There
are two kinds of legal tender in Cuba: domestic
pesos (moneda nacional: MN) and, convertible
pesos (moneda libremente convertible MLC).
MLC is known as CUC and is equivalent to
1.08 USD.
Although most visitors
will never see any MN while in Cuba, is
noteworthy to mention that MN can be freely
exchanged for CUC at any CADECA (currency
exchange booth).Cubans and foreigners alike
may affect the exchange and the current
rate is 24 MN per 1 CUC.
Cuba´s tourism sector
is operating in convertible pesos starting
on November 8th 2004 thus replacing the
US dollar to pay for sales and services.
Cuba´s Central Bank informed that
payments in hotels, restaurants, bars, cafeterias,
taxis, shops, car rental companies and other
services will be made in convertible pesos.
USD will be subject to
18% commission charge.
All other currencies will
be subject to 8% commission charge.
For non-US visitors ,
this simply means upon arriving in Cuba
you will exchange your Canadian dollars,
Euros, Swiss Francs, or British pounds at
the airport or your hotel for CUC at or
near established international exchange
rates. When departing, you will be able
to convert them back to the currency of
your choice, but remember, there's always
fees when exchanging currency.
US visitors will have
two choices. Before arrival, you can purchase
Canadian dollars, Euros, Swiss Francs or
British pounds and exchange them as mentioned
above. You can purchase CUC with USD, but
an additional 10% fee will be assessed as
well as the exchange rate.
At Jose Marti Airport
in Havana, exchange desks are set up near
the luggage carousel enabling you to exchange
your money while waiting for your luggage
(other airports should be similar). Once
in the public area of the airport, you will
have to go to the exchange counter on the
main floor or the bank on the 2nd floor
for any currency conversion. Throughout
Cuba, any bank and most CADECA exchange
counters will perform this service.
When departing Cuba,
it may be advisable to exchange most of
your money prior to arriving at the airport
as occasionally, your currency of choice
may not be available. Remember to keep enough
money for minor purchases and your departure
tax of $25 per person.
Don't think of both currencies
as pesos. Consider and call the convertible
peso a "dollar" and the Cuban
peso a "peso". Cubans call the
tourist dollar a "chavito" and
the Cuban peso "moneda nacional"
or MN. In reality, very few tourists to
Cuba will even encounter Cuban pesos. If
you travel off the beaten track or are familiar
with Cuba, you may indeed run into pesos.
Admittedly, the use of the "$"
sign for both pesos and dollars can occasionally
be confusing. I've paid one dollar for an
orange juice in Old Havana and one peso
(1 nickel) for orange juice in the country.
Both would be marked as $1 (CUC should have
2 vertical lines, while the peso only has
1). However, if in doubt, it's advisable
to ask whether the price is dollars or pesos.
Currencies from other
countries may be exchanged at airports and
banks for MLC. Any remaining MLC after one’s
trip may also be reconverted at the airport
before leaving (a wise maneuver as it has
no value outside of Cuba). Cash withdrawals
are also possible from Visa and Mastercards
issued by non-U.S. banks.
More info at Cuba´s
Central Bank
www.bc.gov.cu |
