CUC, exchanges rates, currency cuba, money,cuc, billetes, Cuban Convertible Peso, Cuban Pesos, bank, changes, tax, interest rates

There is a big confusion for a traveller relative to the several currencies that are used in Cuba. In this page we will try to clarify this issue. Until recently there were up to four currencies circulating in Cuba, but not any more. I said "up to four" because the last incorporation to this monetary mixture was the Euro, but was accepted only in limited touristic areas like Varadero.
In November 2004 the Cuban authorities eliminated the circulation of dollars and any other "convertible currency" in all the country. Additionally the Cuban Central Bank (BCC) resolution 80/2004, establishes that from November 8/2004 onward, the exchange of US dollars for Convertible Pesos will bear a 10 per cent tax. The measure is applied to nationals and foreign visitors in stores, hotels, bars, cafeterias, taxis, rent-a-car companies and any other business that presently accepts cash payments in US dollars.
In April 2005 Monetary Politics's Committee takes the Agreement No.15, where the rate of change of the Cuban Convertible Peso with relationship to the American Dollar and other foreign currencies was re-evaluated in 8%. To calculate how many CUC can be bought with one USD, should take in bill three elements or factors: the tax implemented by the Resolution 80, of 10%, the re-evaluated announced in the Agreement No.15 of Monetary Politics's Committee, of 8%, and the commercial margin that is applied in this type of transactions that is variable but that approximately it is of 3,5%. With these elements you can calculate that for one hundred dollars are bought, approximately, 80.42 Convertible Pesos (CUC).

The currencies currently accepted in Cuba are:

There are a some scams and cheats in the streets based in the ignorance of the common traveller of the differences between the Convertible and Not Convertible pesos. In the following tables you will see all denominations currently in circulation of the Convertible Peso and Cuban Peso. Bills are easy to difererence. All Convertible Pesos have the phrase "convertible pesos" both in the front, and the back..