Money In Cuba: Everything You Need To Know

For more than 20 years, two different currencies circulated in Cuba, the Cuban Peso (CUP) and the Convertible Peso (CUC). Then, in January of 2021, the dual currency system in Cuba was officially eliminated, and the Cuban Peso became the only officially recognized currency in circulation.

However, due to inflation and other economic challenges, the U.S. Dollar is now widely accepted at almost every business. So when you travel to Cuba, it’s perfectly fine to exchange your money or forgo exchanging and use USD.

Confused? You’re not alone! Keep reading to learn everything you need to know about money in Cuba, including how much to bring and how to convert into CUP at the best value.

Cash is King

The first thing to point out is that in Cuba, all transactions will be in cash only. You will not be able to use an ATM, withdraw cash or use a debit or credit card while in Cuba. As you prepare for your trip, keep in mind that you should bring more money than you think you will need, just in case, since you won’t be able to get extra money and you can always bring excess cash back home.

How Much Money To Bring To Cuba

Travelers visiting Cuba without a tour operator should bringing at least $200 in cash per person for each day spent on the island. This ensures visitors have plenty of money for food, any incidental expenses and of course, souvenirs.

For travelers who visit the island on a Cuba Candela tour, we recommend bringing at least $100 per day, since activities, transportation, and some other expenses are already paid for.

Exchanging Money in Cuba

As of 2024, the official exchange rate for Cuban Pesos is set at 120 CUP to 1 USD. Therefore, if you were to convert your money at an official exchange office (called a CADECA), you can expect to receive 120 Cuban Pesos for every US Dollar you convert. However, since USD are accepted at almost every business, exchanging your money isn’t necessary.

In fact, due to inflation and the government’s decision to keep the official rate at 120 CUP to 1 USD, your USD will go much further when paying for things in restaurants and stores because you will be charged at a more advantageous conversion rate. Right now, the informal conversion rate is around 320 Pesos to 1 USD—to check the most up to date statistics on this rate, visit El Toque, a news site which updates it daily. This means that you will get more than twice as much CUP if you exchange your USD on the informal market, rather than at a CADECA.

How Do I Get the Best Exchange Rate?

To get the best exchange rate, we recommend travelers ask their hotel concierge or rental host. They will be able to assist you in finding a better rate than the official one. For Cuba Candela travelers, we recommend asking your guide on the first day of your tour to assist you with changing any money.

Remember, don’t exchange money with anyone on the street, since it might be a scam. No matter where you are traveling, it’s important to get assistance from trusted locals.

More Cuba Currency Tips

1. When you leave Cuba, convert any extra Cuban Pesos back to US Dollars. The Cuban Peso is not recognized outside of Cuba.
   Try to bring as much cash in small bills as possible. Often times shops will not have much change, so this will ensure that you’re able to make purchases without any hassle.
   When making a purchase in USD, ask what exchange rate they are using, so you can

Navigating the Cuban currency system is not difficult. Travelers visiting with Cuba Candela are well taken care of with a host to assist you with any questions that may come up during your trip. Just follow the above guidelines and relax as you prepare for the adventure of a lifetime!