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money in Cuba
   Update Mayo 2011
    Money Matters in Cuba
   by Paraisonlinetours.com s.a. Team
   QUICK FACTS:. Don't bring US dollars in cash
  . Check that your credit card / traveler's checks are not issued by a US Bank
  . Exchange money at Cadecas or Banks in Cuba
  . Ensure you receive small denominations when exchanging money
   . Cuban Convertible Pesos are worth 10% more than the US Dollar
 
 THE DUAL CURRENCY SYSTEM
 Cuba operates a dual currency system with the Cuban Convertible Peso (CUC) and the Cuban Non-convertible Peso (CUP or national currency) both being legal tender. You cannot buy or sell Cuban currency outside of Cuba.
 As a general rule all goods and services which a foreigner pays for will be in CUCs, including the Cuban airport departure tax of 25 CUC, gratuities, all hotels, flights, buses and virtually all shops, restaurants and bars. In general the only case when a foreigner will use national currency is at the agricultural market, buying street food, taking collective taxis and going to the cinema or other events.
 
 EXCHANGING MONEY
All conversions between the $US dollar and Cuba's convertible peso (CUC) be subject to a 10% tax. This fee does not apply to other currencies like EUR or CAD. If you heading to Cuba, is better if you avoid taking the USA dollars, instead take Canadian dollars or Euro with you.
This means that for US$ 100 you will receive only CUC 87.16  including  a bank commission/transactions
  US$ 100 = CUC 87.16 (buy)     100 -10%= 90  90 * 0.9685= 87.16
  CUC 100 = US$ 104.00 (sell)
 

There is no difference in exchange rates offered at CADECAS (state owned exchange bureaus) or state owned banks (BFI, Banco Metropolitano). Hotels generally offer much worse rates than CADECAS or banks and should be avoided. The airport Cadeca offers basically the same rates as in the city.

 
 
 
CASH
 

Cash is king in Cuba. Most places do not accept credit cards. High denomination bills (anything higher than CUC 20) may also prove difficult to change). Try to avoid taking US Dollars to Cuba, there is a 10% tax on changing US$ (although no other currencies). The best currencies to take are Canadian Dollar, Euros or Sterling.

 
CREDIT CARDS / ATMS / TRAVELER'S CHECKS
Visa & MasterCard are accepted provided they are not issued by a US Bank.

The balance of 3.5% is a commission / tax payment for the use of the credit card.

You can get cash advances on your credit card over the counter in banks, CADECAS (exchange houses) provided that you show your passport or at a limited number of ATMs.
Traveler's checks are accepted at most banks / Cadecas provided that they are not US Issued. Commissions vary from 3-6% and given that they cannot be replaced within Cuba provide only limited utility.
Money safety and security
WARNING . Change your money into CUC at a bank, your hotel, or at a CADECA (exchange houses SA – exchange bureau). Never exchange your money on the street or through an individual Cuban
 

Denominations of the Cuban convertible peso (CUC)

 
one CUC or Cuban Convertible Peso 3 Cuban Convertible Peso (CUC) 5 Cuban Convertible Peso (CUC)
 
10 Cuban Convertible Peso (CUC) 20 (CUC) 50 CUC
 
100 CUC
 

CUC coins
1 centavo
5 centavos
10 centavos
25 centavos
50 centavos
1 peso

CUC coins in Cuba
 
 
Banco Central de Cuba (Exchange Rate)


 

Thanks in advance for your confidence. It is a privilege to serve you.

Paraisonlinetours   makes  every effort  to  ensure  the  accuracy  of  the  informati on  contained  herein   and cannot be held
responsible for changes, errors or omissions.




   
 
Payment options: We Accept
Credit card (online through secure payment system), Bank transfer (BFI Bank in Cuba) visa mastercard Cuba travel guide Cuba holidays
or Cash in Cuba.
Paraisonline Tours is a travel agency that work directly with several hotelier companies to provides more than 160 hotels in Cuba, and offers you special discounts in
our most beautiful Cuban destinations
© 2011 Paraisonlinetours s.a, all rights are reserved.
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