Currency in Cuba CUP - Things to know
Foreign exchange guide to Cuba and the Cuban peso
What's in this Cuba currency guide?
What currency is used in Cuba?
The official currency of Cuba (country code: CU) is the Cuban peso, with symbol $MN and currency code CUP.
Travel money for Cuba
As mentioned above, the Cuban peso is a closed currency. Which means that you may find it difficult (or be permitted) to purchase the currency (CUP) before departure and will need to buy it upon arrival in .
For these types of destinations, using a pre-paid travel card is a good solution. As no travel cards support loading closed currencies like the CUP you will incur currency conversion or foreign transaction fees if you use a travel money card in .
However, using a pre-paid travel card is still a good idea as you can avoid ATM fees and also you can avoid using (and losing!) your main bank or debit/credit card.
Travel Ideas and Money Tips for Cuba
Cuba is a beautiful and unique island nation located in the Caribbean, known for its rich cultural heritage, stunning beaches, and vibrant nightlife. The country has a complex history and its own distinct way of life that makes it a popular destination for travelers from all over the world.
One of the main draws of Cuba for travelers is its history and culture. Visitors can explore the colonial architecture and historic sites of Havana, including the Old Town and the Capitolio Nacional, or take in a performance of traditional Cuban music at one of the many venues in the city. Additionally, Cuba is home to many museums and art galleries, which showcase the country's rich history and vibrant art scene.
Another popular attraction for visitors to Cuba is the island's natural beauty. From the white-sand beaches and crystal-clear waters of Varadero to the lush greenery and waterfalls of the Viñales valley, there are many opportunities for outdoor activities such as hiking, swimming, snorkeling and diving.
Cuba is also famous for its lively nightlife, with a variety of bars and clubs that offer live music and dancing, as well as for its good food. Visitors can enjoy a wide variety of local dishes, such as traditional Cuban food like ropa vieja, moros y cristianos, as well as seafood.
While traveling in Cuba, it's important to keep in mind that the country has a state-controlled economy and a U.S. embargo that affects the availability of certain goods and services. Access to the internet is also limited, and travelers should also be aware that certain areas of the island are off-limits to foreigners.
Overall, Cuba is a fascinating destination that offers something for everyone, from history and culture to natural beauty and nightlife. Visitors should be prepared for a unique and different experience and make the most of it while being aware of the restrictions and challenges.
What currency to use in Cuba?
Bring cash on your vacation. And lots of it. American travellers should note that credit cards and debit cards issued by American banks are not accepted anywhere on the island.
If you’re coming from Europe or elsewhere, there’s a good chance that the ATMs at the airport and major tourist destinations will accept your card, but it’s best to doublecheck with your bank before travelling. Beware that ATMs in Cuba have massive fees.
Some hotels, car rental agencies, and instutitutions run by the government accept credit cards (again, non-American), but it’s best not to count on it. None of the paladares (small family-run restaurants), casa particulares (home-stays), or small tourism businesses accept credit card.
ATMs and credit card machines are notoriously finicky in Cuba and you don’t want to be stuck with $US100 for a two-week vacation.
The best plan is to carefully budget how much money you think you will spend on your trip and add 10% – just in case anything goes wrong. If you can, bring the cash in euros. While Cuban currency is pegged to the U.S. dollar, the government charges a 10% penalty when converting dollars to pesos.
How to get around in Cuba?
Bus travel is a dependable way of getting around Cuba, at least in the more popular areas. Víazul (www.viazul.com) is the main long-distance bus company available to non-Cubans, with fairly punctual and reliable air-conditioned coaches going to destinations of interest to travelers.
Renting a car in Cuba is easy, but once you've factored in gas, insurance, hire fees etc, it isn't cheap. Prices vary with car size, season, and length of rental. Bank on paying an average of CUC$70 per day for a medium-sized car. It's actually cheaper to hire a taxi for distances of under 150km. Driving here isn't just a different ballpark, it's a different sport. The first problem is that there are no signs – almost anywhere. Major junctions and turnoffs to important resorts or cities are often not indicated at all. Not only is this distracting, it's also incredibly time-consuming. The lack of signage also extends to highway instructions. Often a one-way street is not clearly indicated or a speed limit not highlighted,
Cuba is a cyclist's paradise, with bike lanes, bike workshops and drivers accustomed to sharing the road countrywide. Spare parts are difficult to find – you should bring important spares with you. Throughout the country, the 1m-wide strip of road to the extreme right is reserved for bicycles, even on highways. It's illegal to ride on sidewalks and against traffic on one-way streets and you'll be ticketed if caught.
The most important ferry services for travelers are the catamaran from Surgidero de Batabanó to Nueva Gerona, Isla de la Juventud, and the passenger ferry from Havana to Regla and Casablanca. These ferries are generally safe.
Travel tips for Cuba.
The vast majority of Cuba's tourists gravitate to the attractive arcs of white sand that pepper the country's north coast and offshore islands. But, explore beyond the beaches and you’re in a different domain, a land of fecund forests and crocodile-infested swamps, abandoned coffee plantations and rugged mountains as famous for their revolutionary folklore as their endemic species.
USD/CUP Market Data
The below interactive chart displays the USD/CUP trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Cuba?
The domestic currency in Cuba is the Cuban peso.
What is the Cuban peso currency code and symbol?
The three letter currency code for the Cuban peso is CUP — symbol is $MN.
Which countries use the Cuban peso?
It is the domestic currency in Cuba.
Is the Cuban peso a closed currency?
Yes the Cuban peso is a closed currency. Which means that you may find it difficult to purchase the currency (CUP) before departure and will probably need to buy it upon arrival. If you do manage to buy some of the currency or have some left over from a previous trip, make sure you are aware if you are allowed to bring this closed currency into the country.
For more information and a full list of closed currencies please refer to our guide: What is a closed currency?
What are equivalent amounts of USD and CUP?
| USD | CUP |
|---|---|
| $ 38.84 | $MN 1,000 |
| $ 194.18 | $MN 5,000 |
| $ 776.70 | $MN 20,000 |
| $ 3,884 | $MN 100,000 |
More amounts
Converted at USD/CUP interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Cuba - Best Rates
To get a good (and fair) exchange rate when sending money to Cuba you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Cuba
When sending money to Cuba it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Cuban peso amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted CUP amount will be transfered to the recipient account you specify in Cuba.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Cuban peso deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Cuba
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Cuba.
Cuba is a unique and fascinating country that has long been a popular destination for travelers and expats. The island nation has a rich cultural heritage, beautiful beaches, and a vibrant nightlife, which have made it a popular destination for retirees and adventure-seekers. However, living in Cuba as an expat also comes with its own set of challenges.
One of the biggest challenges for expats in Cuba is the country's struggling economy, which can make it difficult to find stable employment and afford basic necessities. Additionally, Cuba's state-controlled economy and lack of private enterprise can make it difficult for expats to start their own businesses or invest in property.
Other challenges for expats in Cuba include:
- Language barrier: Spanish is the official language of Cuba and English is not widely spoken outside of tourist areas, fluency in Spanish is very important to help in day to day life.
- Administrative challenges: Navigating the Cuban bureaucracy can be difficult, as the legal system is based on a different set of laws and regulations than those in most other countries.
- Healthcare: Healthcare in Cuba is generally considered to be of high quality, but it can be limited, especially for expats who are not covered by the government's socialized health care system.
- Limited Internet access: internet access is not widely available and is typically expensive and slow when it is available.
- Travel restrictions: The US embargo, imposed in the 60s, still makes it difficult for US citizens to travel to Cuba, as well as restrictions on the number of times they can visit the island each year.
Despite these challenges, many expats in Cuba are able to adapt to the local way of life and enjoy their time on the island. Many expats find that building a strong network of friends, both local and foreign, can help to make the transition to life in Cuba a bit easier.
It's also important to note that Cuba has its own way of life, different from many western societies, and it is essential to have an open mind and adapt to the local culture and way of living.
Managing your finances in Cuba
Here we list some key points for expats and businesses to consider when managing financial dealings in Cuba:
Understand Cuban peso currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the CUP exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Cuban peso bank account: A local CUP bank account can make it easier for you to manage your finances and pay bills while you are in Cuba. It may also be more convenient to use a local CUP bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Cuba. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Cuba. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Cuba, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
