On 1st January 2021 Cuba announced that ‘Day Zero’ of monetary unification would occur with the Cuban Peso (CUP) becoming the only legal tender in Cuba.
The currency is only available in Cuba so you will not be able to obtain it prior to travel.
To ensure you are not scammed and receive the old currency CUC check that the note has a face on. CUP notes have a face on.
Cuban residents can also use a digital currency called ‘Moneda Libremente Convertible’ (MLC) at the dollar stores or ‘tiendas MLC’.
As a visitor you will primarily be using the CUP and it should be noted that Cuba is a ‘cash is king’ country.
CADECA is the government’s currency exchange house and is the safest place to sell your home currency. They are located in the airports, ports and shopping centers.
Should I bring Foreign Cash To Cuba?
The Central Bank of Cuba accepts any foreign currency ( except US dollars, USD) to be exchanged for Cuban Peso. USD can only be accepted through bank transfer.
USD is still useful to bring though as in August 2022 the Cuban Government announced it would start purchasing foreign currencies at more than 4 times the official exchange rate.
US Dollars can still be exchanged in CADECA offices, airports, hotels and in the informal market.
USD need to be sold rather than used for purchasing goods, as they are not accepted for buying products or services at any state-owned facility such as car rental offices.
Note* When selling USD you will incur an 8% bank fee as opposed to the standard 2% for other foreign currencies.
Euro is reported to be the best currency to bring into Cuba as it is widely accepted and has a high conversion value, whilst also subject to the lowest exchange rate of 2%.
When tipping it is worth checking if your waiter or taxi driver will accept foreign currency cash as the new purchase price of these currencies since August 2022 may make it a preferred payment method.
Does Cuba Accept Credit and Debit Payments?
While debit and credit cards are accepted in Cuba including Visa, Mastercard and America International Services (AIS), no card issued by a USD institution works and we strongly recommend you check with your bank before traveling to ensure that you will be able to use your card in Cuba.
Credit Cards are however, essential if you are staying at an all-inclusive resort for any services or products not covered by the ‘all-inclusive’ aspect, as many resorts do not accept Cuban Pesos, only credit card. This is the same for some hotels.
Credit Cards are also useful if you are planning on hiring a car, as you must pay in foreign currency at car rental offices, and not cash.
You can withdraw money using your card at ATM’s in large towns and cities but will most likely be charged a bank commission fee.
What is a Pre-Paid MLC Card?
Travelers can also use pre-paid MLC Cards which are valid for 2 years. You will need your passport to purchase the card.
MLC Cards are especially useful for travelers who only have credit or bank cards issued by US Banks to enable them to acquire goods and services that cannot be paid for in cash.
They can be used at grocery stores, in hotels and at gas stations.
The cards are not linked to a bank account and are exclusively for travelers and tourists in Cuba
These can be purchased in CADECA and BANDEC (a Cuban Bank) branches..
While there is a USD processing fee, you cannot pay for it in USD; and the cards are printed in USD.
You cannot transfer money to prepaid MLC cards from other cards or bank accounts but you can reload the card at any time you need.
Money will be withdrawn in CUP and any money left on the card at the end of your trip will be refunded by CADECA in Cuban Pesos. They cannot be used once you leave Cuba so the balance on the card is reimbursed in freely convertible currency (MLC) at the airport when leaving.
Note* It is not possible to claim a replacement card if they are lost. In the case of loss you lose the value that was on the card.
On Leaving Cuba
Make sure to exchange your Cuban Peso to your home country money on exit as outside of Cuba the Cuban Peso is neither valid nor exchangeable.
It is recommended to exchange your leftover Cuban Pesos before check-in at the airport when leaving, because as of August 2022 CADECA offices only purchase foreign currencies. You cannot use CUP past the security checkpoint and you cannot take more than 5,000 CUP out of the country.
Also note that once you pass airport security if you purchase anything you will receive your change in Cuban Pesos.
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