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In Cuba two currencies are circulate "Convertible Peso" and original Cuban Peso "Moneda Nacional" Cuban national currency.
Hard-currency peso used mostly by tourists and foreign companies on the island is now be worth US$ 1.00 Each hard currency peso "Convertible Pesos" is worth 24 of the standard Cuban Pesos with which most Cubans are paid in an unusual two-tiered currency system. Base exchange rate is US$ 1.00 to CUC$ 1.00
Always bring only new notes, without any damage or marks, all the coins are useless.
Take cash to Cuba, exchange your money in the hotel are usually more expensive.
The best exchange rate you will get in CADECA - Casas de Cambio.
• ATMs Not widely available outside tourist areas, or not working.
• Traveler’s Cheques banks charge high commission to cash them, not all the places accept them.
• Credit Cards you can get cash with any non US credit card. Bring your passport, banks charge extra commission
• Counterfeit Convertible Pesos CUC$ are quite common,
• Do not change money on the street, is illegal.
Cubans pay in pesos, and tourists pay in convertible pesos. If you see signs with two prices listed, always expect to pay the Convertible Pesos $CUC. Cubans Pesos 24 exchange to CUC$ 1.00 Convertible Pesos
Foreign Currency Accepted by Cuban Banks - Exchage Rates to Cuban Convertible Peso CUC $
Cuban Convertible Pesos CUC $
Note: You will need to show your passport or ID if you pay by CUC$ 50 or CUC$ 100 Banknotes
Traveler's cheques issued from a US bank can not be used in Cuba. You can purchase traveler's checks from Thomas Cook or Visa in Canada, but this will require that you first change your US$ dollars into the Canadian dollars, then purchase traveler's cheques. This is generally a money-losing endeavor, not counting the fee charged by the company issuing the checks. In addition, hotels charge a hefty commission for cashing traveler's checks.
But if a traveling mishap occurs, the security of "emergency funds" can be well worth the exchange rate and commissions.
We suggest purchasing a small sum of "emergency" traveler's cheques while in your transit country, either from a Thomas Cook or a Visa office in the airport.
Credit Cards as: Visa and Master Card, but not from US banks can be used, in state-run hotels, restaurants and shops.