The Cuban Peso (CUP) — Cuba's Currency Today
After decades of operating with a dual-currency system (CUC and CUP), Cuba unified its currency in January 2021. Today, the Cuban Peso (CUP) is the only official currency. However, the tourism economy is complex, and USD, Euros, and Canadian dollars are widely accepted in tourist-oriented businesses.
Understanding exchange rates matters. As of 2025, the official rate is approximately 120 CUP to 1 USD, but the informal market rate — which many businesses use in practice — can be 200+ CUP per dollar. Prices at tourist restaurants and hotels are often quoted in USD or CUC-equivalent. Don't let this confuse you: just bring cash, exchange at a CADECA, and you'll be fine. Understanding Cuban food prices is easier when you know the landscape — our guide to Havana's food markets shows the difference between tourist pricing and local pricing.
⚠️ Critical for US Travelers
US-issued credit and debit cards do NOT work in Cuba, period. This is due to US sanctions — Cuban banks cannot process US financial transactions. Bring all the cash you'll need for your entire trip, plus a buffer.
What Currency to Bring
Euros
Best choice for Americans. Exchange well, no penalties, accepted at all CADECAs.
Canadian Dollars
Excellent exchange rate. Great choice if you're connecting through Canada.
British Pounds
Accepted and exchange well. Slightly less common but no problems.
US Dollars
Accepted at some businesses but historically had a 10% surcharge. Check current status before relying on USD.
Where to Exchange Money
CADECA (Casa de Cambio)
Cuba's official exchange houses are your best bet for converting foreign currency to CUP. CADECAs offer better rates than hotels and are found throughout tourist areas, at airports, and in major city centers. Lines can be long — go early or mid-afternoon to avoid peaks.
Banks
Banco Metropolitano, Banco de Crédito y Comercio (Bandec), and BFI branches will exchange currency. Rates are similar to CADECAs, but wait times are longer. If you have a non-US debit card, some bank ATMs may work — but don't count on it.
Hotels
Convenient but offer worse exchange rates. Use hotels as a last resort only. The rate difference adds up significantly over a week-long trip.
💡 Pro Exchange Tip
Exchange a moderate amount upon arrival (enough for first 2 days), then exchange more as needed. Don't exchange everything at once — if rates shift or you find a better rate, you'll be glad you held back. Keep exchange receipts; you may need them to convert CUP back before departure.
ATMs in Cuba
ATMs exist but are unreliable. The most functional ATMs for non-US cards are Banco Metropolitano's ATMs in Havana, particularly in tourist areas like Old Havana and Vedado. Even then:
- Machines frequently run out of cash
- Many have daily withdrawal limits of 5,000–10,000 CUP (~$50 USD)
- US cards are blocked completely
- European cards sometimes work, but not always
- Visa cards work more reliably than Mastercard (when they work at all)
The verdict: Don't depend on ATMs. Bring cash as your primary money source and treat any ATM access as a bonus.
How Much Money to Budget
Casa particular (basic), local cafeterias, almendron taxis, limited tours
Better casas, private restaurants, organized day trips, occasional cocktail bars
Boutique hotels or luxury casas, private guides, Tropicana show, best paladares
Don't forget to budget for: Tourist card ($25–100), travel insurance (~$3–8/day), departure taxes (usually included in airfare now but confirm), tipping (~$5–15/day total). Knowing how to pay properly will help you enjoy more meals at Cuba's paladares versus state restaurants.
Tipping in Cuba
Tipping is not just appreciated in Cuba — for many service workers, it's a significant portion of their income. Tips are typically expected and deeply valued. Always tip in cash, not by card.
| Service | Suggested Tip | Notes |
|---|---|---|
| Casa host (breakfast included) | $2–5 per morning | Leave at breakfast table or give directly |
| Restaurant server | 10–15% of bill | Always in cash, not added to card |
| Tour guide (full day) | $5–10 per person | Higher for exceptional guides |
| Taxi driver | Round up generously | e.g., fare is 90 CUP, pay 100 |
| Hotel porter | $1–2 per bag | USD or EUR is often preferred |
| Bar musicians | $1 per song | They often play for tips only |
| Cigar roller at factory | $2–5 | Not mandatory but very appreciated |
| Casa housekeeper | $1–3/day | Leave at end of stay |
Practical Money Safety Tips
- Keep large bills in a money belt or accommodation safe, carry only what you need daily
- Divide your cash: some in your wallet, some hidden in luggage, some in your accommodation safe
- Count your change every time — not because theft is common, but because errors happen
- Photograph or write down denominations of Cuban bills (they can look similar)
- Keep your exchange receipts — required if you want to convert unused CUP back to foreign currency
- Small bills are useful for street food, almendron taxis, and tips