The currency of Cuba is internationally known as the CUP. One peso equals 100 centavos.
Banknotes are issued in denominations of 1, 3, 5, 10, 20, 50, and 100 pesos.
Coins are also minted in denominations of 1, 2, 5, and 20 centavos, as well as 1 peso.
There are two types of pesos in the country:
1. Convertible, which is used in transactions with tourists.
2. Non-convertible, which is used for domestic circulation.
The US dollar is also freely used. However, dollars cannot be used for commercial purposes; they must be exchanged for Cuban pesos, with a 10% commission charged. This measure was adopted by the Cuban government in November 2004 in response to the US imposing a full embargo.
In major cities and some Cuban resorts, the euro can be used but must also be exchanged for local currency, as cash is primarily used in this country.
Currency exchange is available at bank exchange bureaus and can also be done at hotels. Additionally, in Cuban restaurants, shops, and hotels, credit cards from major global payment systems are accepted, except for North American ones.
Credit cards issued by any US bank are not accepted for payment, but traveler’s checks and cards in other currencies are freely accepted.
Traveler’s checks in British pounds and US dollars are accepted without restrictions, provided they are not issued by an American bank. A tax of 11.24% is charged when using a credit card.
