When the Soviet Union collapsed in 1991, this caused some economic difficulties for the country of Cuba. 4 Exchange outside of Cuba 5 The current exchange rate 6 Broken Dollar or Euro Bills 7 The future of the two currencies 8 Conclusion: CUP vc. Pesos are not required by returning travelers; they claim to be without any. The Pesos Cubanos are abbreviated as CUP, other terms are Peso Nacional, Moneda Nacional. Cuba has a population of approximately 11 million people. Cuban pesos is the official currency of Cuba and you can exchange your currency in Cuba for the pesos, but you can also spend other currency you may have whilst youre on the island. In a few years there will only be the Pesos Convertibles and then time of constant confusion and troublesome calculations will be over. The Cayman Islands Dollar also maintains steady exchange value. Until July 2020, there was a 10% conversion fee on the US greenback dollar. According to his vision, money was to serves as a means of account rather than as a means of payment or as a form of financial compulsion. In 2017, official average monthly salary was 767 CUP equivalent to 28 CUC. what are the 2 currencies used in cuba. If you live in a Western country, you should expect to pay more for food and beverages. Here are the foreign currencies accepted in Cuba: Canadian Dollar (CAD) - Yes, Canadian travelers to Cuba can tip in CAD. These are the most widely accepted by locals therefore they can be used to pay directly to businesses or to exchange for CUP. It has generated a degree of social inequality that contradicts and places a serious strain on one of the most fundamental principles of socialism and the Revolution. CUP and CUC in Cuba. Its important to be careful if you are going to be exchanging money from an unofficial place as scams can take place, make sure to use your common sense and use places that have a good reputation. All other currencies have a 2% conversion fee. There is some information you should know about these prepaid MLC cards first. Less than a year after the nationalization of the bank, Che pulled all existing banknotes out of circulation and replaced them with newly minted national pesos (CUP), in order to take control of the money supply, stop capital flight, and remove funding sources for the counter-revolution. For instance, family remittances come largely from white Cubans living abroad, making white families more likely to have access to capital. However, travelers interested in traveling to Cuba are advised to check with the bank where they have their bank account to see if they will be able to use their card in the national territory. The national currency in Cuba is the Cuban Peso (CUP). So auch bei Landwirt Jrg und seiner Patricia. October 9, 2022 by Rafael Cuba has two official currencies, the Cuban peso (CUP) and the Cuban convertible peso (CUC). Hat dir der Artikel gefallen / Did you like the Article? In Cuba, there are ATMs known as hole in the wall, and we used them as soon as we ran out of cash. Cuba has two currencies Tourists will use the Cuban Convertible Peso CUC, while locals tend to use the regular Cuban Peso, the CUP. You either receive forged cash in exchange for your real currency or you receive the eliminated currency of the Cuban convertible peso that is no longer in circulation in Cuba. A little anecdote: how did Ch become president of the central bank in the first place? In response, Cuba adopted a dual currency system. In many other cities and towns, I had difficulty finding their names online. what happens to companies debts, should they be converted accordingly? Book with CubaTravel in multiple currencies. Valid for bookings made on or after August 2, 2022. In most cases, Mastercard and Visa will suffice to withdraw cash over the counter, but a few card brands may not. Cubas dual currency system came to an end on January 1st. Anyone who works for the state, from doctors to police officers, are at a serious disadvantage compared to those who can charge for services in CUC, such as taxi drivers and restaurateurs. Cadeca ATMs do not have an exchange limit, nor do they charge a one-time fee. There are serious concerns over the effect of unification on inflation, and the Cuban economy remains fragile. Its best to exchange a little bit at a time and try to judge how much youre spending a day to ensure that youre not stuck with a lot of pesos at the end of the trip that youll have to exchange back in the US, which you may not be able to do. In general, the Cuban peso has a much better exchange rate than the convertible peso. Tourists also used to be charged a 13% fee when exchanging dollars into the Cuban Convertible Peso. You would be correct in assuming that Cuba used to use two separate currencies, as this was the case. Until the end of 2020, Cuba had a double economy, the official currencies in Cuba since then being the Cuban pesos (CUP) and the Cuban convertible pesos (CUC). In general, the Cuban peso has a much better exchange rate than the convertible peso. More extravagant venues can cost up to $150 with dinner included. Currently, the EURO is the predominant currency in Cuba. This means that if you have US dollars to spend, you will get a much better value by exchanging them for Cuban pesos. These are the Tiendas de Recaudacin de Divisas, i.e. All Cuban State operated sites (Museums, Parks, State run restaurants, official sites, ETECSA, markets) will always require payment in CUP with exception for the MLC stores. I am not a US resident, can I travel to Cuba via the USA? Until the end of 2020, Cuba had a double economy, the official currencies in Cuba since then being the Cuban pesos ( CUP) and the Cuban convertible pesos ( CUC ). These cards are only available in denominations of US dollars, so there is a $200 card, a $500 one and a $1000 card. Translations in context of "are two currencies" in English-French from Reverso Context: It should be noted that there are two currencies in Cuba. China is helping Cuba, which is experiencing a severe economic crisis due to the corona pandemic, with a donation of approximately 100 million dollars (96 million euros). Second is the so-called Convertible Peso (CUC), whose value is pegged to . But it is not something like West German Mark versus East German Mark, one currency for the simple people and the other for the tourists and functionaries!!! The exchange of freely convertible currencies (foreign currency) for Cuban peso (CUP), is carried out at airports, banks, hotels, exchange houses (CADECA) and shopping malls; always respecting the current exchange rate of the different currencies according to the fluctuation in the world market. The more frequently you exchange, the lower the fee you will be charged. Convertible pesos are pegged to the US dollar and are used by tourists, while Cuban pesos are used by locals. This is because this currency was mostly used in the tourism sector, and would be used to pay for things like hotels, buses, restaurants, and Cuban cigars. So, just take new or nearly new bills to Cuba! Cubas currency is the Cuban Peso (CUP). Make certain that you understand the distinction between CUC and CUP it is possible that you will save thousands of dollars. Published April 11, 2015 at 3:08 PM PDT. Xoom (XOOM), founded in 2001, lets people send money, pay bills, and reload mobile phones from the United States to 37 countries.Schulman said the opportunity for expansion is huge in Cuba, where $2 billion in cash is sent from the U.S. to Cuba annually. As you already know, you cant get Cuban pesos off the island, so youll need to exchange your US dollars or any other currency you have once youre in Cuba. You can exchange money you brought with you (British pounds and Euros are both accepted) or use an ATM. CUC, pronounced C-U-C by the Cubans, is the ISO code designation and stands for Cuban Convertible Peso, although it is not freely convertible. On January 1st 2021 also known as Day Zero the CUC was removed from circulation, and the Cuban Peso once again became the only physical currency used in Cuba. 2015 marked the re-introduction of the 200-, 500-, and 1000-peso notes issued by the Central Bank of Cuba. It is also a good idea to bring your passport and a valid visa if you are traveling for tourism. CUPs (peso, or pesos) in Cuba are widely accepted as a means of payment, costing around 25 cents to the dollar. For us this means: take Euros, Canadian dollars etc. To cover both local and tourist prices, bring a mixture of Canadian dollars and US dollars. If you convert it, the 3-peso note is worth 0.15 CUC. Verify the correct amount before accepting the transaction. The monetary situation in Cuba is quite complex. Everyone can exchange Pesos Cubanos for CUC, which works in any exchange office (CADECA). In any case, Canadian dollars, Euros, and Swiss Francs will be preferred over USD. It may be a good idea to ask the host of wherever you are staying where the best place to exchange money is, they will most likely be a local and be able to give you the best exchange rates of the unofficial exchange locations. Invert currencies: Convert 50 BOB in CUP Tips for exchanging money in Cuba. The dual currencies have created a two-tier class system in Cuba, which favors those with access to foreign remittances, international work, or the lucrative tourist sector. Er ist regelmig fr die Humboldt-Universitt in Kuba und unterrichtet dann an der Universidad de La Habana Entrepreneurship fr deutsche und kubanische Studierende. Changes or cancellations requested after final payment due date are subject to our regular change and cancellation fees & policies. However, the prolonged simultaneous circulation of two different currencies for two different sectors has hindered potential economic growth and produced unfavorable economic effects and incentives. Foreign currencies (especially the EUR) are also widely used. Dont rely on being able to use ATMs. Bring your money in euro, pound sterling, Canadian dollar or in another currency of internationally recognized exchange value. As soon as there is a little bit of damage (a rip, an edge, drawn on or whatever), they wont take your money. However, because Cuba used two different types of currency, this also created a divide in the economy. 50 CUP = 13.41 BOB. To know the location of the Banks, CADECAS, ATMs with contact information, you can select one of the destinations shown below. The two-currency system has made a new class of entrepreneurs in Cuba that are far wealthier than state workers. Its said to expect to spend around 87 Cuban pesos a day which is equivalent to $33. Cubas currency exchange and monetary system are constantly changing and quite complicated. Changes to your package, departure date, or flights may require an increased deposit. It also made it tricky for the Cuban government to attract foreign trade. If you arrive in Cuba, you can exchange US dollars at the airport as well as other points of entry. GBP and CAD are often accepted, but can be less versatile for paying directly to restaurants, casas, etc. Cuba does not accept debit or credit cards issued by the United States. There is of course a intelligent system behind this: the state uses the high prices to tax people who can buy imported products, its in other words a kind of luxury tax. However, with dual currencies in place in Cuba, this meant that people could only buy certain things if they only had one type of currency. Sugar, tobacco, coffee, and cigar are the most popular export items. However, the vast majority of tourists will only need to use the Cuban Peso in order to spend money in Cuba. Currency exchange at hotels, restaurants, and taxis is possible for Pound sterling and Euro. If you pay with a credit card, you can get a 25% discount off the hotels food bill. for imported products or most private restaurants. Your email address will not be published. Foreign currencies (especially the EUR) are also widely used. It is also critical that you have a backup plan in case you require to contact family and friends in the United States. British Pounds (GBP) has the highest official exchange rate but may not be as in demand by local businesses. 1,000, 500, 100, 200, and 50 pesos can be exchanged for a variety of denominations. Oktober luft die 18. Its best to bring cash if youre going to make a large purchase, or if youre going outside of major tourist areas. It was previously banned for those in Cuba to pay for things using American dollars. Does Cuba Have 2 Currencies? Are credit cards accepted in Cuba? Many small purchases and tips in Cuba can be made in US dollars, which are highly valued. In the business sector, the change is also in full swing, but there are strategic problems with the changeover, e.g. This works well for state enterprises importing goods like food and medicine, and it keeps these items cheap for consumers, but it undermines state companies producing for export, and it is expensive for foreign investors. seton hall soccer: schedule 2021 what is tema give its significance what are the 2 currencies used in cuba. Of course, now, its not only the TDR Caribe in which imported products can be bought, there are others shops nowadays but the principle is the same. To exchange money, tourists are advised to bring the correct currency, Cuba Convertible Pesos (CUC). In Havana, by the way, there is a second exchange office on the upper floor of the airport and there,. Visitors should also bring smaller denominations of cash in order to avoid having to exchange currency on a regular basis. Convertible pesos are pegged to the US dollar and are used by tourists, while Cuban pesos are used by locals. Share . If youre just traveling to Cuba for the first time, then you may have a few questions about the currency in Cuba. This created a monetary system that used two tiers, and also meant it was difficult to find equality between the two currencies. Foreign currencies can be exchanged to CUP (at the official government rate) at airports, banks, hotels, exchange houses (CADECA), and shopping malls. the Shops to get the dollars back ;), whose only purpose was and is to skim off the financial strength of the rich Cubans. As we mentioned before, a lot of places in Cuba will accept a few different types of currency such as US dollars and Euros, so theres no need to worry too much. Card readers are not commonly found in private restaurants, bars, or Casa Grandes. However, the vast majority of tourists will only need to use the Cuban Peso in order to spend money in Cuba. Created in 1997 to replace the National Bank of Cuba (Banco Nacional de Cuba), the Cuban Central Bank (Banco Central de Cuba, BCC) operates the dual monetary and exchange rate system. And so, Cuba had two currencies. Advertised prices are the best available based on the least expensive travel dates, departure city, and other options, and do not include optional excursions or other optional items. Check with your bank before withdrawing cash over the counter because some credit cards will not work. One Cuban Peso is equivalent to 100 cents. However, tipping in any foreign currency, including the US dollar, is fine. To subscribe, you must enable JavaScript. Cadeca Jos Mart International Airport Probably the most unusual way to exchange money in Cuba. Travelers can also exchange other major currencies for CUC at CADECA, but will likely get a less favorable rate. You should always plan ahead of time how much money each member of your group will contribute to your trip to Cuba. There are also places where US dollars can be accepted, but it is always preferable to bring Cuban convertible pesos (CUC). CADECA is the Cuban government-run exchange office, and the only place where travelers can exchange currency for Cuban Convertible Pesos (CUC). as far as I know it is Buying cigars in Cuba, what do you have to look out for? On the street, in smaller shops where you normally pay with Pesos Nacionales, you can sometimes expect 1 in 23. But be careful: dont let shopkeepers cheat on you by giving you Pesos Nacionales instead of CUC which rarely happens. Its no wonder people get confused if theyve never been to Cuba before and werent aware that the country had two different currencies! There are bills of 1, 3, 5, 10, 10, 20, 20, 50, 100, 200, 500 and 1000 pesos, as well as fractional coins of 1, 3 and 5 pesos and 5 and 20 cents. as a lucky penny in your wallet! After people started using dollars to pay for things, the Cuban government introduced the CUC so that they would be using a currency that was relevant to Cuba. USD is accepted in private businesses in Cuba (such as restaurants and. And if Cuba does use two different currencies, how does each differ from the other? What Is The Difference Between Cuban Convertible Peso And Cuban Peso? Seit dem 10. Dietmar schreibt hier seit 2011 seine Kuba-Erfahrungen auf - immer auf der Suche nach der nchsten Story, die euch interessiert ;). All Rights Reserved. The current currency used in Cuba is called the Cuban Peso (CUP). Is accepted by some guesthouses and a couple of restaurants in Havana. We recommend that you check with your bank before you come to Cuba and have a back-up plan for obtaining cash in Cuba in case your credit card does not end up working. The most popular way to exchange currency whilst in Cuba is exchanging it unofficially either at your accommodation or at a local store as the street exchange rate is much better than the official exchange rate. on the black market), avoid exchanging with people who approach you on the street. Well take a brief look at how Cuba used to work with two currencies, and whether they still use this method today. Depending on what notes you get when you exchange your countrys personal currency, its always best to try and carry some of the smaller notes around with you so that you have suitable bills for using on food stalls, buses, or when visiting flea markets. Money exchanged on the streets of Cuba will be worth a high exchange rate. These can be especially useful if youre a US citizen and cant use your credit card due to the US sanctions on Cuba. 1 CUC is equivalent to $ 1 (US-Dollar), so depending on the current exchange rate it is around 0,80 . You may need even more if you plan to buy original art. Hilf uns, den Artikel besser zu machen! The most usual ones are Visa and Mastercard. What FAQ and info should I check before travelling to Cuba? Cubas dual currency system allows for the legal but unacknowledged use of US dollars in shops. There are still two different currencies in Cuba, the CUC and the CUP. This was a major change in the currency of Cuba, but one that simplified a confusing two-currency system. Cuba does not accept cash as an alternative to US dollars, whereas Canadian dollars are widely accepted. Paradisus Rio De Oro Resort & Spa, Holguin: "what is the currency in Cuba ?? Youll also be able to use ATMs (as long as youre not an American citizen) to withdraw pesos straight from your bank and thatll sort out the exchange rate for you. Travel protection premiums may be credited to your new tour provided: no claim is filed; (no vendor penalties such as Air, sea or rail etc have been incurred); and your new trip departs within 1 year of the cancellation of your original tour. The value of the Cuban convertible peso (CUC) was US $ 1.00. Online booking available now through Enzona and Transfermovil apps. The Cuban Peso (CUP) is one of the two currencies used in Cuba. Travel Money issued by Visa are accepted, although they are highly cumbersome. Instead, it uses the Cuban Peso. Take into consideration all the extras for which youll need cash, such as non-included meals, taxies, souvenirs, and guide and driver tips. The Russian invasion of Ukraine has led to the biggest ever economic sanction response since World War II. The monetary situation in Cuba is quite complex. Since it is Pesos Nacionales, the peso piece is relatively worthless, it is typically used as toilet money. Do us credit cards work in Cuba? You can buy these cards at BANDEC offices and CADECA currency exchange locations and you can only withdraw the money on the card in Cuban pesos and if you have any remaining on the card after your trip, CADECA will refund you the amount on the card in Cuban pesos. The dual currencies have created a two-tier class system in Cuba, which favors those with access to foreign remittances, international work, or the lucrative tourist sector. It has created such problems that the government has been talking about unifying the two currencies for years. After the 10% surcharge (surcharge) is deducted, the USD is worth less than 0.87 cents CUC, with the commission (less than 3%) being added. What are the 2 currencies used in Cuba you will need to do some external research )? Every country has its own version of the currency that its citizens use, and Cuba is no different. As of March 25, 2022, the official exchange rate for the United States was 24 to $1 USD. The only problem with these official exchanges is that the queues can be huge, so youll have to be prepared to take some time out of your trip to just stand around in a queue. Bring cash (EUROS and USD) in smaller denominations so that you can limit the amount of Cuban currency you will receive as change from your purchases. If you enjoyed this article, you might enjoy our post on Santiago De Cuba. Your total price will vary based upon options you select during the booking process. Visitors planning to spend money in Cuba should bring Canadian dollars or Euros. It may sound confusing, but the two types of currency were introduced to try and tackle economic strife within the country. Depending on the dollar, you may get between 1.15 and 1.40 for the euro. The CUC is actually only the dollar substitute that has made the country independent of the foreign currency the dollar was for quite some time the inofficial hard currendy. Cuba is still a market for Euro. It is known as the National Peso. As Diplomatic Thaw Settles In, Currency Crisis Looms In Cuba. Save my name, email, and website in this browser for the next time I comment. It has only replaced the freely convertible dollar since 1994. And for all of you who are in Cuba for the first time: a simple sandwich, a simple pizza in a cheap street shop with many Cuban customers, never costs 15 CUC, these are of course Pesos Nacionales. Second is the so-called Convertible Peso (CUC), whose value is pegged to the US dollar, and is generally used to pay for more luxury items. In 1994, the Cuban Convertible Peso was introduced to be a match in value for the American dollar. In this guide well be answering these questions for you so that you have a worry free trip. Although economic warfare has been fought before, we are entering a new, unprecedented era of the weaponization of money, writes Alan Bollard. Despite Cuban economy relying mainly on cash, credit and debit cards are accepted and can be used in resorts and ATM. Cheapest Time To Visit Cuba (Ultimate Guide), The best hidden gem attractions in Havana, What to expect from the nightlife in Havana, Things you didnt know about Cuban culture. The CUC is pegged to the US dollar, and CADECA exchange rates are set by the Cuban government and usually match the current USD/CUC rate. Considering that imported goods are sold at global market rates, it makes it logical that many Cubans are seeking service sector work that pays in CUC or relying more heavily on remittances and work in the informal sector, than they are on their own salaries and chosen professions. purple tigress miraculous power; iowa state cyclone club; what are the 2 currencies used in cuba; January 20, 2022; By ; gaming monitors at walmart; No Comments . The CUC remained in operation for around 27 years before it was finally removed at the start of 2021. It is best to bring at least 200 EUR in local tips and 800 USD in person. Sorry, dass dir der Artikel nicht gefallen hat! If you intend to use a US bank-issued credit/debit card during your visit to Cuba, please keep in mind that this card will not be accepted. jordan 4 golf white cement resell By, January 20, 2022; 0; larry bird 3 point contest quote . The other currency is called the Cuban Convertible Peso. Access to your funds outside of Cuba may not be possible so bring more than you expect to spend, just in case. This makes things much simpler for tourists who are used to a single currency system. Take into consideration all the extras for which you'll need cash, such as non-included meals, taxies, souvenirs, and guide and driver tips. Its best to have some Cuban currency on hand as well. Cuba has two currencies: the Convertible Peso (CUC) and the Cuban Peso (CUP). The Peso Cubano (CUP) cannot be exchanged directly into foreign currency and is fixed at a rate of 24 to 1 Peso Cubano Convertible (CUC). Hello, my name is Jim Stanton and I have been living in Havana for the past three years. >>Breaking News: start of this year, the Cuban government united the two currenciey, the CUP and the CUC. In regards to being scammed by receiving the Cuban convertible peso instead of the Cuban peso, the Cuban convertible peso bills dont have faces on them and they will also say pesos convertibles in the center of the bill. Because of this fixed value, it is often simply referred to as dollars. If youre going to be doing this, be aware of pickpockets especially in large cities like Havana, so dont bring all your cash with you at once if youre going out for the day and make sure wherever youre keeping your money is secure. Before you leave, you must convert your US dollars to CUCs. For example, 1 US dollar is worth about 25 Cuban pesos, while 1 US dollar is worth about 1 Cuban convertible peso. It enabled the state to get back the dollars the population had. So: who calculates between Cuban Pesos and CUC, can also participate in the mathematics olympics . The Euro has gained popularity among restaurants and bars, and some taxis have begun accepting it. The Cuban Peso is neither valid nor exchangeable outside Cuban territory, so upon your departure you must exchange it to the currency you deem convenient. Score: 4.2/5 (43 votes) . Dear Chago, There are several banks located throughout the country, so finding one should not be a problem. At an airport or a resort, you can exchange or buy them. Th current president, Raul Castro, promised to work on the issue when he took power in 2008, but so far no progress has been made. I'm a single traveler, will I be charged a single supplement? Currently, the EURO is the predominant currency in Cuba. The Cuban Peso now remains as the only type of physical currency that is used in Cuba. MLC is a free convertible currency and is essentially a foreign currency. The Cuban convertible peso was tailored for the US dollar, the conversion rate was $1USD = 1 CUC. No, unfortunately you wont be able to convert US dollars for the Cuban peso, this is the same for around the world too. The Cuban money exchange rate for these two currencies is very different as the CUC is roughly worth the same as an American Dollar, while the CUP is one twentyfourth of a CUC. The Cuban economy is something of a peculiarity due to the fact that there are two currencies in use in one country. Up until recently they had two currencies: the Cuban peso and the Cuban convertible peso, but in 2021 Cuba merged these two currencies into one making it a lot easier for visitors and the locals alike. Debit or credit cards accepted in Cuba are . / Tell us how we can improve this post? No card issued by U.S. institutions works in Cuba, so it is recommended that you verify beforehand that your card is not associated with a U.S. banking institution and secondly, and of great importance, that you always have a cash backup to avoid setbacks. Some Cuban residents also use a digital currency which is called Moneda Libremente Convertible (MLC). CUCs are convertible pesos in Cuba that are a simple and less expensive way to convert your money. So there you have it! When you travel to Cuba, youll be able to purchase food and drinks in Euros, and youll be able to use them in this manner as well. The Cuban Peso was the main currency of choice at the time, and due to inflation, the value of this against the American dollar plummeted. Because the prices are usually posted in Cuban pesos in shops and most businesses, you know youre paying the same price as locals. The two-currency system may have helped Cuba out in a bind, but it has since started to cause more problems than its worth. Because the rate is one-to-one with the American dollar, you get the best value for your money. Since the mid-1990s, Cuba has had two currencies in circulation. The Shops For Earning Foreign Money were that. You will be still confronted with two currencies on your Cuba trip, but you will mostly hold the CUC in your hands. What remained is the Cuban peso, with which package tourists rarely get in contact with. Cash payments in duty-free shops or cafes after immigration should be made in Euros, pounds sterling, or Canadian dollars. Download a PDF with sources for this report here. Some Cuban residents also use a digital currency which is called Moneda Libremente Convertible (MLC). Exchange only small amounts of money to CUP at any one time. (Retiree Advice). ATMs are known to malfunction and run out of cash if Cuban pesos are used. What Currency Is Used In Cuba? For a first time visitor it can be quite tricky, but as long as you know a few basic things then you should be absolutely fine. Cuba has only one official currency exchange office, the CADECA, and it is the countrys most widely used location for exchanging money. You may find that unofficial exchange locations will offer a much different exchange rate than this, sometimes even reaching $1USD = 45 CUP due to the rapid inflation that Cuba is currently experiencing, so you may get a different rate everyday if you choose to change your money at these places. Cubas primary mode of payment is the US dollar. https://www.youtube.com/watch?v=19PlwCXk1II, Cuba's two currencies explained (https://www.youtube.com/watch?v=19PlwCXk1II). You can research beforehand to see what types of stores and restaurants will accept these cards, a lot of places will be MLC exclusive and be preferred to be paid in this way and thus may have more stock than other stores. The CUC was introduced to mirror the value of the dollar. The main differences between these two different currencies are what they can be used for. Some places online like accommodation sites or guides may still have their prices listed in the Cuban convertible peso, but dont worry this just hasnt been changed yet and you will be charged in the Cuban peso. Thats why most people will exchange their money at their accommodation (its not always offered in every accommodation, so check first) or just bring their regular currency and pay with that. Sign Up to receive special offers and Cuba Travel News. To verify your identity, bring your passport with you to the Cadeca. So it can be difficult to know where the best place to exchange your money is if youve never been there before. Change back your Cuban Pesos before you leave, they are. At the exit of the country, in the CADECAS of the international airports you can make the reimbursement of the balance of the MLC Prepaid Card in freely convertible currency in one of the foreign currencies of those that are quoted in Cuba. These are the most widely accepted by locals therefore they can be used to pay directly to businesses or to exchange for CUP. All rights reserved, The Stray Dog Population In Havana: A Complex Problem With No Easy Solution, Havana Illinois Police Chief Jimmie D Edwards, The CCC: A CIA-Backed Radio Station That Broadcast Anti-Castro Propaganda. Because of the prevalence of forged currency, exchange money at Cadeca exchange houses, large hotels, or banks is not a good idea. Until 1 st January 2021, Cuba had spent nearly 20 years living and working with 2 currencies, the CUP ( Cuban Peso ) and the CUC ( Cuban Convertible Peso ). I originally found my way here while backpacking, fresh out of college with not many ideas on where I wanted my life to go. What medicines are needed in Cuba - Medical care. It is not possible to use a US Bank Credit Card in Cuba. Commentdocument.getElementById("comment").setAttribute( "id", "a3ac8b762fcbc76dd923eeadf4f8515f" );document.getElementById("b73db7aca0").setAttribute( "id", "comment" ); This site uses Akismet to reduce spam. By doing so, one will avoid arguments or misunderstandings about how much money each person is spending. A three-year-old E-Pace with average mileage would have set second-hand buyers back 27,374 a year ago, but an equal-age example today is . Please make sure you bring enough CASH with you for the entire trip. You now know that until recent history, Cuba used to have two different currencies. What you have to watch out so you dont get ripped off. First, the Peso Cubano (CUP), the national currency that most workers receive their wages in. Please make sure you bring enough CASH with you for the entire trip. That could pose a huge problem for many Cuban companies! MLC (Moneda Libremente Convertible) is Cubas official digital currency that represents a value of 1 MLC = 1 USD. While the CUC may have allowed Cuba access to foreign currency, it has created serious divisions in society. Since 1994, the Cuban Peso has been in limited use. For a 9-day trip, we recommend bringing 600 900 USD/EUR in cash. The Cuban peso is valued at $1USD = 24 CUP, this rate wont fluctuate as its not allowed to, which is different from most other exchanged currencies. Cheapest Time To Visit Cuba (Ultimate Guide), The best hidden gem attractions in Havana, What to expect from the nightlife in Havana, Things you didnt know about Cuban culture. 2 Cuban currencies. The Cuban Pesos, however, was mostly used within the state sector. As income inequality has risen, race-based and other forms of historic, structural discrimination have crept deeper into a society that claimed to have ended these inequalities with the triumph of the Revolution. A short comment on cash and credit cards: take both with you, cash and a credit card (no dollars on which there is a penalty tax). Many hotels offer currency exchanges, but the high exchange fees should prevent you from exchanging money there. Rumours continue to swirl regarding unification, but those who have savings in CUC are strongly opposed to the idea as it would devalue the convertible peso. From the 1st of January 2021 Cuba will begin a transition period. However, when the Soviet Union collapsed, the economy became precarious and this system was no longer workable; Cubans needed a means to purchase from and interact with other foreign markets. A toaster is available for 30,- CUC, a stand-alone electrical fan for 150,- CUC, which is about 2-4 times as much as here. Finally, after the elimination of the CUC, a value of 24 CUP was established for each CUC. This currency cannot be obtained before you arrive in Cuba. That's right! If youve been researching the Cuban currency you mightve stumbled across a 10% penalty that was charged on exchanging US dollars in Cuba, or you may even see some sites recommending bringing alternative currency to avoid this. There are bills of 1, 3, 5, 10, 10, 20, 20, 50, 100, 200, 500 and 1000 pesos, as well as fractional coins of 1, 3 and 5 pesos and 5 and 20 cents. So: if you get them and they look reasonably good: keep and collect . The pesos are currently distributed in denominations 1, 3, 5, 10, 20, 50, 100, 200, 500 and 1000 pesos as of this writing. There are a few exceptions, however. The only official currency in Cuba since January 1, 2021 is the CUP (Cuban Pesos). Can I join the tour late or leave it early? There is another option if you dont want to be carrying cash around with you whilst youre on the island. Since the mid-1990s, Cuba has had two currencies in circulation. To limit the amount of Cuban currency you will receive when making purchases, bring smaller denominations of cash (EUROS and USD). For more information and some additional restrictions, see our terms & conditions. Be assured that the 10% penalty on the US dollar was dropped in 2020, so youll be charged the regular surcharge when converting any currency. Its advisable to bring money in cash since many bank cards are not accepted in Cuba or once used, you will be charged a high fee. CUP, or the Cuban peso, is the countrys official currency. 100 Cuban pesos are the equivalent of one dollar. Saludos desde Berlin, But why is currency in Cuba so complicated? However, there are a few ways that visitors to Cuba can exchange their currency for Cuban pesos. Unfortunately, poorer Cubans sometimes have to buy things in the shops, too. What used to make Cuba unique to many other countries around the world was that it famously used to make use of two separate currencies. The dollar was for a long time an illegal second currency until it was finally legalised in 1993 and replaced by the CUC in 1994. In Cuba, rates are constantly fixed at all banks and exchange bureaus. CUP will replace CUC as the bargaining units owner. Either way, if youre a victim of either of these scams, its going to be a downer on your trip, so how can you avoid it? This can make it incredibly difficult to actually know what to do when youre there as theyre are many different rules and restrictions on the island compared to other countries or the US. Required fields are marked *. Evening shows range in price. However after this economic crisis, these restrictions were removed, and those who had access to dollars used them. Yes, you can use U.S. dollars in Cuba, but they may not be accepted everywhere. Because U.S. institutions do not provide credit cards for travel to Cuba, you must verify before applying for a card. Cubas only legal currency is the Cuban ciec, and it is convertible to US dollars. On average a meal may cost you around 211 Cuban pesos ($7.98) and 204 Cuban pesos ($7.71) on public transport. The export of CUC is not allowed, so there is officially no CUC to buy outside of Cuba. We recommend bringing at least 200 EUROS for local tips and 800 USD per person. Euros (EUR) and US Dollars (USD) are the best currencies to bring to Cuba in the areas where our tours visit. At the beginning of 2021, this parallel currency system, which often led to confusion, was fortunately abolished. After operating with two currencies in Cuba - the Cuban peso (CUP) and the Cuban convertible peso (CUC) - since the 1990s, in January 2021 Cuba adopted the Cuban peso as its sole currency, unifying the two currencies into one. Cuba used this dual currency system for nearly thirty years, from when it was first introduced in 1994. You can have a wonderful time in Cuba and appreciate the islands unique culture and history if you make a few simple adjustments to your itinerary. More and more state owned shops now also take Pesos Nacionales and no longer only CUC. November 27, 2022. It can also refer to money in general, or national money as in moneda nacional. The CUC (=peso Cubano conbertible) is the "tourist currency" und the one you need locally. These CADECA exchange offices can convert foreign currency into Cuban pesos. The convertible peso (CUC) is often referred to as the tourist currency, but this technically is wrong however, tourists usually only come into contact with the CUC and only rarely with the Peso Nacional. It is important to mention that the exchange of U.S. dollars to Cuban pesos is NO longer subject to a 10% tax; as it was a measure repealed in July 2020. As stated by former President and First Secretary of the Communist Party Raul Castro in 2017, the phenomenon of dual currency constitutes one of the most important obstacles to national progress, and while its elimination will not solve all economic problems, it would impact all spheres of society and advance the current economic model. Don't spoil your trip in Cuba by potentially being short of funds. Because Cuba does not allow the use of any other currencies, you cannot buy, sell, or trade the Cuban peso outside of the country. Be careful if you want to exchange Dollar or Euro bills at the CADECA: they only take undamaged ones. Euros cash should still be brought, in small denominations (for example, 5, 10, and 20 Euros are sufficient). So why on earth would Cuba have chosen to have two separate currencies in its own country? If you are using Canadian currency, you can use it in most hotels and resorts, but you must have your own debit/visa or Visa credit card to do so. Today, were going to take a closer look at the currency of Cuba to help you better understand it. If you are not fluent in Spanish, bringing a Spanish translator may also be beneficial. This is a relatively recent change, and was mostly propelled by the Covid-19 pandemic when Cuba was forced to shut itself off from tourists. If you want to get pesos for your trip youll have to exchange your cash at official CADECA money exchange locations, though some visitors say that the street exchange rate is much better than the official exchange locations. Magnetic cards that can be used. Originally, the new currency was supposed to be used by tourists and to buy luxury goods, but it has since spread to almost every area of the economy. There is no need to pay an exchange rate in exchange for a CUC; CUCs are accepted almost everywhere. The Carefree Booking policy is not travel insurance. 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