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Currency
CUC v. Cuban peso
Until 1960 the local Cuban peso was pegged to the US dollar at par. But the USA embargo against Cuba drove Cuba to seek out for a new economic partner, the Soviet Union, and the peg to the US dollar was replaced by one to the Soviet ruble. When the Soviet era came to an end the peso lost much of it value and the exchange rate fell to 125 pesos to 1 US dollar.
In 1993 the US dollar was made legal tender in order to improve the economic situation and only one year later, the Cuba government decided to get rid of the US dollar. It introduced the CUC at par with the US dollar, banning the US dollar from general use. In 2004 Cuba withdrew the US dollar from circulation. Nowadays the US dollar is no longer accepted in Cuba and US dollars are penalized by a 10% surcharge on exchanging them into CUC.
These days two local currencies circulate: convertible pesos (also called the hard currency or CUC) and Cuban pesos (also called moneda nacional, abbreviated to MN). Basically, the CUC is for tourists and the Cuban pesos for the Cuban. Only on certain occasions you will be paying with Cuban pesos: for public transportation (guaguas or buses), agromercados, at some pesos-only restaurants and bookstores, movies, etc. If MN is displayed on the prices, you should theoretically be paying Cuban pesos. However, in most cases, vendors will try to insist that any non-Cuban pay in CUC, often at a one-to-one rate of exchange. In most of the tourist areas, the Euro is also accepted.
Most payments are made in cash. Make sure you have enough of it for the duration of your trip.
Currency exchange
Many foreign currencies are listed, however we recommended only relying on being able to exchange US dollars, Euros, British pounds and Canadian dollars. Changing US dollars you will incur a 10% penalty on top of the regular commission, there for we suggest you bring Euros, British pounds and Canadian dollars. These currencies can be exchanged at all CADECA branches (state-run casas de cambio) and most banks. You will find CADECA branches in most major cities and tourist destinations, as well as at all the international airports.
The exchange rates at the CADECA and at the bank are set daily by the Cuban government, so I have found that there is very little difference between the exchange rates found at either the CADECA or the bank in Cuba. However, you get a better deal changing your money at CADECA. (It is also worth checking the exchange rates at the Banco de Ahorro Popular.) For up-to-date currency conversions, consult www.oanda.com.
Changing currency you will be charged the standard commission (not always reflected in the exchange prices posted).
Be sure to bring relatively fresh and new banknotes. Cuban banks may at times refuse banknotes with even slight tears or markings. Also, it is wise to bring a calculator with you and carefully check your receipt and the teller, as tellers have been known to deliberately shortchange unsuspecting tourists.
CADECAs are also the place to change your CUC into Cuban pesos (MN). You will not need more than 10 CUC worth of pesos a week for the odd purchase of mani (peanuts), or a peso pizza and peso beer.
It is strongly recommended that you do not exchange currency in the street, as not only is it illegal, but they may also try to scam you, passing off old (pre-revolution) bills as CUCs, or passing off counterfeit bills, or even passing off Cuban pesos as CUCs for your foreign currency.
You can exchange any remaining CUCs at the airport before leaving. Do so, as the CUC will be useless outside of Cuba where it cannot be exchanged nor purchased, since it is not an internationally recognized currency.
Banking hours
oney -Banks generally open from Monday-Friday, 8:30am to 12:00am and 1:30pm to 4:00pm, Saturday, 8:30am to 12:00am. Hours may vary and banks may be open all day in larger cities.
CADECAs are usually open daily from 8:30am to 6:00pm, although some are closed on Sundays.
Credit cards
Credit cards are liable for a 10-12% commission and thus you´d rather limit its use to emergencies only. You can draw money on them from most banks, but again the commission is considerable: up to a 12,5%. No matter what the country of origin of your credit card, your transaction will first be converted into dollars, before you are given the CUC.
Credit cards issued by a US bank, US affiliated bank or US financial institution are not accepted. Credit cards in US dollars from banks outside the USA are accepted, however the 10% penalty fee will be applied.
MasterCard and Visa are widely accepted at hotels, car-rental agencies, and government-run restaurants and shops, provided they have not been issued by a United States bank or financial institution. Diners Club is also accepted, although to a much lesser extent. American Express cards are not accepted, nor are Cirrus and Maestro.
Do not count on paying a hotel bill with a credit card unless it is a very expensive hotel and/or linked to an international chain. Even then, bad phone connections and other logistical problems often get in the way of credit card transactions. Most paladares (private-home restaurants), casas particulares (private-home accommodations), and small businesses do not accept credit cards. In the more remote destinations, you should also count on using cash.
If your credit card is lost or stolen while you are in Cuba, you can contact Fincimex-Western Union in the Focsa building, corner of Calle 17 and Calle N, Vedado, Cuidad de la Habana (tel. +53 7 833 0128/9), or you can get in touch with your issuing bank.
Traveler’s checks
In Cuba, traveler's checks are accepted at most hotels, government-run or chain restaurants, and major attractions, but far less readily than credit cards and again provided they have not been issued in the USA. Moreover, it is recommended to take traveler´s checks in a currency other than US dollars.
Traveler’s checks in currencies other than US dollars can be exchanged in banks, CADECA offices and some hotels, but most of them will charge a commission that runs between 4% and 6% for cashing traveler´s checks on weekends. To exchange travellers cheques in Cuba you need to have the receipt from the bank where you bought the cheques, as well as your passport.
ATMs
Cuba has a modestly expanding network of ATMs in La Habana, the international airports and most major tourist destinations. Keep in mind that credit or debit cards issued by US based companies will not work at any of these machines.
When extracting money from an ATM your request for CUC is converted to US dollars at that day's exchange rate, resulting in a charge of 3% of the transaction in dollars at the point of withdrawal. On top of that, your bank may impose a fee every time you use your card at another bank's ATM, and that fee can be higher for international transactions than for domestic ones.
As with credit cards, it is always best to check with your home bank before traveling to see if your ATM card will work in Cuba.
Currency restriction
The import and export exceeding 200 CUC is prohibited. If you try to take out more, the money may be confiscated by customs without any compensation. Keep in mind that CUCs are useless outside of Cuba where they cannot be exchanged nor purchased.
The import of foreign currency is unlimited, subject to declaration of funds exceeding 5,000 USD on arrival. Export is allowed up to the amount imported and declared.
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