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Money Exchange for Cuba -Services - Money
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Currency information:
Convertible Peso (CUC; symbol CUC$ or $) = 100 centavos. Notes are in denominations of CUC$100, 50, 20, 10, 5, 3 and 1. Coins are in denominations of CUC$1, and 50, 25, 10, 5, and 1 centavos.
Note: US Dollars are no longer accepted in Cuba and visitors will be charged 10% commission on exchanging them. In the 1990s, Cuba decided to slowly get rid of its Dollar reserves, banning the currency from general use and introduced the replacement CUC as a convertible currency under its control. CUCs cannot be purchased or exchanged outside of Cuba. Cuban nationals continue to be paid in the Cuban Peso (CUP; symbol CUP$ or $). In some tourist areas, the Euro is also accepted. Hard currency (ie CUCs not CUPs) must be used in most transactions. As of March 2011, 1CUC=1USD.
Credit cards:
MasterCard and Visa are increasingly accepted, provided they are not issued by a US bank, or a bank with links to the USA, but hefty fees are often added. ATMs are more common but not ubiquitous. However, cash can be obtained in banks and Cadecas with non-US Visa credit and Visa debit cards.
ATM:
ATMs are more common but not ubiquitous, but cash can be obtained in banks and Cadecas (Casas de Cambio) with non-US Visa credit and Visa debit cards.
Travellers cheques:
US Dollar, Pounds Sterling and other major currencies are accepted; US Dollar cheques issued by US banks are not accepted but American Express travellers cheques issued by non-US banks can be exchanged, though not everywhere. It is recommended to take cheques in a currency other than US Dollars.
Banking hours:
Mon-Fri 0830-1200 and 1330-1600, Sat 0830-1200. Hours may vary and banks may be open all day in larger cities.
Currency restriction:
The import and export of local currency is prohibited. The import of foreign currency is unlimited, subject to declaration of funds exceeding US$5,000 on arrival. Export is allowed up to the amount imported and declared.
Currency exchange:
Money should be exchanged at banks or state-run CADECAs. Dollars attract a 10% surcharge on top of the normal commission (US citizens should bring Euros or Sterling to exchange). All local currency must be exchanged again before leaving the country. Card transactions attract a surcharge (of up to 12.5%) - see below.
