Cuban Currency: The Ultimate Guide For Travelers (2022 Update)

The official Cuban currency is the Cuban Peso (CUP) —often referred to as “Peso Cubano,” “moneda nacional,” or simply “MN”. As a traveler, it’s also the currency you’ll use for most transactions during your stay.

However, due to frequently changing monetary policies and wildly fluctuating exchange rates, handling money in Cuba isn’t always straightforward.

This guide breaks down everything you need to know about getting and spending Cuban Pesos, including how to more than double the value of your home currency on the island.

The US Dollar is the Best Currency to Bring to Cuba

You should absolutely bring US dollars to Cuba, even if you are not traveling from the US. This is because you will pay for most of your expenses on the island in CUPs, and the US dollar has the best exchange rate!

That is if you exchange your USDs in the informal market.

Get More Cuban Pesos in the Informal Market

Cuban Pesos have two exchange rates: the CADECA exchange rate, and the street exchange rate.

CADECA (“Casas de Cambio”) is the government’s currency exchange house. Their offices are in many airports, hotels, cruise ports, banks, and shopping centers. They buy foreign currencies following the exchange rates established by the Banco Central de Cuba.

CADECA is the safest place to sell your home currency, although you can more than double your Cuban Pesos in the informal market.

The informal market means selling your hard currency through hosts and friends. You could exchange money with street vendors, but the risk of being scammed is higher.

To get a fair estimate of the value of Cuban Pesos in the informal market, check El Toque’s Cuban currency exchange tracker:

Be Ready for Large Cash Stacks

Due to its low value relative to major foreign currencies, you will need to carry large amounts of cash, even for modest sums.

The above image shows the CUP equivalent of about $350. The banknotes can fill a table, even when using larger CUP denominations such as 500 and 1,000 CUP bills.

Of course, you can’t fill these amounts into your wallet or purse. Although Cuba is generally safe, pickpocketing is common in large cities. So, it’s a good idea to bring a secure bag to carry large cash stacks during your stay on the island.

Pay for Most Expenses in Cuban Pesos

As a traveler, you will cover most of your trip to Cuba costs in Cuban Pesos, including:

• Food and drinks.
• Local transportation (e.g., the Viazul bus).
• Entertainment.
• Internet and Wi-Fi.
• Tours and travel services by state-owned companies.
• Shopping at state-owned stores.

Bring Some Hard Cash to Resorts

All-inclusive hotels and some resorts won’t accept cash in Cuban Pesos.

For example, excluded services or products in all-inclusive resorts are charged in Cuban Pesos, but you can only pay with a credit card! When paying with a credit card, the official exchange rate will apply.

Tip in Any Currency, but Tip Fairly

Tipping is expected in Cuba.

If you stay at a resort, tip in your own currency (USD, Euro, CAD, etc.). In restaurants, “paladares, bars, or anywhere you spend in Cuban Pesos, tip between 10 and 25%.

Don’t Withdraw Money from Cuban ATMs

Technically, you can withdraw money from ATMs in Cuba as long as you use non-US credit cards.

There are only a few problems:

• ATMs are scarce, poorly stocked, and unreliable.
• They will give you the official exchange rate, cutting the value of your money by more than half.
• There is a 3-12% transaction fee.

So, by all means, do not use the ATMs in Cuba if you value your money.

Dealing with the Cuban Currency in a Nutshell

The Cuban monetary system has always been complex and unstable. Most visitors are caught off guard and never fully understand the (inexplicable) nuances of the Cuban currency.

Fortunately, you don’t need to be an expert. Just know that:

• The Cuban Peso is the official currency on the island.
• You must use CUPs for most of your expenses in Cuba. However, bring some cash in hard currency to all-inclusive resorts to pay for excluded products and services.
• Bring US dollars if possible and sell them in the informal market. Find trusted sellers and avoid CADECA.
• Be prepared to carry large cash stacks.
• Tip in any currency, but tip fairly.
• You can use non-US credit cards and ATMs in Cuba, it’s going to be costly and unreliable.

Did we miss some facts about the Cuban currency? Let us know in the comments!

Essential Travel Logistics For Cuba

Cuban Tourist Card – If your Cuban Tourist Card (a.k.a Cuban Tourist Visa) isn’t bundled into your airline ticket or travel package, buy it only through EasyTouristCard. 

Travel Health Insurance – Travel medical insurance is an entry requirement for Cuba, so you can’t skip it. Travelers can get travel health insurance for Cuba via Insubuy. Travel protection benefits such as trip interruption and cancellation, baggage delay insurance, etc., are not required.

Essential Items to Pack – Bring the essential travel necessities that you may not be able to get in Cuba:

• First aid kit
• Hand sanitizer
• Face masks
• Water bottle with filter
• Sunscreen
• Mosquito repellent
• Pin adapter (for Europeans)
• Travel guide
• Spanish-English phrasebook
• Suggested Reading: The Cubans: Ordinary Lives in Extraordinary Times

Read our complete packing list for Cuba.

Find Accommodations – Find hotels or casas particulares (private accommodations) on Skyscanner, which lists thousands of accommodations available in Cuba.

Book Your Flight – Book cheap flights to Cuba on Skyscanner, our favorite flight search engine to find deals on flights to Cuba.