Are you going on holiday to Cuba? Do you want to know what type of money to take to Cuba? Our guide to currency & money in Cuba gives you the facts & information on how to spend smart in Cuba.
Currency of Cuba
The official national currency of Cuba is the Peso. The peso is the basic unit of currency in Cuba which is composed of 100 centavos, although a visitor to Cuba will have no need to know about such small denominations of money. The Cuban Peso comes in denominations of 1, 3, 5,10,20,50 and 100. In reality, the Peso only serves limited functions in Cuba, especially for tourists, and more often than not the visitor to Cuba will have need for US money. Nevertheless, because buying things using Cuban money is so much cheaper it is still worthwhile trying to pay for things like snacks and drinks using the money of Cuba.
US Currency in Cuba
Despite the antagonism felt for Cuba within the circles of US power, the US dollar is practically a second currency in Cuba. Tourists in Cuba will find themselves paying for things using US currency far more often than they will have a chance to use Cuban money. Hotel accommodation, sightseeing and expensive souvenirs like Cuban cigars are all paid for using US money. In fact many tourists to Cuba never even leave the resort they are staying in, in which case there will probably be no need at all for Cuban money. Even Cuban people find themselves having to use dollars to buy certain rare and expensive products especially on the black market.
Exchanging currency in Cuba
There are several government operated currency exchange offices in major towns across Cuba. These currency exchange offices are used both by tourists and locals from Cuba who want to change their Cuban money into US currency. There are often long queues of people outside these currency exchange places in Cuba waiting to change their money; however, if you have US currency and want Cuban money you don’t have to wait. You could even negotiate a deal with a local Cuban standing in line.
Withdrawing Money in Cuba
Cuba unfortunately has very few ATM machines making it slightly difficult to manage your money supply while in Cuba. Travellers cheques are accepted at major places but incur a 5% commission, and smaller places cannot accept them. It is possible to do international money transfers to Cuba which incurs the usual rate of the service provider, but be cautious that your money doesn’t get routed through the USA in which case it may be confiscated due to their strict embargo laws against Cuba.