Currency in Cuba From A Local: Can You Use Dollars In Cuba? (2024)
The currency system in Cuba has given visitors headaches for years, so it is not at all strange that you are wondering what the currency in Cuba is.
After traveling to Cuba for five years, I have learned everything about money in Cuba, how and where to exchange currency, official and unofficial currency rates, and how to pay with what where.
First, if you have heard that there is a dual-currency system in Cuba, that is no longer the case. There is only one currency in Cuba now, and that is the Cuban peso, also called the CUP, peso Cubano, or moneda nacional.
Read on to get all the information you need about money in Cuba and the Cuban currency system.
Quick Facts About Currency In Cuba
- The Cuban Peso (CUP), which the Cubans call the Moneda Nacional, is the only official Cuban currency.
- One Euro sells for around 280 CUP on the street in Cuba (this number fluctuates). You also need to know that your notes need to be in excellent condition, or the banks in Cuba will not accept them.
- Follow this link to check the current official rate and the unofficial rate of the Cuban Peso from Cuban exchange offices.
- You CAN make card payments with an international Visa or Mastercard in some hotels and restaurants in Cuba, but still not everywhere.
- NB: US credit cards are NOT accepted anywhere in Cuba
- Cuban governmental shops, called MLC stores, are state-run businesses that only accept credit cards (except United States credit cards and cards connected to US banks that are banned in Cuba), debit bank cards, and not cash
- You can extract CUP from Cuban ATMs, but NOT from ATMs outside of Cuba prior to your holiday. The Cuban peso is only available in Cuba.
- U.S. dollars in cash are not formally accepted in Cuba by the Banco Central de Cuba but CAN still be changed on the black market and used in private enterprises like paladares, to pay for taxis and on the street.
- Euro and dollars are VERY popular in Cuba.
- You can change euros and dollars in cash for CUP in exchange offices or on the informal market with a trusted person in Cuba.
- You can change foreign currency into CUP “on the street” and maybe get a good deal. You will get that offer often, but be aware that counterfeit Cuban money does exist, although it is not common.
- You CAN pay with Euro and dollars in cash for many services and in many shops in Cuba.
- Some places and shops do NOT accept Cuban CUP, ONLY Euro, dollars, or credit cards.
- Some places accept ONLY Euro and dollars in cash, NOTHING else.
- Bring the majority of your holiday budget in Euro (or dollars) in cash for your Cuba holiday; you can pay with these currencies in most relevant places – and in some places, it is even mandatory.
What Is The Currency In Cuba Now?
In January 2021, the Cuban government reformed the system of dual currency in Cuba (Cuban convertible peso CUC and CUP) that has existed since the 90ies.
They removed the CUC, so now the CUP, the Cuban Peso, is the only national currency that is valid in Cuba.
In 2021, the Banco Nacional de Cuba also announced a formal suspension of the use of dollar deposits due to the US sanctions.
For you, as a tourist, this means that U.S. dollars in cash no longer formally have any value in Cuba.
This is still a truth with modifications, as many paladares (private restaurants) and private businesses accept US dollars in cash, while governmental facilities do not.
The foreign currency that has official value in Cuba is mainly euros, Canadian dollars, and US dollars.
The National Currency Of Cuba
The Cuban Pesos (CUP), also called Moneda Nacional, is only available in Cuba. You will not be able to get Cuban pesos anywhere before you arrive.
You can withdraw CUP in an ATM when you arrive in Cuba, or you can bring foreign currency in cash and exchange this in an exchange office (or on the street).
Currency In Cuba For Tourists
Before 2021, the second currency in Cuba was known as the “tourist currency,” the CUC. This currency value was pegged to the US dollar.
This is no longer the case, there is no tourist currency in Cuba any more.
International Credit Cards In Cuba
You can use your international credit cards, like Visa or Mastercard, in an increasing number of places. However, the majority of shops and restaurants are not online yet.
Again: Note that credit cards from any American bank are not accepted anywhere in Cuba, so American travelers need to bring all the money they need for their holiday in cash.
Large hotels and resorts will most likely accept payment with international credit cards, and some will only accept credit cards, not cash.
An establishment that accepts only credit cards as payment is probably a governmentally owned establishment.
However, when I went scuba diving in Varadero, I was expected to pay for the day with Euros in cash (CUP was not accepted). Electronic payment proved super difficult, so be prepared.
You can pay for some Cuban services online with your credit card, like bus transfers, on the Viazul Bus Company homepage and tours on Civitatis.
You can also pay online for prebooked accommodation from selected providers before you arrive, like Airbnb, Expedia, and Hostelworld.
What Is the Currency In Cuba for Paladares and Particulares
Private enterprises in Cuba, called particulares, will accept US dollars, Canadian dollars, and US dollars.
Paladares (private restaurants), taxi drivers, private tourist services, sports activities, tours, street food, and almost any service Cubans offer to tourists will also prefer foreign currency as payment.
So you should bring a lot of cash. Pay for stuff in cash in foreign currency, change what you need into CUP in Cuba, and change back what you don`t use when you go home.
Apart from in the governmental MLC stores, you can normally choose to pay with CUP anywhere, although people prefer foreign currency.
Be aware that the foreign currency exchange rate fluctuates and that the market prices of euros and dollars are not the same.
Currency In Cuba: Understanding Cards vs Cash For Locals
Many Cubans do not yet have a bank account. The ones that do have two different credit cards from Cuban banks. One that has only CUP in it, and one that has only “MLC” in it.
MLC means Moneda Libremente Convertible and refers to foreign currency.
When the Cubans talk about the value of the MLC, it is generally the value of the US dollar they are referring to.
As the CUP is the official currency in Cuba, in theory, you should be able to pay for anything with CUP. But this is not the case in reality.
Weirdly, euros and dollars are accepted (or even expected) as payment forms in a lot of places due to their street value and value in so-called MLC shops. Taxi drivers will always expect you to pay in foreign currency.
The Governmental Cuban MLC Shops
The reason Cubans need a special MLC card with foreign currency in it is that in Cuba, there is a chain of governmental shops that do not accept the domestic currency CUP.
These are called MLC shops.
In these shops, Cubans (and foreigners) can only pay with international currency credit cards (except US credit cards). These shops do not accept Cuban currency.
These shops have clothes, shoes, all kinds of soap and vanity things, canned foods, detergents, cleaning stuff, kitchen appliances, interior accessories, refrigerators, and air conditioners. All things necessary, really, except fresh foods.
In order to deposit currency to their MLC cards, Cubans need someone outside the country to transfer currency to their account. Or, they can deposit foreign currency in cash by physically going to the bank and depositing it to their MLC card.
Hence, Cubans can only get the necessary foreign currency in cash if tourists bring it on their holiday to pay for stuff.
State employees (which includes most people) get paid in CUP and are not able to get foreign currency inside Cuba without outside help.
Because of the weird system with domestic MLC shops, the result is you can pay with foreign currency in cash in many places, even in rural areas, as people need it to do their everyday shopping.
How Much Cash Should I Bring To Cuba?
Well, how big is a fish? If you are wondering how much cash you should bring to Cuba, it all depends on how you plan to travel. In luxury or backpacking style, or somewhere in between?
As a rule of thumb, I would say bring the amount of money in cash (Euro, Canadian dollars, or USD) that you plan on spending while you are in Cuba.
Plan for what things you want to do on your Cuba holiday and how much they cost. So make sure to do your research before you go to have a good idea of what amount you need.
Plan your whole budget and bring enough cash for anything you want to do that is not prepaid online before you arrive.
You can easily exchange what currency in euros or dollars you don’t spend when you get back to your home country.
Be aware that due to the pandemic and monetary reforms, there has been large inflation in Cuba.
Prices have increased by 500-1000% on many foods and items in the shops and on the black market.
Therefore, prices in Cuba are higher than before the pandemic, which will be detectable in the prices of food and drinks in restaurants.
Below, you have three examples of travel budgets for Cuba: cheap, budget, and luxury, to give you an idea.
The Cheapest Cuba Vacations
A daily backpacking budget for Cuba should be at least around €80-100.
This budget will get you something like a shared room at a hostel or Casa Particular (€10-25), three cheap meals a day (€50ish), a large bottle of water (€2), a couple of beers (€3-4 each), a wifi card (€1), one or two taxi tours in the city center and entrance to a museum.
This budget will not cover a full night out, journeys, tours, activities, or other transport.
Cuba Budget Travel
A medium-level daily budget for Cuba budget travel would be around €150-200.
On Airbnb, you can get private rooms or even a simple studio apartment to yourself for down to €25 per night, breakfast not included. But mostly the prices are higher than that.
The prices also vary a lot, so do some research for different dates if you are flexible.
In Trinidad, you can get a room in a Casa Particular for around €15 per night and up, breakfast not included. Breakfast was €5 before the pandemic, and in some places, it still is – but it can be up to €7-10.
High-end restaurants OR restaurants that are in the middle of the tourist hotspots in Havana will have higher prices than the casual little ones off the beaten track.
A nice dinner can easily be around €30-50 per person, including drinks. Lunch is a little less.
A couple of taxi trips (€20), entrance to a museum, drinks at night in one of the music bars, water & wifi, and a little tourist shopping, and your budget is already up.
If you want to go shopping, go scuba diving, have treatment at a spa, take a tour, or anything like that, you need to upgrade your budget too.
Cuba Luxury Holidays
Cuba’s luxury holiday budget can quite frankly be limitless; you can get insane luxury in Cuba if money is not an issue. As a rule of thumb, plan for at least $300 dollars a day.
I recently stayed at the Iberostar Selection Bella Vista in Varadero and the Melia Paradiso Varadero, both beautiful places.
Prices were €185 and €285 per day, respectively, all-inclusive. Any activities or amenities not included (like spa treatments, taxis, or tours) add to the budget.
Luxury hotels in Havana tend to offer room and breakfast or half board, not the all-inclusive resort option. Tourists in the capital generally go exploring outside the hotel for lunch and dinner during their stay, and there are plenty of options.
One night at the super stylish Manzana Kempinski Hotel at Parque Central in Havana starts at around $500 per night for one room and two people, including breakfast.
Iberostar Parque Central, which is also a beautiful hotel centrally located between Old and Central Havana, starts at €187 per night, including breakfast.
You can also search for mansions or casas on Airbnb; there are some super fancy options with luxury amenities, such as pools, jacuzzis, and more.
I rented a house that I would call a mansion for my birthday for one night, and that was €400.
In that particular house, there were four bedrooms and room for eight people sleeping.
Also, a huge kitchen, a living room with an oversized TV, a backyard with a pool and bar, and a jacuzzi on the roof.
There is a good scene for fine dining in Havana as well; check out the best restaurants in Havana, including recommendations for fine dining at a la carte places.
Be aware that a lot of restaurants, although they are super elegant, still do not accept credit cards. Ask beforehand, and be prepared to pay in cash.
Pretty much all paladares (privately owned restaurants) normally accept payments in CUP, euro, or both US and Canadian dollars.
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With no budget limitations, you can get a convenient taxi to take you or collect you from anywhere, and you can ride in style with the old classic car taxis that roam the streets.
My general advice is to not expect to be able to buy everything you might want to or need. This is why packing smart for Cuba is the best advice I can give you.
How To Get Cuban Currency
Again, you will not be able to get Cuban currency CUP outside of Cuba. Once in Cuba, you can extract CUP from Cuban ATMs with your national credit or debit card, which is easily available in most cities and towns.
Bring foreign currency in cash to Cuba and change it when you get here.
You can change your foreign currency at Havana airport and other international airports, in exchange offices in Cuban cities (casa de cambio) to the official exchange rate, or you can ask your host for advice.
Cuba Transportation Options And Prices
Transport between destinations in Cuba is definitely the cheapest and quite easy by bus, but more convenient, more expensive, and less time-consuming by taxi.
The following are price examples for Viazul bus travel in Cuba.
- Havana – Varadero $9
- Havana – Vinales $12
- Havana – Trinidad $21
- Havana – Santiago de Cuba (long haul) $56
You should definitely buy your Viazul tickets online beforehand if you can. It is safe, and you do not need to stand in lines or deal with the bureaucracy of buying from a ticket office at a Cuban bus station.
Also, you get your ticket electronically and are guaranteed a seat.
The Viazul bus from Havana leaves from the Terminal de Omnibus Nacionales, on Avenida de la Independencia, Esquina (corner) Calle 19 de Mayo (take a taxi here).
NB: You normally need to be at the bus station ONE HOUR prior to departure.
Depending on the day of the week, departure place, and destination, there might be queues for check-in, luggage drop-off, and entering the bus.
Remember to bring your passport even for domestic transportation.
In Havana, you can take bicycle taxis for short distances, which will be around €3/7-800 CUP.
A private taxi between Old Havana and the Vedado for tourists can be €5-10/1400-2800 CUP, depending on the day and time. Taxi drivers will ask for payment in foreign currency.
A one-hour tour of Havana with a classic American car is around €35 if you find a car in Parque Central and a bit more if you book online to be picked up at your hotel or casa.
Examples Of Prices In Cuba
A bus ride (the guagua, the city bus) or taxi collectivo a short stretch within a city in Cuba should be 1 or 5 CUP (dependent on the bus), which is less than €1/4.
Bici taxi a short stretch (2 persons) around 700-1000 CUP or around €4.
Private taxis between city areas, like between Old Havana, Vedado, and Miramar, will probably be around 2500-5000 CUP for tourists (day-night/weekday/weekend) or €8-20.
One can of foreign beer is 250-260 CUP or around €2-3.
One bottle of wine is a minimum of 1000 CUP, or around 10 Euro, and one bottle of rum from between at least 5000 CUP.
A breakfast or lunch in the daytime with a drink starts at around 500-700 CUP or €4-7 and up.
- Between Havana and Varadero (2,5 hours), a private taxi will be around 25000 CUP €200-300, depending on the day of the week, time, and your bargaining skills.
FAQ Money In Cuba
How Much Is One $US In Cuba?
The Cuban currency CUP is not “hard currency”; it is unstable and fluctuates based on the domestic situation.
The official value of the Cuban peso will fluctuate. Check the current value of the Cuban peso CUP.
What Is The Best Currency To Use In Cuba?
The best currency to bring for your Cuba holiday is euros, Canadian, or US dollars.
You can change euros or Canadian dollars in official exchange offices in Cuba or with a trusted person in Cuba.
Can You Use US Dollars In Cuba?
Private enterprises will accept US dollars as payment in Cuba, although the American currency is officially banned from use in Cuba.
The reason is that the government has an “amnesty” for people returning US dollars circulating on the street on the “black market” to try to reduce the amount of US dollars floating around.
My advice is to bring euros, or Canadian or U.S. dollars, in cash for your Cuba holiday.
What Are The Two Currencies Uses In Cuba?
There are no longer two currencies in Cuba.
The only official currency in Cuba is the Cuban peso, the CUP, also called Moneda Nacional.
Why are US citizens not allowed to travel to Cuba?
This is NOT correct. US citizens ARE ALLOWED to travel to Cuba.
Americans can choose a reason for Cuba travel among 12 pre-approved reasons for traveling to Cuba, determined by the US Government.
Can US citizens travel to Cuba as a tourist?
Technically, US citizens are NOT allowed to travel to Cuba as a tourist. Americans choose between 12 pre-approved reasons for Cuba travel, among which the most common one is “to help the Cuban people”.
American citizens still need to buy a tourist card, also called a tourist visa, to enter Cuba.
What are the 12 requirements to travel to Cuba?
You can read about the 12 pre-approved reasons to travel to Cuba for US citizens here.
The easiest and most common reason for Cuba travel is “to help the Cuban people”. There is no paperwork or application process connected to this; you just choose your reason and state that reason if anyone asks.
What happens if a US citizen travels to Cuba?
Nothing happens if a US citizen travels to Cuba apart from hopefully, the US citizen will have a fabulous holiday and encounter with Cuban culture.
US citizens need to choose one of the pre-approved reasons to travel to Cuba and need to buy the PINK Cuban tourist card, also called a tourist visa.
Selected airlines sell this visa/tourist card, or you can buy one online.
What documents do I need to travel to Cuba?
You need the following documents to travel to Cuba:
- Passport valid for 6 months after the date of entry
- Cuban tourist card / tourist visa
- Proof of travel insurance, including health insurance
- Fill out the d’viajero.cu digital document before your journey
Do Americans need to be vaccinated to enter Cuba?
No, there is no requirement for specific vaccines prior to entering Cuba.
Your country’s health department probably has recommendations for what vaccines you should consider before entering Cuba.
How Do I get a tourist card for Cuba?
You can buy a tourist card online from Easy Tourist Card or from the Cuban embassy in your country.
You might also be able to buy a Cuban tourist card from your tour operator or airline or at the airport prior to departure.
It is possible to buy a tourist card for Cuba at Miami International Airport at the check-in counter with American Airlines and Delta Airlines.
How Do I Get A Tourist Visa For Cuba?
A tourist visa is the same as a tourist card for Cuba. You can buy it from the following places:
- Buy one online from Easy Tourist Card
- Buy one from your airline if they offer this
- Buy one at the airport of departure if they offer this
- Buy one from the Cuban Embassy in your country
Is Travel To Cuba Allowed Right Now?
Yes, Cuba travel is allowed right now.
American citizens need to, in addition, choose one of the 12 pre-approved reasons for traveling to Cuba (Americans can not travel as “tourists”) and follow some simple guidelines for traveling in Cuba.
Wrap-Up What Is The Currency In Cuba?
Although there are no longer two official currencies in Cuba, there is still one official and now several unofficial currency values to wrap your head around.
The different foreign currencies have slightly different values on the street of Cuba, “en las calles“, which is the term Cubans use for whatever goes on outside the private home.
Your key takeaway should be to bring your holiday budget in euros or dollars in cash and exchange it with an office or trusted person. Cubans need foreign cash to shop in the Cuban MLC stores.
Pay in foreign currency when you can; most vendors and service workers will prefer that.
And lastly, spend your money on private enterprises like paladares (privately owned restaurants) and empresas particulares (private businesses)!
Related blog posts:
Is There Wifi In Cuba? | Complete Guide About Internet In Cuba From A Local
How to get a tourist card for Cuba By An Expert (Easy Guide)
