Currency of Cuba

The official currency of Cuba is the Cuban Peso (CUP); 1 Cuban Peso is composed of 100 centavos (cents). Notes of 1, 3, 5, 10, 20, 50 and 100 pesos are available; coins come in denominations of 1, 5 and 20 centavos and there are others of 1 and 3 pesos.

Until recently, there were as many as four currencies circulating in Cuba. The Cuban Convertible Peso (CUC) was introduced by the Cuban financial authorities replace the foreign currencies in circulation. It is in all respects similar to the dollar and has gradually supplanted the latter as currency where previously dollars were accepted, like hotels and restaurants. However a few tourist-related establishments accept only Cuban pesos. Cuban Convertible Peso is not internationally recognized and can be used only in Cuba.

In Cuba, foreign currency could be converted to Cuban Convertible Pesos either at Banks or ‘Casas de Cambio' (CADECA). Do not be beguiled by fraudsters who try to pass off old pre-revolution bills as Convertible Pesos and try to exchange them for your currency, usually offering better exchange rates.

Counterfeit coins are common in Cuba; always accept change, after buying something in $1 CUC notes rather than coins. It is always advisable to have small ($1, $3, and $5) bills instead of substantial ones ($20, $50, $1000). The exchange of US dollars for Convertible Pesos bears a 10 percent tax. This tax does not apply to any other foreign currency.

Cuban Currency in a nutshell

By: Mini Sreenarayanan
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