The Cuban Peso Nacional (CUP) is the country’s official currency, and it is largely used by Cubans themselves. Exchange rates fluctuate but are normally about 25CUP per $1USD on a daily basis. When traveling, it is beneficial to exchange a little amount of your money into CUP.
When it comes to currency, travellers are recommended to utilize Cuba Convertible Pesos, which are convertible into dollars (CUC). You may either exchange them or purchase them at the airport or the resort. Cubans are also eager to accept Canadian dollars and Euros, as well as other foreign currencies.
As part of a broader process of “monetary ordering,” which includes major price adjustments, the elimination of “excessive [state] subsidies and undue gratuities,” and significant reforms, Cuba’s national peso (CUP) and convertible peso (CUC) were unified after nearly three decades of operating with a dual currency.
When planning a trip in Havana, you could expect to spend around 1,383 ($52) per day, which is the average daily price based on the spending of previous guests. Aside from that, the average hotel rate in Cuba is $1,709 ($65) per night for a pair. As a result, a one-week vacation to Havana for two people costs on average 19,361 ($731) per person.
Tipping in Cuban restaurants is not customary. Generally speaking, a regular tip at a restaurant in Cuba is between 10-15% of the whole cost. Of course, if you felt that the service was exceptional, you are welcome to offer a greater tip. Always be kind to your waiters and waitresses, and engage in conversation with them whenever possible.
No, credit cards and debit cards issued by banks in the United States are not valid in Cuba. Because of the official embargo, debit/credit cards issued by the United States are not accepted by Cuban financial institutions. It is essential that you carry enough cash with you to pay your expenses for the full period that you will be in Cuba with you.
Yes, you may tip using Canadian money when you arrive in Cuba, however it must be in the form of a CDN bill, and $5 is the least denomination available. Alternatively, a one-dollar US cash can be used as a gratuity in an emergency. Cubans can exchange US dollars as long as the money is in the form of a bill. Don’t leave a tip in Canadian dollars!
As the country’s central bank, the Central Bank of Cuba (Spanish: Banco Central de Cuba – “BCC”) performs its tasks. The Central Bank of Cuba, like the majority of other government ministries in Cuba, serves as both a financial regulator and a stakeholder in a large portion of the country’s banking sector.
Cuba was rated 70th out of 189 nations in terms of Human Development Index in 2019, with a score of 0.783, placing it in the category of high human development. Approximately 35.3 percent of GDP was owed by the country’s public debt as of 2012, while inflation (measured as a percentage of GDP) was 5.5 percent and GDP growth was 3 percent. The prices of housing and transportation are minimal.
Cuba now has two currencies: the Cuban peso, which is used to pay state wages, and the CUC, which is used as the country’s hard currency. For the general public, one CUC is equal to 25 Cuban pesos, but the government also maintained a false parity with the dollar for state-owned enterprises (state corporations).
Yes, it is illegal, but the likelihood of being discovered and confiscated is near to none. The majority of us who visit there on a regular basis bring back enough money to avoid having to withdraw money when we arrive.