All you need to know about Cuban currency
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The convertible peso (CUC) is a closed currency, which means it cannot be purchased outside of Cuba. You can change your money at the Cadeca (money exchange bureau) at the Airport on landing in Cuba, at a Cuban bank or at your hotel.

If you reside in the UK, most other European destinations or Canada you should take your native currency. Clean, untorn bills in good condition with no writing on them. Please note that Scottish notes are not acceptable.

The exchange rate varies on a daily basis and can be checked at this link, which, unfortunately, is very slow to load:

www.bc.gov.cu/Espanol/tipo_cambio_METROPOLITANO.asp

Please note this is the ONLY accurate site for Cuban Convertible Pesos. All the other internet currency exchange sites (like coinmill.com, xe.com, oanda.com, x-rates.com, etc.) are useless for real budgeting because they only give mid-market rates, ignoring the buy/sell costs that you'll be charged at the bank or Cadeca in Cuba.

Where to exchange your money:

1.) The best exchange rate is a Bank.

2.) The next best exchange rate as it any Cadeca. A Cadeca (Casas de Cambio which means House of Exchange) is a government exchange facility. They are located at many resorts and hotels, and at locations all over the Island.

3.) The next best rate is at the Airport Cadeca.

4.) The worst rate can potentially be over-the-counter at any hotel or resort because the rate is not regulated by the government.

On a 1 or 2 week all-inclusive holiday the difference between Options 1, 2 & 3 is immaterial.

The cashier at the Cadeca will examine each note carefully sometimes by use of ultra violet light and also by manual inspection so it is very important that all your currency notes are in good condition. Please note that no foreign coinage can be exchanged, notes only. Do check the cashier's calculation, plus ask for a receipt and check the money you receive carefully and make sure it tallies with the amount shown on the receipt. Several instances of scams by the cashiers at the Cadecas are reported regularly on this forum. Taking your own calculator, or using the one on your mobile phone, and doing your own calculation is a particularly wise move. At most, if not all, Cuban airports the Cadecas are no longer in the Arrival Hall so if you wish to exchange some money there you will have to walk to the Departure Hall and use the Cadeca there. Do not take travellers cheques because, not only will you pay a commission when exchanging them, but if you lose them you cannot get them replaced in Cuba, you will have to wait until you return home. Also do NOT take US dollars as there is a 10% surcharge on exchanging them. This is the ONLY currency that is penalised in this way. Always bring your Passport with you when you visit a bank or Cadeca. It's not always required, but if you're dealing with a credit card or a big pile of cash they'll certainly ask for it.

The other currency in use in Cuba is the Cuban Peso (CUP). There are 24 CUP's to 1 CUC. As a tourist staying at a resort hotel you are unlikely to come across it, in fact you cannot buy it at the airport or hotel Cadecas so have no fear you will not be palmed off with Cuban Pesos instead of CUC's. Tourists can use the CUP, but it is mostly used by Cubans to pay for their rations, their electricity and water, to buy food in the markets and from stallholders in the streets and to eat or drink in 'peso' bars and restaurants. Basically, as a tourist, you do not have to worry at all about the Cuban peso.

Most non US affiliated Credit Cards are fine, but you should never depend on just one credit card - always have a back-up. Any of the "Big Five" Canadian banks are fine. Royal Bank, TD/Canada Trust, Bank of Montreal, Bank of Nova Scotia and Canadian Imperial Bank of Commerce.

Canadian debit cards are useless, but most other North American and UK/European Global Debit and Credit Cards like Barclays, Lloyds TSB, Nationwide, Post Office, Yorkshire, RBS, Tesco, HSBC, etc. are fine. Of course they have to be non US affiliated and display the Visa or Mastercard symbol. Visa will work in an ATM, Mastercard means a trip inside to deal with a teller. Maestro, MBNA, Citibank, Egg, Abbey, Virgin, Capital One and American Express etc. are US affiliated and will not work.

Much is made of the so called 11% plus charge for using your credit card in Cuba, but this is a myth. As the CUC is not traded internationally, any transaction in CUC's has first of all to be converted into $US in order for it to be charged to your card. Therefore if you spend 100 CUC it will cost $108 (100 x 8%). An exchange fee of 3% is then added so the amount actually billed to your credit card will be $111.24 (108 x 3%). When you receive your credit card statement the rate used to convert from US dollars to your native currency is the business rate which is higher than the tourist rate so that helps reduce the total transaction costs. The 10% surcharge for using US currency does NOT apply on a credit or debit card transaction, it only applies when exchanging US dollars cash.

Most UK credit cards charge a foreign transaction fee of 2.75% which they disguise in the exchange rate back to Sterling. The Post Office and Nationwide credit cards are just two of the cards that do not levy a foreign exchange fee. However the Nationwide now pass on to you the 1% fee that Visa charge them for the transaction. Finally it is always wise to inform your credit card company of your dates of travel and to which country you are travelling to save any problems with your transactions whilst abroad.

Should you use your UK bank debit card to withdraw cash, the rates at participating Cadeca exchange counters are processed at a rate of 1.1192. You should also be aware of the charges most UK banks apply. For example LloydsTSB charge a 2.99% foreign exchange fee plus 1.5% of the amount withdrawn. The minimum transaction charge for this is £2.00 and the maximum is £4.50. This applies to all foreign cash transactions.