In December 2020, Cuban president Miguel Díaz-Canel announced the country would discontinue using one of its two currencies, the Cuban convertible peso (CUC), beginning January 2021. That makes the Cuban peso (CUP) Cuba’s only official currency.
And only using CUP isn’t such a bad change, as CUP will let you experience the country’s true flavor. Fresh juice and other delicious street treats are available for cheap using CUP.
Note: Former president Trump banned civilian tourist travel to Cuba in mid-2019. This restriction is a rejection of Cuba’s communist policies by keeping US tourist dollars out of the Cuban economy.
You can still visit Cuba — but it’s a bit complicated. You must acquire a general license, albeit only for specific circumstances. This includes visiting family, religious activities or humanitarian aid.
Should it be a travel card, a debit card or credit card?
A debit card is definitely the way to spend in Cuba, as you shouldn’t have any problem using it to withdraw cash from a bank — though you may have issues using ATMs on the street. Mastercard and Visa will typically work for over-the-counter cash withdrawals, but be aware that some card brands won’t work at all. Generally speaking, credit cards originating in the United States will not work in Cuba.
Although no prepaid travel cards currently support Cuban pesos, preloading a currency with a good history against the Cuban pesos could be beneficial. While there are travel cards that don’t charge for currency conversion, it is important to consider the back-end fees, exchange rate and if you want to manage an extra account.
As we mentioned before, cards can work in some places and not in others. This is why it’s important to spread your funds across a couple of different types of travel money options. Take as much cash as you can with you to Cuba and use a debit card when you need more money.
These are your options for spending money in Cuba
Here are some of the benefits and disadvantages of using different types of travel money products in Cuba.
You’re currently out of luck when it comes to using a credit card in Cuba. But if you have a credit card from another country, such as Canada, you might find some success.
Where credit cards are accepted, Visa and Mastercard credit cards will give you no problem making purchases or withdrawals from ATMs in Cuba. Look for a card that waives foreign transaction fees. Generally, not many places accept credit cards in Cuba, so you’ll want to focus more on access to cash.
Pros
Protected by PIN and chip
Access to funds within your credit limit
Accepted worldwide
No currency conversion or transaction fees
Rewards points and frequent flyer perks
Emergency card replacement
Cons
US credit cards not currently accepted
High withdrawal and cash advance fees
Spending depends on credit limit
Which credit card issuers are accepted in Cuba?
If you’re using a US credit card, you won’t find luck with any of the providers below. But even with cards from other countries, acceptance is fairly low.
If you’re going to use a debit card when you’re on vacation, paying the extra fee for currency conversion may be unavoidable — unless you can get your hands on the Capital One 360 debit card.
No travel cards support the Cuban peso, so look for a card that waives currency conversion fee, such as
Travelex. It won’t charge for currency conversion when you spend in pesos, which can be higher than what you’d pay if you use your regular debit or credit card. The downside is these cards charge a couple of dollars for international ATM withdrawal in Cuba.
Pros
Protected by PIN and chip
Preload and secure your exchange rate in multiple foreign currencies
Take as much cash with you as you can as it will be easy to exchange when you go to Cuba. Make withdrawals from your debit account and use your credit card for big purchases. We’ve heard different cards will and won’t work in different places, which is why it’s important to have as much cash on you as possible.
Don’t worry about traveler’s checks in Cuba, as there are fewer places than ever to get a traveler’s check cashed. Card providers can give you a full refund if you get your credit or debit card scammed.
Pros
Secure and can be easily replaced if lost or stolen
Old Havana is infamous for its share of pickpockets and bag-snatchers. Watch out while in busy marketplaces and on public transport, nightclubs and tourist attractions. Beware of misdirection schemes, where one person distracts you while another takes off with your wallet, bag or purse.
What are the currencies that can be easily exchanged in Cuba?
US dollars (USD)
Canadian dollars (CAD)
British pounds (GBP)
Mexican pesos (MXN)
Euros (EUR)
Japanese yen (JPY)
Swiss francs (CHF)
Tip: You’ll have to pay a fee for an entry visa when you arrive in the country. It’s about $20 or 240 pesos.
Exchange rate history: USD to CUP
Year
Average annual exchange US dollar (USD) to Cuban Peso (CUP)
2012
26.5
2013
26.5
2014
26.5
2015
26.5
2016
26.5
2017
26.5
*Exchange rates are accurate as of 5 September 2017
A guide to Cuban banknotes and coins
Cuban banknotes are quite different, so you may want to familiarize yourself with them before heading there:
Banknote
Cuban Peso (CUP)
$5
$10
$20
$50
$100
Buying Cuban pesos
You can’t buy Cuban pesos in the US, so you’re going to have to wait until you get there to obtain local currency. When you arrive in Cuba, you can get your cash changed at the airport or look for cadecas (money changers).
How much should I budget to travel in Cuba?
All prices are in US dollars.
Budget (Cheap)
Midrange
Luxury (High-end)
Accommodation
Hotel room per night $20
Casa Particular (double room) $30
Hotel Nacional de Cuba Havana (standard room) $130
Meals
Real Cuban restaurant Meal for two, no alcohol $5–$13
Meal for two with one alcoholic meal $30–$45
Meal for two with a bottle of wine $50–$100
Activities
Wa-Wa – local bus $0.02
Taxi (public) $5–$20 depending on length of journey
Tourist Bus: Viazul: Havana to Varadero $10
*Prices are approximate and are subject to change.
Case study: Oliver's experience
Oliver
Interview with Oliver about using travel money in Cuba
We interviewed Oliver, a finder.com user, and asked about how he spent money during his visit to Cuba as he explored Havana, Trinidad and Camaguey.
Do you have any Cuba travel money tips?
Oliver says it’s better to take euros than US dollars to Cuba. If you’re trying to exchange US dollars, a 13% fee applies to the transaction.
You’ll pay 10% for changing US currency — but other currencies such as euros don’t incur this fee — and 3% for actually exchanging the cash. This fee applies no matter which currency you’re trying to change.
Get travel insurance quotes for your vacation in Cuba
Heading to Cuba? Travel insurance is a must. Since May 2010, travel Insurance for the duration of your trip with sufficient medical cover has been a requirement for entry into Cuba.
Travel insurance can protect you from common travel risks such as:
Kyle Morgan is SEO manager at Forbes Advisor and a former editor and content strategist at Finder. He has written for the USA Today network and Relix magazine, among other publications. He holds a BA in journalism and media from Rutgers University. See full bio
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