Currency Tips for Your Trip to Cuba

In this series, iBestTravel’s team of writers and editors answers your travel problems and provides tips and hacks to help you plan a hassle-free trip. This week, Brendan Sainsbury, who has been traveling to Cuba for over 25 years as both a guide, shares his top tips on currency in the country.

Currency Overview

Money continues to be the trickiest question for travelers contemplating a trip to Cuba, with the situation changing regularly. Currently, Cuba has one official currency: the Cuban peso (CUP$). Convertible pesos were phased out in 2021.

After over a year of hyperinflation and a growing black market, the Cuban government radically adjusted its exchange rate in August 2022, changing from 24 pesos to a US dollar to 120 pesos to a US dollar. This is the rate you’ll receive if you exchange money in government-run banks and Cadecas (exchange booths). Stay updated by checking current rates for all main currencies through reliable resources.

Euros are Best

As it stands, euros are the best foreign currency to bring to Cuba because they are the most widely accepted and incur the lowest bank fees (approximately 2 percent). Moreover, many private businesspeople (restaurant owners, taxi drivers, homestay hosts) prefer payment in euros rather than Cuban pesos, although all currencies are accepted. Some state-run businesses also accommodate euros.

Sterling is another viable option, as it can be readily exchanged for pesos in exchange booths and banks. However, it’s less desirable among locals for direct transactions. US dollars are also exchangeable but cannot be used in state-run locations.

Credit Cards & ATMs

Non-US-affiliated credit cards are accepted at most government-run establishments. In fact, at some state-run places (including hotels, resorts, car hire, and bus stations), payment can only be made via credit card. Outside the state sector, Cuba remains primarily a cash economy.

Most British Visa/Debit cards work in Cuban ATMs, but the machines will only dispense Cuban pesos. Therefore, it is advisable not to buy large amounts of Cuban pesos as they have no value outside Cuba. Furthermore, if you primarily visit the private sector, payment in foreign currency (preferably euros) is often possible.

Carry plenty of small bills for tipping, which is essential in Cuba, especially given the current economic climate.

Other Recommendations for Your Cuba Visit

• Stay in casas particulares (homestays) and dine in private restaurants to directly support local Cubans.

• Explore Havana’s fabulous local attractions.

• Ensure that all necessary documentation for your trip is accounted for.

• Avoid changing money on the street or engaging in black market transactions.