You’ll also get this exchange rate when withdrawing money from an ATM or bank. Using any type of official exchange, like at the official CADECA money exchange locations throughout the country or in the airport, you’ll get the $1 USD = 24 CUP exchange rate. Cuban is currently experiencing rapid inflation, so the unofficial rate of exchange for the peso is changing fast. dollars and Euros, and you’ll find very different exchange rates, sometimes around $1 USD = 45 pesos. However, it also has created a double exchange rate, where informal markets have cropped up for U.S. That means you won’t have to worry about currency fluctuations while visiting.
The Cuban peso is valued at $1 USD = 24 CUP (Cuban pesos) and is held at this rate, not allowed to fluctuate as most exchanged currencies do. You can bring any type of currency to the island and exchange it for pesos once you arrive, though most bring dollars or Euros, the CADECA money exchange locations will accept many types of currency.ĭespite the Cuban peso being the only official currency in Cuba, there are stores that sell products like groceries, appliances, and other home goods in U.S. and it is the only currency accepted in Cuba (for the most part… more on this later). This was a major change in the currency of Cuba, but one that simplified a confusing two-currency system.Ĭuba’s official currency is the Cuban peso, known commonly as the C.U.P. Cuban CurrencyĪfter operating with two currencies in Cuba – the Cuban peso and the Cuban convertible peso – since the 1990s, in January 2021 Cuba adopted the Cuban peso as its sole currency, unifying the two currencies into one.
#CUBAN EXCHANGE RATES HOW TO#
In this updated guide, we break down how these changes affect visitors to Cuba and share everything you need to know about how to use Cuban pesos, including how to exchange money and what currency to bring with you to Cuba.
Having two currencies created a challenge for visitors and locals, and made navigating currency in Cuba quite difficult.Īt the start of 2021, Cuba changed its monetary policy and unified its currency – now the only Cuban currency used is the Cuban peso, simplifying things a lot, and reducing some of the exchange costs for visitors. Until recently, there were TWO currencies in Cuba…and many people in Cuba used them both, every day.
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