The Dual Economy
The economic and monetary situation in Cuba is quite complex. for a start there are 2 currencies.
- The Peso Convertible - CUC - the main currency used by tourists.
- The Peso Cubano - CUP (or M.N - moneda nacional ) - used mostly by Cubans at places like ration stores.
Here is a summary of effective exchange rates for the CUC (including bank commissions).
- 1 CUC = US$1.13 (using US$ cash)
- 1 CUC = US$1.03 (using other currencies)
Use our currency converter on the right side of this page to see the present value of US$ to other currencies.
Presently, the CUC in Cuba is set at a fixed rate of 1CUC = US$1. Effectively the value of
the CUC is about US$1.03 because the Cuban banks always take a commission of around 3% when they give you CUC, whether this be by exchanging cash, travellers cheques, or using a credit card at an ATM or for a cash advance. The rate is fixed by the Cuban Government. and it is subject to change at anytime, should the Government decide to do so.
There is an additional 10% fee when changing $US cash to CUC. This fee does not apply to other currencies, or when changing CUC to $US .
Foreign Currency Accepted in Cuba
Below is the Banco Central de Cuba list of foreign currencies currently accepted for exchange in Cuba.
- These may be exchanged at most Commercial Banking Institutions throughout the country.
- Exchange Houses - CADECA may accept some, but not all currencies.