The currency used in Cuba is the peso convertible which is only available once you arrive in Cuba. There is a 10% surcharge for changing US dollars so please bring your money in Euros or Sterling. Euro or Sterling travellers cheques (not American Express) drawn on UK banks are accepted at Cuban banks and Bureaux de Change.

Official “Casas de Cambio” (CADECA) can be use to exchange your money. Remember to spend or exchange any pesos convertibles before you leave the country, as they are worthless outside Cuba.

Travellers cheques and/or credit cards drawn on US banks are NOT accepted in Cuba. There are virtually no cash-points for drawing cash against Cirrus or Switch cards.

Starting November the 6th, 2004, US Dollars (US$) cannot be used anymore for cash payments in Cuba. Only the Peso Cubano Convertible (CUC) can be used for this purpose. Exchange rate has been fixed in this way by the Cuban State:

1 US$ = 1 CUC with 10% commission
1 CUC = 1 US$ without any commission

using US$ will be charged a 10% commission; when returning to your country, you can change back your CUCs  without any commission. COMMISSION IS NOT APPLIED if CUC are bought using GB Pounds, Canadian Dollars, European

EURO; the exchange rate used is the exchange rate of these currencies against the US$. Eventually, it will be cheaper, for the tourists, to use GBP, EUR or CA$ instead of the US$. Alternatively, Cuban Pesos can be spent in the many street markets and little shops for Cubans; in the first half of 2003 the un-official change is 26 CP for 1 US$.

An ATM circuit is under development, but will hardly accept Cirrus or Maestro cards. You can obtain cash US$ and CUC at a bank or state-run hotel, using your credit card, as long as the card has not been issued in the US.
Some hotels in the most popular tourist places, like Varadero or Sta Lucia, accept EURO, bur prices are in US$: the exchange rate between US$ an EURO is not really convenient for the Europeans ...

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current exchange at: http://www.bancopopulardeahorro.com/

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