Making sense of Cuba’s currency
Cuba’s idiosyncratic monetary system can be daunting for first time visitors but it’s much simpler in practice than it might first seem.
Cuban currency is a closed currency, which means it cannot be purchased outside the country and neither can they be exchanged for other currencies outside Cuba. The government runs a dual system: CUPs (pesos nacionales) for residents and CUCs (pesos convertibles) for visitors. CUC notes have “pesos convertibles” written on them. In practice, most of the time you’ll just use CUCs and prices will be referred to as pesos. In some shops, you may see dual prices displayed, but if in doubt, just ask. Be careful though not to get fobbed off with pesos instead of CUCs as they’re worth a lot less. One of the best ways to avoid being scammed is never to change money on the street. Instead use a Cadeca (exchange bureau) or bank, though you will have to queue on the street to get in. Rates in hotels tend to be lower.
Which currency should you take?
Euros and pounds are easy to change once you arrive. If you’re arriving independently into Havana’s Jose Marti airport, there are two choices. Inside the arrivals hall (but after you’ve cleared immigration and customs) you’ll find a couple of ATMs next to the information kiosk. To find an exchange bureau exit the arrivals hall and turn immediately left once you get outside. Dispense with the taxi touts with a polite “No, gracias”. You can change your currency at the official desk here and will be given a receipt.
What about US dollars?
The dollar isn’t king here like it is elsewhere in Latin America. The uncomfortable relationship between Uncle Sam and Cuba adds a 10% additional commission fee to any exchange transactions, making it very poor value. You also won’t be able to use any credit card issued by an American bank, though MasterCard and Visa issued outside the US are OK. If you’re unsure whether this affects you, check with your issuer before you leave home.
Can you rely on credit cards?
In short, no. It’s wise to keep a store of cash on you just in case you struggle to find an ATM. Few places accept credit cards – this is a cash based economy. If you haven’t prepaid your accommodation, you might find that you can’t pay by card, so double check well before you’re due to check out to avoid any problems. However, if you’ve made an internet booking, you’ll have been able to pay by credit card in advance. Independent travellers should carry proof of this paid reservation as the internet can be unreliable in Cuba – your accommodation provider may not have access to emails or booking systems when you arrive.
Have you seen my blog about using the internet in Cuba?