Lois Larson
Cuba has a complex currency system, with two types of pesos, the CUP (Cuban Pesos) and the CUC (Cuban Convertible Pesos). The CUC was historically pegged to the US dollar at a 1:1 ratio, but it is now worthless. Cuban pesos are the currency that most locals are paid in and are used for essential goods such as rationed food and utilities. US dollars are highly coveted in Cuba, and you can exchange them for Cuban pesos at the airport, but you will get a lower exchange rate than elsewhere. It is recommended that you bring US dollars to Cuba and exchange them in the informal market, where you can get a much better rate.
| Characteristics | Values |
|---|---|
| Can US dollars be changed at the Cuba airport? | Yes, US dollars can be changed at the Cuba airport. |
| Exchange rate at the airport | The exchange rate at the airport is lower than the actual rate. The rate at the airport is $1 USD = 120 CUP. The informal rate is around $1 USD = 265+ CUP. |
| Where to exchange currency | It is recommended to exchange currency at your accommodation or at CADECA (Casas de Cambio) which is the government's currency exchange house. |
| Currency to carry to Cuba | It is recommended to carry Euros or US Dollars to Cuba. |
| Currency to avoid | Avoid carrying currencies that are only available in coins such as Canadian Dollars, Euros, and Pounds. |
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What You'll Learn
US dollars can be exchanged at the Cuba airport
Yes, US dollars can be exchanged for Cuban pesos (CUP) at the airport in Cuba. However, several sources advise against exchanging currency at the airport. This is because you will get a lower exchange rate at the airport than you would elsewhere. For example, at the airport, you will get an exchange rate of 1 USD = 120 CUP, whereas on the street, you may get an exchange rate of 1 USD = 265+ CUP.
It is recommended that you bring USD in cash with you to Cuba and exchange your money once you arrive at your destination. You could ask your accommodation host where you can find the best exchange rate, or you could pay your taxi driver in USD and ask them where to exchange your money.
It is worth noting that Cuban monetary policies and exchange rates fluctuate frequently, so it is a good idea to research the current situation before travelling. You will need your passport, or a photocopy or photo of it, to exchange money.
US credit and debit cards do not work in Cuba, so it is essential to bring cash. When departing Cuba, it is advised that you spend or exchange any remaining CUP before reaching airport security checkpoints, as CUP cannot be converted outside of Cuba.
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The airport exchange rate is lower than elsewhere
US dollars can be changed at the airport in Cuba, but it is not recommended due to the lower exchange rate compared to other locations. The Cuban government charges a 10% tax for changing US dollars to Cuban currency, resulting in a less favourable rate than other currencies. For example, changing EUR, CAD, or GBP incurs a 3% conversion fee, while USD is charged the same 3% fee plus the additional 10% tax, amounting to a total of 13%. This means that for every $100 exchanged, there is a loss of $13.
Although US dollars are in high demand in Cuba and can be exchanged unofficially at a rate of 1:1 or even higher, exchanging at the airport will result in a lower amount of Cuban pesos received. It is suggested that travellers bring US dollars or Euros to Cuba and exchange them for Cuban Pesos (CUP) at authorised banks, CADECA (official currency exchange houses), or hotels, as these locations typically offer better exchange rates than the airport.
It is important to note that Cuban policies regarding the use of US dollars may change, so travellers are advised to confirm alternative payment options before their trip. Additionally, when departing Cuba, it is recommended to spend or exchange any remaining CUP before reaching airport security checkpoints, as it can be challenging to sell them once inside.
To summarise, while it is possible to exchange US dollars at the airport in Cuba, the exchange rate is lower than elsewhere. Travellers are advised to explore other options, such as exchanging at authorised banks or CADECA offices, to maximise the value of their currency.
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US dollars are in high demand in Cuba
Cuba has a complicated history with the US dollar. From 1994 to 2020, the Cuban peso (CUP) co-circulated with the CUC, which was convertible to and fixed against the US dollar. During this time, a complex system of multi-track exchange rates and markets created inequalities and rent-seeking opportunities. In 2013, the government announced its intention to abolish this system and phase out the CUC.
In 2019, the Cuban government opened "dollar stores" where Cubans could purchase items, mostly home appliances, at a discount by paying in foreign currency. This move, along with the demise of the CUC, has made US dollars highly sought-after in Cuba. Additionally, certain goods and services are now only available to those with access to dollars, such as gasoline, rental cars, and hotel rooms.
For travellers to Cuba, it is recommended to bring US dollars or other foreign currencies, such as Euros or Canadian dollars, to exchange once in the country. While the official exchange rate at airports and banks is $1 USD = 120 CUP, informal money changers often offer better rates, with some travellers reporting exchanges of $1 USD = 265+ CUP. However, it is important to be cautious when exchanging large sums of money and to be aware of local laws and regulations.
The high demand for US dollars in Cuba has had both positive and negative impacts. On the one hand, it has made it easier for travellers to use their own currency and avoid additional exchange fees. On the other hand, it has contributed to growing inequality between those with and without access to foreign currency.
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US dollars can be exchanged on the black market for a better rate
Exchanging your dollars on the black market can provide you with more purchasing power in Cuba. However, it is important to exercise caution when engaging in these transactions. It is recommended to speak with your accommodation host or trusted locals to find reliable and safe money changers.
Additionally, be mindful of the physical condition of your dollar bills. Crisp, clean, and unmarked $100 bills are preferred, as some money changers may reject bills with any tears or pen marks.
It is worth noting that while US dollars are in high demand in Cuba, other currencies such as Euros are also accepted and can be exchanged for Cuban pesos. However, if you plan to bring US dollars, you can take advantage of the favourable black market exchange rates to maximize your spending power.
When exchanging money, it is suggested to do so in smaller increments of $200-$300 to avoid being left with a large amount of Cuban pesos at the end of your trip. This will also allow you to benefit from the best exchange rates during your stay.
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US dollars cannot be used at state-owned facilities
US dollars are widely accepted in Cuba, and it is recommended that travellers bring US dollars or euros to the country. However, US dollars cannot be used at state-owned facilities in Cuba. This includes the airport, where US dollars are not accepted past the security checkpoint. This is because the Cuban government charges a 10% tax for changing US dollars to Cuban currency, on top of a 3% conversion fee. Therefore, it is recommended that travellers exchange their US dollars on the informal market, where they can get a better exchange rate.
The Cuban government has been trying to tackle the dual exchange rate by taking steps to unify the currency. Previously, the CUC was pegged to the US dollar at a rate of 1:1, but this is no longer the case, and CUC bills are now worthless. The Cuban peso (CUP) is now the only official currency in Cuba, and it is used by most locals for essential goods and services. However, the informal exchange rate for US dollars is still very favourable, at around 1:265 CUP at the time of writing.
It is important to note that Cuban monetary policies and exchange rates are subject to frequent changes, and travellers are advised to confirm the latest information before their trip. Additionally, it is recommended to bring new and crisp $100 bills, as older or marked bills may not be accepted. Travellers should also be aware of scams and only use authorised money exchange locations, such as CADECA ("Casas de Cambio"), the government's currency exchange house.
While US dollars are widely accepted, travellers should be prepared to use other currencies as well, such as euros or Canadian dollars, especially when dealing with state-owned facilities. It is also worth noting that Cuban pesos cannot be converted outside of Cuba, so travellers are advised to exchange any leftover currency before departing the country.
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Frequently asked questions
Yes, it is possible to exchange US dollars for Cuban pesos at the airport. However, it is not recommended as the exchange rate is lower at the airport than at other places.
You can get a better exchange rate by exchanging your money in the informal market. You can ask your accommodation host for suggestions on where to exchange money.
The exchange rate varies depending on whether you exchange your money at the official exchange spots or on the street. At the official, state-run CADECA money exchange locations, you will get an exchange rate of 1 USD = 120 CUP. On the street, you may be able to get an exchange rate of 1 USD = 265+ CUP.
Yes, US dollars are widely accepted in Cuba. However, you will be charged a 13% exchange tax when paying with USD.
USD, CAD, and Euros are all widely accepted in Cuba. However, some sources recommend bringing USD as it has the best exchange rate in the informal market.
