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Money in Cuba – Everything You Need to Know Before You Go

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Money in Cuba is very unique and complicated.  And it can be a confusing source of stress because it’s uncertain if you can withdraw money in Cuba, two different currencies are used, and cash is used for everything (aside from major hotels).  Here is everything you need to know about money in Cuba:

THE BEST CURRENCIES TO EXCHANGE IN CUBA

 

The best foreign currencies to bring to Cuba for exchange are Canadian dollars, Euros and British Pounds.

Mexican Pesos, Swiss Francs, Japanese Yen, Australian Dollars are also accepted for exchange.  If you bring US dollars, you’ll be hit with an extra 10% service charge.  

 

THE TWO CURRENCIES IN CUBA

 

There are two currencies used in Cuba- Cuban Pesos (CUP) and Cuban Convertible Pesos (CUC).  Locals call CUP “Coop” or “moneda nacional” and CUC “Cook”.  CUP is for Cubans and CUC is for tourists.  Contrary to most information, you can use CUP as a tourist.  But you can only obtain it at a casa de cambio (exchange house), not at the banks.  Don’t exchange too much money into CUP because you’ll use it less than CUC and the things you can buy with CUP are extremely cheap (ie. street food can cost the equivalent to 10 cents).

1 CUC equals about 25 CUP, which is a huge difference.  CUC is on par with the US dollar, so when you see CUC, think of the USD exchange.

Use CUC for taxis, buses, accommodation and tourist stuff.  Use CUP for street food, local stores and local restaurants.

If a price is listed in CUP, you can also pay in CUC.  But this doesn’t work the other way around.

 

WHERE TO EXCHANGE MONEY

 

Exchange your foreign currency for CUC at a bank for the best rate.  You can only get CUP at a casa de cambio (exchange house), not the banks.  Some banks won’t accept bills with small rips or tears.  Always bring your passport to exchange money, expect long lines at the banks and exchange houses and always count the money you receive.

 

ATMS AND CREDIT CARDS

 

Except in major hotels, you cannot expect to pay for anything with a credit or debit card anywhere in Cuba. 

There are ATMs (cajero automaticos) in Cuba, but not as many as you’re used to, and most are found in the touristy cities like Havana, Trinidad, Santiago de Cuba and Varadero etc.  The ATMs should work for Visa, MasterCard and non-US banks, but cash is king.  I met an Australian traveler who successfully used his debit card at an ATM in Cuba, but I brought all my cash with me because I have enough problems with my ATM cards many places I travel at the best of times. 

Many nationalities can use Visa cash advance at an ATM or you can try a Visa or MasterCard cash advance within a bank if it doesn’t work in the ATM.  But it’s recommended to bring all of your spending money to Cuba, if possible, just in case. 

I traveled to Cuba with the expectation that the ATMs wouldn’t work, so I brought all the cash I thought I’d need and more.  I flew to Cuba from Mexico after traveling Central America for 2.5 months, so I had the equivalent of about $800US in Mexican Pesos.  However, I had quite a few hundred dollars left over after my 11 days in Cuba.  It’s never ideal to carry this much cash on you anywhere in the world, but luckily, Cuba is a safe country.  Note that if you’re not traveling to Cuba straight from your home country, like I was, you may need to withdraw your cash over a few days, depending on your withdrawal limit.

In summary, bring more money than you think you’ll need.

 

CASH TRANSACTIONS

 

Make sure you count your change and pay attention to which currency you’re receiving any time there is a money exchange.  Sometimes people will try scam you by switching the currencies (i.e. you pay in CUC and they give you CUP as change).  1 CUC = about 25 CUP, which is a huge difference.  CUC is on par with the US dollar, so when you see CUC, think of the USD exchange.

Some of this might not make much sense until you arrive in Cuba.  Money in Cuba is confusing at first, but you’ll get used to it.

 

MORE INFORMATION ON TRAVELING CUBA

 

How to Travel Cuba Independently and Without an All-Inclusive

What to Know About the Currencies and Money in Cuba

Varadero on a Budget and Without an Expensive Resort

Trinidad – Cuba’s Colorful Colonial Town

Viñales – The Garden and Cigar Capital of Cuba

 

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