is really difficult to explain the cuba currency because
there are some thing from cuba that you must live to
understand; but we will try to do our best for letting
you know practically the essence of the problem.
.In Cuba, the people trade every
day with different currencies and it is a normal fact
for them because the cuban peso is very unstable.
Send money to cuba
Fidel Castro talked on March 24
about changes that took effect starting april 2005
and as he said that the cuban peso convertible will
be revaluated in 8%. last year the cuba goverment
decided that the American Dollar was not accepted
any more in cuba.
The direct consequences are not for tourists but for
cuban people. as a general view the new changes will
be the follow
--American dollars are not accepted on
government business from Nov 8 2004 on(99% of cuban places) --all
stores that used to sell in american dollars changed to PESOS
CONVERTIBLES (see below for the explanation of this term) --pesos
convertibles now cost the equivalent of $1.18 American Dollars
(if you exchange dollars into pesos convertibles) because
of the 10% penalty to USD and 8% of the revaluation of the
you trade canadian dollars or euros or any other strong currency
into pesos convertibles the exchange 1.08 taking as reference
the American dollar for example if 1 euro is 1,30 USD. son
taking the 8% of the revaluation 1 euro is about 1.20 CUC.
So, according to a recent government regulation US dollars
is not any more freely circulaing in Cuba from November 8th,
2004. The National Cuban bank has released the so called 'PESO
CONVERTIBLE' in substitution of foreign currencies. You can
acquire 'pesos convertibles' at the airport, banks and at
the Money Exchange Offices, called "CADECA" (you
can find these offices everywhere in the city). In addition,
the exchange of US dollars to 'Pesos convertibles' will not
be more one-to-one (as before), but 1 US dollar = 0.82 Peso
convertible (18% less). However, the penalty of 10 % IS ONLY
APPLIED TO US-dollars and NOT for any other foreign currencies
such as Euros and Canadian dollars (among others). Other currencies
than US-dollars will be exchanged according to the daily exchange
rate of the international currency market. taking into consideration
the 8% of revaluation of the Cuban Peso Convertible
The exchange to the Pesos
convertible into american dollas is fixed, 1 to 1.18 american
dollar, as established by the Central Bank of Cuba.
At the Money Exchange Offices
(CADECAs) created for the population to sell - buy USD's or
Cuban Convertible Pesos, the exchange can vary now between
$26.00 and $27.00 Cuban pesos to the peso convertible.
As you can see there is a big confusion
for a traveler relative to the several currencies that are
used in Cuba (cuban currency) .we are going to clarify this
important problem.There are up to four currencies currently
circulating in Cuba. I said "up to 3" because the
last incorporation to this monetary mixture is the Euro, but
it is accepted only in limited touristic areas like Varadero
and in the next month Cayo Coco, but now with the new regulation
some people prefer euros instead of pesos convertibles.
The currencies currently
accepted in Cuba are:
--Cuban Convertible Peso
--Euro (only acepted in varadero and by some casa owners as
payment for the rooms)
Cuban Convertible Peso:
The Cuban Convertible Peso
is nothing more than an attempt made by the Cuban financial
authorities to take out all USD currently in circulation,
and offer a currency that is in all senses equal to those
USD. They will keep the USD in the banks and will allow the
tourists and other people with access to USD to pay in a disctintive
way from the Cubans with plain Cuban Pesos. Although that
is the final idea and every day you see an increase in the
circulation of this currency, currently the cuban banks could
not fullfill all currency needs with this money, i.e. they
have not capacity to produce enough Convertible Pesos to change
all USD in circulation. But that moment will arrive soon or
Actually they reach this
goal with the fractional money (the coins), at this moment
it is not allowed to use any USD coin in Cuba, you will have
to use, exclusively, coins from the Convertible Peso type.
There are a some scams and
cheats in the streets based in the ignorance of the common
traveller of the differences between the Convertible and Not
Convertible pesos. In the following tables you will see all
denominations currently in circulation of the Convertible
Peso, and its fractional units (coins).
These are easy to diffrerence.
All Convertible Pesos have the phrase "convertible pesos"
both in the front, and the back, click in the images to see
the bills in detail. Click on images
These are a problem, there
are not any specific disctintion of the convertible from the
not convertible coins, the main difference are that all convertible
coins have a representation of different touristic/historic
places of Cuba. The not convertible ones have instead an image
of some Cuban patriot/historical personality in the front.
Cuban Regular Pesos:
The rate of change of the
Cuban Peso with the Convertible Peso is of 1/26 (July/2004).
There are different emisions of the bills, we will show only
the latest version because currently are the most used. You
will only need pesos to access to a limited number of products/services:
Take a public transportation (guaguas), buying market food
(vegetables and fruits), perhaps some juice or a pizza in
Another solution is to bring
a credit or debit card. I have personally used visa electron
and it works perfectly