Traveler's checks can be cashed in some banks and exchange offices in Cuba, but are less common than they used to be.
Dealing with money
In Cuba, it is advisable to carry sufficient cash in Cuban pesos (CUP), as credit cards are not accepted everywhere. Change your money into Cuba's currency locally in official exchange offices (cadecas), banks or hotels and avoid the black market.
Keep smaller denominations ready for small purchases and local transportation. Although Visa and Mastercard are accepted, check that your card will work in Cuba before you travel. Always keep your wallet safe to protect your finances.
By following these tips, you can improve your money management in Cuba and prevent potential problems. It is also advisable to plan ahead and compare prices to minimize costs.
Save money in Cuba
Compare prices for accommodation, transportation, tours and souvenirs to find the best deals. This can be done by researching online before the trip and negotiating prices locally. In terms of accommodation, consider options such as casas particulares, hostels or budget hotels. Use public transportation such as buses and shared cabs to save costs and plan your itinerary in advance to avoid unnecessary expenses.
Try the local cuisine in affordable restaurants and avoid expensive tourist restaurants. Buy from local stores or markets instead of tourist souvenir stores. Exchange money at official bureaux de change or banks to get the best exchange rate and avoid scams. Bring euros or Canadian dollars with you, as exchanging US dollars incurs an additional fee.
Important
According to the entry regulations of the German Foreign Office, the import of foreign currency into Cuba is possible without restriction, but must be declared if the value exceeds USD 5,000. It is important to note that the import and export of local currency is prohibited.
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Frequently asked questions: Cuba Currency
Cuba had a dual currency system with the Cuban peso (CUP) and the convertible peso (CUC). This was introduced to deal with economic problems after the collapse of the Soviet Union. The CUP was used for domestic trade, while the CUC was used for foreign trade and tourism. The system led to black market activity and inequality. The government began unifying the currency in 2021 by abolishing the CUC.
No, it is not illegal to own US dollars in Cuba. However, it used to be the case that the possession of US dollars was restricted in Cuba and there were certain rules and restrictions on how they could be used. For example, it was not possible to pay directly with US dollars in many stores and restaurants in Cuba.
However, the situation has changed in recent years, especially since Cuba began to revise its currency policy. The Cuban government has eased restrictions and facilitated access to US dollars. US dollars can now be used officially in Cuba and many stores and services accept them as a means of payment.
The official exchange rate between the euro and the Cuban peso (CUP) varies depending on the exchange office or bank that carries out the exchange. It is important to note that the Cuban peso (CUP) is usually less used by tourists and the convertible peso (CUC) is more commonly used for transactions in the tourism sector.
It is advisable to check the official exchange rate at an official exchange office or local bank, as exchange rates may vary and the official exchange rates may differ from the actual rates at which tourists can exchange money.
In Cuba, only credit cards from foreign banks that are not issued by US banks are generally accepted. Credit cards such as Visa and Mastercard are generally accepted in many places, especially in larger hotels, restaurants and stores that cater to international tourism.
However, it is important to note that the availability of credit card payments in Cuba can be limited and it is always advisable to also carry cash in the local currency (Cuban Peso, CUP) to avoid potential difficulties. In addition, US bank cards, including debit cards and credit cards, cannot be used due to existing US trade sanctions and embargoes against Cuba.
Discover fascinating Cuba
Join us on a captivating journey through Cuba, where the impressive diversity of Cuban currency awaits you. Experience the country's fascinating history and culture while enjoying the local hospitality. Let yourself be captivated by the historic architecture and lively markets in Havana. A dynamic art and music scene awaits you in Trinidad. Discover the picturesque landscape of the Viñales Valley and the lush nature of the Zapata swamp area. Culinary highlights such as Ropa Vieja and the flavors of the street kitchens round off your trip.
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Visit our travel information page and discover everything you need to know for your upcoming trip to Cuba. Here you will find details on the best time to travel, information on the time change and recommendations for important health precautions you should take before you leave.
We have compiled all the necessary information for you to ensure that your stay in Cuba is pleasant and smooth. You can also find out more about local customs, safety advice and tips for an authentic and unforgettable stay.