The official currency is the Cuban Peso (CUP), divided into 100 centavos (cents). Notes can be of 1, 3, 5, 10, 20, 50 and 100 pesos. Coins can be of 1, 5 and 20 centavos, and there are others of 1 and 3 pesos.The official currency is the Cuban Peso (CUP), divided into 100 centavos (cents). Notes can be of 1, 3, 5, 10, 20, 50 and 100 pesos. Coins can be of 1, 5 and 20 centavos, and there are others of 1 and 3 pesos.
The Cuban Convertible Peso (CUC) was introduced by the Cuban financial authorities to take out all foreing currencies from circulation, and offer an alternative that is in almost all senses equal to US dollars. It replaces the dollar as currency where previously dollars were quoted in places such as hotels, restaurants and so called 'dollar shops', and is the new 'tourist' currency. Some places only accept Cuban pesos and others only Pesos Convertible (usually tourist related establishments).
US Dollars were widely accepted throughout the island, but since 8 November 2004 US Dollars are no longer accepted, and a 10% commission is charged to exchange them. The national banks have since introduced the Peso Convertible (CUC) in substitution of foreign currencies, which is almost equal in value to the US Dollar. Money should only be changed at official exchange bureaux or banks to avoid scams confusing the two currencies, we will come back to this in next pages.
There are a some scams and cheats in the streets based in the ignorance of the common traveller of the differences between the Convertible and Not Convertible pesos. In the following tables you will see all denominations currently in circulation of the Convertible Peso, and its fractional units (coins).
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Value
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Front
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Back
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$1
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$3
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$5
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$10
|
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$20
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$50
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$100
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Cuba Convertible Currency coins.
The rate of change of the Cuban Peso with the Convertible Peso is of 1/24 (December/2005). There are different emisions of the bills, but we will show only the latest ones because currently are the most used.
You will only need plain Cuban Pesos to access to a limited number of products/services: Take a public transportation (guaguas), buying market food (vegetables and fruits), perhaps some juice or a pizza in the streets.
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Value
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Front
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Back
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$1
|
 |
 |
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$3
|
 |
 |
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$5
|
 |
 |
|
$10
|
 |
 |
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$20
|
 |
 |
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$50
|
 |
 |
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$100
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 |
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In November 8/2004, the Cuban authorities eliminated the circulation of dollars and any other "convertible currency" in all the country. On a related measure, the Cuban Central Bank (BCC) resolution 80/2004, establishes that from November 8/2004 onward, the exchange of US dollars for Convertible Pesos will bear a 10 per cent tax. The measure is applied to nationals and foreign visitors .
Additionally, after these measurements, the Central Bank of Cuba stablished that the exchange rate of the Cuban Convertible Peso will not longer be fixed with the american dollar, and revaluate, at that time, the Cuban Convertible Peso 8% against the US dollar.
The practical implication of these measurements are that if you exchange any currency with Cuban Convertible Pesos, you will get 8% less CUC than the amount of USD that you will obtain at the current exchange rate.
But if you exchange USD, you will have applied a 10% tax and then an 8% exchange rate, with a "practical" result of almost 20% devaluation of the USD against the CUCFirst of all, you will need to know that you will not find Cuban Convertible Pesos in any country except Cuba. This currency is not internationally recognized, not used. So you will obtain and use it ONLY in Cuba.
There are two official institutions where you could exchange foreing currency into Cuban convertible pesos: Banks and Casas de Cambio (CADECA). We strongly recommend that you do not exchange currency on the streets.
There are some scamers that use old (pre-revolution) bills as Convertible Pesos and try to exchange them for your currency, usually offering better exchange rates. We also know of the existence of fake CUC bills, and coins. It is very common the existence of fake $1 CUC coins, so if you will receive change, after buying something, alway ask to receive $1 CUC bills instead of coins. It is very advisable to always have small ($1, $3, and $5) bills, instead of big ones ($20, $50, $100).
You could exchange some currency in the airport at your arrival to Cuba. You will find that the rate is slighty less favorable to the exchange there, perhaps to take advantage of the fresh tourists in need of convertible pesos. So exchange there just what you will need the first day. You could exchange the rest in any institution, banks, or CADECA all around the country, the rates will be almost the same anywhere.