Cuba - Money

Currency:

The Cuban Convertible Peso (CUC) – that is the usual currency used by visitors – was removed from circulation from 1 January 2021 (this change was announced in 2013).

The Cuban National Peso (CUP known as ‘moneda nacional’ or just 'pesos') is now the only legal cash currency in Cuba.

Cash is no longer king in Cuba. On August 1, 2023 The Central Bank of Cuba passed resolution 111: a mandate to transition the Cuban economy to a system of electronic payments. The goal is to reduce the dependence on cash, as physical currency is expensive to print and distribute.

Exchange Rates:

The Cuban government has set the new official exchange rate of 25 CUP per 1 US dollar, for all purposes including changing cash and for government accounts.

On the street/black market (which is where most people change money), people will exchange CUP for US dollars at a rate of about 260-280 CUP per $1 US.

At the bank with a credit card you will get 120 CUP per Euro/$ (plus a bank charge of approx. 17%).

Bills are printed in 1, 3, 5, 10, 20, 50, and 100-peso denominations. Coins are minted in 1, 5, and 20-centavo (cent), as well as 1 and 3 peso denominations.

The best currencies to exchange in cash (in particular on the black market) are US Dollars and Euros.

Getting Money

You will find most people change money on the street with cash, so bring the money you expect to use in cash.

You can also change money at a CADECA (change bureau) or at a Cuban *BFI Bank. The exchange rates in all CADECAS and all banks are identical so there is no need to shop around. Hotels often have CADECAS within their premises.

There are many reports of ATM's running put of cash, and cash withdrawals at banks are limited to $5.000CUP in many locales.

Some marinas will change money.

It is recommended to bring plenty of cash, US dollars or Euros.

* There are 4 main banks in Cuba. BFI is the most reliable. 

Opening Hours

Banks are open 7 days a week.

Credit Cards

Marinas only accept electronic payments.

US cards are not accepted in Cuba. US citizens need to purchase a pre-paid debit card denominated in MLC at a bank or Cadeca. USD or other world currencies can be used to do this. Alternatively to pay marina bills find another yachtie who can pay your bill by card and then give them cash.

Fuel purchases were scheduled to accept only electronic payments after October 31, 2023.

Last updated:  January 2024