The national currency in Cuba is the Cuban Peso (CUP)
, which is equivalent to 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.
All payments in the establishments operating in foreign exchange in Cuba must be made with Convertible Peso (CUC)
- According to Resolution No.80/Año 2004 of the Central Bank of the Republic of Cuba, as of November 8th, all services and transactions conducted throughout the national territory in US dollars will be now made in convertible pesos (CUC), including hotels, restaurants, bars, stores, taxis, car rental, and other services.
- One convertible peso (CUC) is equal to one US dollar.
- After November 8th, persons who wish to purchase convertible pesos with US dollars will be levied a 10% tax.
- Other hard currency accepted in Cuba: euro, Canadian dollars, pounds sterling and Swiss francs, may be exchanged for convertible pesos without having to pay tax, always bearing in mind that one convertible peso is equal to one US dollar.
- Travelers can exchange money at the airport, hotels, banks and exchange offices (CADECA).
- Operations conducted with credit cards with funds in US dollars accepted in Cuba (Visa y MasterCard not issued by US banks) will not be subject to the 10%. Debit cards are not accepted.
- All transactions conducted with credit cards shall be subject to a 3% tax.
- In Havana, travelers can extract convertible pesos at automatic tellers located in: Hotel Parque Central, Hotel Meliá Cohiba, Hotel Nacional and the Miramar Trade Center. In Varadero, there are automatic tellers at the Plaza America Shopping Center and banks.
- Travelers can use Visa and MasterCard not issued by US banks to extract convertible pesos (CUC) or US dollars in banks, hotels and exchange offices (CADECA).
- Cuban Pesos or National Currency (CUP) can be used to purchase a limited number of products and services at certain local shopping centers, agricultural markets, cinemas and other facilities not liked to international tourism or located far from the main tourist resorts. The exchange rate of the Cuban peso (CUP) with respect to the convertible peso (CUC) is 26/1 (October/2004).
- Visitors can also exchange convertible pesos back to US dollars or to any of the currencies accepted in Cuba (euros, Canadian dollars, pounds sterling or Swiss francs) before leaving the country directly at the international airports. Travelers are recommended to change their money while in Cuba since they will not be able to do so once they leave the country.
- Euros will still be accepted at the six tourist destinations: Varadero, Jardines del Rey (Ciego de Avila province), Santa Lucia (Camaguey), Covarrubias in Las Tunas, Holguin and Cayo Largo del Sur.