Cuban peso equal to 100 centavos. In circulation there are banknotes of 100, 50, 20, 10 and 5 pesos, as well as coins of 1 peso, 20, 5, 2 and 1 centavos.

There are two types of local currency – the non-convertible peso (CUP) used for domestic circulation and the convertible peso (CUC, CUC $ or convertible, pegged to the US dollar at a ratio of 1: 1.08), which is used only in Cuba, is used for settlements with foreign tourists. All goods and services, including transportation costs and airport tax, must be paid in convertible pesos. CUC$ also indicates most prices in tourist areas and resort areas, while change is often given in both types of local currency.

In some tourist areas, euros, pounds sterling, Canadian dollars and Swiss francs are accepted for payment. The circulation of the US dollar in Cuba has been stopped.

Banks and currency exchange

Banking hours in Cuban cities are the same:
From Monday to Friday 08:30-12:00 and 13:30-15:00, Saturday – 08:30-10:30.
Central Bank of Cuba: Central Bank of Cuba
The main office is located in Havana

You can exchange currency at bank exchange offices, as well as in most hotels. Hotels, restaurants and shops accept credit cards of the world’s leading payment systems, except for North American ones. No credit card issued by any US bank will be accepted for payment, but cards and traveler’s checks in other currencies are freely accepted. Traveler’s checks in US dollars and pounds sterling are accepted indefinitely on one condition – if they are not issued by an American bank.

When carrying out exchange transactions with US dollars, a commission fee of 10% of the exchanged amount is charged (no fee is charged when exchanging other currencies). All credit card transactions are taxed at 11.24%.

Currently, there is a technical problem of transferring money to Cuba from Russia or the CIS countries to persons who DO NOT HAVE a foreign bank card account. Money either cannot be transferred to Cubans at all (from Russia and the CIS countries), or when making a transfer, there is a big time delay (up to 3-5 months) in the Bank of Cuba when issuing cash to Cuban citizens.
Today, the Cuban branch of the WESTERN UNION System provides instant money transfer services to Cubans ONLY from the USA, the branch DOES NOT TRANSFER money from Russia and the CIS countries.