Currency in Cuba: CUP Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Cuba with 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.
What is a good Cuban peso exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
Loading rates...
|
|
|
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.
What does the Cuban peso look like?
Here is an example Cuban peso banknote:
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?
Here are some popular conversion amounts for USD to CUP (US dollar to Cuban peso)*.
| 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 the current USDCUP interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
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 Cuba.
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 Cuba.
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.
Cuba: Travel Guide
Traveling to Cuba requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Cuba, a captivating island nation in the Caribbean, is known for its rich cultural heritage, stunning beaches, and vibrant nightlife. With its unique history, distinct way of life, and fascinating landscapes, it attracts travelers from around the globe.
Currency in Cuba
When visiting Cuba, handling money is a bit different than in other destinations. Here’s what you need to know about currency and payments:
- Bring cash: Cuba operates primarily on a cash economy, and American travelers should note that credit and debit cards issued by U.S. banks are not accepted anywhere on the island.
- ATMs and fees: If you're traveling from Europe or other regions, some ATMs in major tourist areas and airports might accept your card, but it’s crucial to check with your bank before departing. Be aware that Cuban ATMs impose high fees, so it’s best not to rely on them entirely.
- Credit cards: Certain government-run institutions, including hotels and car rental agencies, may accept non-American credit cards. However, it’s risky to depend on card payments since many small businesses like paladares (family-run restaurants) and casa particulares (homestays) do not accept credit cards.
- Currency exchange: It’s advisable to bring euros instead of U.S. dollars. Although Cuba’s currency is pegged to the U.S. dollar, there is a 10% penalty when converting dollars to Cuban pesos. Budget carefully and bring enough cash for your trip, ideally adding an extra 10% to cover any unexpected expenses.
By being prepared with enough cash, preferably in euros, you can avoid any financial inconveniences during your stay in Cuba.
Getting Around in Cuba
- Bus travel: Víazul, the main bus service for non-Cubans, provides reliable and air-conditioned coaches between popular destinations. It’s an affordable way to travel around the island.
- Car rentals: Renting a car is possible but expensive, with costs averaging around CUC$70 per day. Be prepared for a lack of road signs, which makes navigation difficult. Hiring a taxi for trips under 150 km may be more cost-effective.
- Cycling: Cuba is a cyclist's haven, with bike lanes and drivers who are accustomed to sharing the road. Bring spare parts, as they are hard to find locally. Cyclists must follow traffic laws, as riding on sidewalks or against traffic can result in fines.
- Ferry services: Important ferry routes for travelers include the catamaran from Surgidero de Batabanó to Isla de la Juventud and the ferry from Havana to Regla and Casablanca, offering a scenic way to explore different parts of the country.
Travel Tips for Cuba
- Explore beyond the beaches: While Cuba’s northern coast and islands are famous for their beautiful white-sand beaches, venturing inland reveals a different landscape. You’ll find lush forests, crocodile-inhabited swamps, abandoned coffee plantations, and rugged mountains rich in revolutionary history and endemic wildlife.
With the right preparation and understanding of Cuba’s unique currency system, your visit will be smooth and enjoyable, allowing you to fully experience all the island has to offer.
Everyday Costs in in Cuba
How much does it really cost to live, work, or travel in Cuba? Here's what to expect for daily expenses and expat living.
Currency Guide for Cuba (CU)
For a comfortable one-week mid-range stay in Cuba, travelers should budget around 1,000 to 1,500 CUC (Cuban Convertible Peso), which encompasses accommodation, meals, transportation, and leisure activities. Daily expenses might include a meal at a local restaurant for approximately 10 CUC 🍽️, a cup of coffee for around 1 CUC ☕, and public transport fare, which typically costs only 0.50 CUC 🚍. If you wish to stay connected while exploring, a prepaid SIM card can be obtained for about 20 CUC 📱. For accommodation, budget hotels or Airbnb options range from 30 to 60 CUC per night 🏨. Overall, Cuba is generally considered budget-friendly compared to the United States and the UK, where similar mid-range experiences could easily cost 50% more on average.
Living in Cuba as an Expat
For expatriates considering a move to Cuba, a typical monthly living cost can range from 700 to 1,200 CUC depending on lifestyle choices. This budget often includes housing, utilities, groceries, and entertainment. Given the limited access to international banking options, it's advisable to use cash where possible; major credit cards may not be widely accepted. When it comes to money transfer services, using online platforms like Wise or OFX can often secure better rates and lower fees than exchanging cash locally. However, always assess the transaction fees vis-à-vis currency exchange rates before proceeding. While exchanging cash locally may seem convenient, the spread between buying and selling rates can be larger, making online services often a more economical option for transactions.
USD/CUP Market Data
The below interactive chart displays the USD/CUP change and UP📈 DOWN📉 trends over the past 1 Year.
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!
Managing money while living and working in 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.
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 money transfer specialist 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.
We have put together some key points to help 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.