Cuban Money

[Gambitt]

For those new to Cuba, You need to know that there are TWO differnt currencies in use in Cuba.

As a tourist, the only one you need to be concerned with is the Cuban Convertible Peso.  This currency is Not available anywhere outside of Cuba, so you need to exchange your money at a Cadeca (Exchange office) or at a bank, or at the desk of your hotel.

The value of the Cuban Convertible Peso, is equal to 1 $US, +8%.  As the markets fluctuate, your exchange will be based on the conversion factor to $US.

You should also note that if you take actual $US Bills, you will be charged a 10% surplus, on top of the exchange rate.  It is better to take Canadian Dollars, Pounds Sterling, or Euros, which are all easily converted in Cuba, but are not subject to this penalty!


Below are photos of the Convertible Pesos. (front and back)

[Gambitt]

Okay.. Let me try to make it as easy as possible :)

1 Cuban Convertible Peso, always has a value $1.08 $US. It's fixed by the Gov't of Cuba.
The value of Canadian money in Pesos, varies based on the exchange between the $US and the $CDN. Beacuse the Canadian Dollar is almost at par with the US dollar right now, the exchange rate is Almost equal.
You pay a bit more, when you buy Pesos, and get a little less when you sell; because the exchange office has to make a profit as well.
Okay, now the catch.
The Cuban government, is trying to expand their collection of US bills, so if you take $US bills into Cuba to exchange for Pesos, the Cuban gov't takes 10% of your money right off the top, and you only get to exchange what is left, for Pesos.
So, if you exchange $100 US it means that you are only getting credit for exchaning $90, because the Gov't takes the other $10, before they convert the rest.
This does Not apply to Canadian bills, so you will receive credit for the full $100.
So, even if the exchange "rate" is better for the $US, you are still losing out, because of the 10% right off the top.

I hope this clears up the confusion. :)