Your Cuban Currency Questions Answered.The matter of money in Cuba is more complicated than ever (and it was never easy). But, do not let this deter you, here are all the answers to your Cuba currency-related queries:
What Currency is Used in Cuba?
For many years, Cuba had two currencies, the Convertible Cuban Peso (CUC), which was tied to the US dollar and used mainly within the tourism trade, and the Cuban Peso (CUP), the currency that most Cubans earned and spent in. However, in 2021, the government ditched the CUC which has led to major inflation and a partial dollarization of the economy. So, on your Cuba trip you will be using a mixture of CUP and foreign currency.
What Currency Should I Bring to Cuba?
In Cuba, cash is still king, so bring all the money you will need for your stay plus some extra just in case you go over budget in either euros or dollars, you can only purchase CUP once in the country. Currently, you can get more bang for your buck by bringing euros.
How Do I Exchange My Money to Local Currency?
As a rule of thumb, you will pay for longer taxi rides, accommodation, and activities in dollars/euros and local transport, restaurants, and bars in Cuban pesos. Private businesses and individuals will prefer you to pay them in foreign currency.
Once in Cuba, DO NOT, we repeat, DO NOT change your money into pesos at the airport, withdraw at ATMs, or use official casas de cambio (currency exchange bureaus). This is because, bear with us here, there are now two exchange rates in Cuba: the official state rate and the unofficial informal rate. Cuba’s already rampant informal market has skyrocketed further since Cuba’s economic reforms. While the official rate is 120 pesos for every US dollar, the unofficial black market rate is well over double that (at the time of writing) meaning you could lose A LOT of money if you opt to exchange your currency through official channels.
Top tips for exchanging your money:
- As it is an informal market, the value of the Cuban peso can fluctuate weekly, so check the blue table in this link to see what the current rates are before you change.
- Ask the hosts of your casa to help you exchange your money and never with a stranger you meet on the street, hustlers could give you a poor rate or fraudulent bank notes. Expect to hear the phrase “change zee moneeee?” a lot when out in Old Havana.
- Always count the Cuban pesos before parting with your foreign money to make sure you haven’t been short-changed.
- Only change smaller amounts of 100-200 at a time, you don’t want to be stuck with a bunch of pesos at the end of your trip that are difficult to change back to foreign currency.
Can I Use My Card in Cuba?
As mentioned previously, Cuba has a cash economy, although paying by card is slowly becoming more common in government-run hotels and establishments. We would say don’t rely on your debit and credit cards in Cuba. Some will work and some, if you use a US-owned or even a US-affiliated bank, will not (blame the embargo). Stick to cash and your card may come in handy at duty-free, major hotels, or at medical facilities.
How Much Can I Expect to Spend in Cuba?
Like most places, you can visit to Cuba on a budget or go for more luxury travel although Cuba is not the cheapest destination compared to some other countries in the region.
Havana spending:
- Taxi to and from the airport $25.
- Staying in the spare room of a casa particular: $25-40 dollars per night.
- A double room at a boutique hotel: $150-250 per night.
- A taxi on La Nave app (the Cuban Uber) from Old Havana to Vedado: approx $5 USD.
- Dinner and drinks for two at an up-market restaurant: $50.
- A Cuban cocktail: $2-4.
- A taxi from Havana to Viñales: $150-200 for the entire car, $25-30 for a shared taxi.
So, in a nutshell: bring all of the money you need in cash ($ or €), change a portion into Cuban pesos with your Cuban casa hosts, don’t rely on your bank cards, and, please please pleasseeee DON’T CHANGE YOUR MONEY AT THE AIRPORT/USE ATMS/CASAS DE CAMBIO!!
The currency situation in Cuba is unstable and ever-shifting, so we will be updating this article monthly in light of any changes. Find out how Cuba Unexplored’s custom service can help your Cuba trip go smoother sailing by contacting us here
Cuba Unexplored 