What Type Of Money Do They Use In Cuba?

What Type Of Money Do They Use In Cuba?

Cuba’s official currency is the Cuban peso, also known as the C.U.P., and it is the only money that is accepted across the country. While you are welcome to bring any sort of cash to the island and exchange it for pesos once you arrive, most people prefer to bring dollars or euros, however the CADECA money exchange stations will take a variety of different currencies.

What currency do tourists use in Cuba?

Tourists will use the Cuban Convertible Peso (CUC), whilst residents will use the Cuban Peso (CUP), which is the standard Cuban currency. As a result, the Cuban money conversion rate for these two currencies is significantly different, with the CUC about equal to the value of an American Dollar and the CUP equal to one twentyfourth of a CUC, respectively.

Can I use Canadian dollars in Cuba?

Cuban currency is classified as a closed currency, which means that you may only access the money spent in the country where you intend to go. Before going for your Cuba holiday, you will not be able to convert your Canadian dollars for Cuban cash at a Canadian financial institution. What is the official currency of Cuba? Tourists can get money in Cuban pesos.

Why does Cuba have two currencies?

Beginning in 1994, the government implemented a two-currency system as a means of coping with the country’s ailing economy. At its inception, the Cuban Convertible Currency, or CUC, was intended to be used primarily in the tourism sector and to purchase luxury products. Today, it is only used by tourists, and the conversion rate is one CUC for every one dollar spent in the United States.

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