(content by Sherri M)
Luxury cities and exotic places mostly top the wish-list of the people whenever they think about planning a holiday. But little do people know that Cuba, with its untouched beauty, cultural fringes, simplicity and historical relics, has everything to win your travel bucket list. That’s why since 2014, Cuba has managed to gain a prominent place in the New York Times’ list of the hottest places to visit.
That’s great if you are already planning to go to Cuba and drench in its extravaganza. But wait, have you collected adequate knowledge about Cuban currency to avoid any trouble amidst your journey? If your answer is no, this article is for you. Cuban currency can confuse you! On top of that you need to know the current status of the US dollar in Cuba after the resolution of the Cuba-U.S. conflict. And not to forget the credit card scene in Cuba. No need to freak out, this guide can help you to know the insight into the enigma of Cuban currency to make your journey stress-free.
Type of Currency:
It seems that Cuban currency has taken inspiration from its dynamic history because it is also not simple to understand. To your surprise, there are two currencies in Cuba, National Peso and Convertible Peso, and both of them are valid. The Cuban Peso, or CUP, is usually used for paying wages to the state workers, but the Cuban Convertible, or CUC, is also not out of the question. In fact, Cuban Convertible Peso is called a tourist currency because you will be paying your accommodation, bus and taxi fares and guided tours in CUP. However, you still need CUC currency if you need to try some street food. See? It’s a bit complicated!
Another thing you must know is that 1 CUC is equal to 25 CUP. So, if you run out of your budget and want your family to transfer money to Cuba for your remaining trip, you need to decide whether you want money in CUC or CUP.
Exchanging Peso in Your Native Country:
The world has slowly, but finally decided to embrace Cuba; however, you still can’t exchange Cuban currency in any other country. You can only get Cuban currency only in Cuba. You should better take Euro, Pounds or Canadian dollar to Cuba and exchange it over there. But if your native currency is neither of them, check out the exchange rate for these three currencies in your country. Go with the one that offers the best possible exchange rate and minimum taxation to take it along to Cuba.
Understand Money Exchange Formula in Cuba:
Don’t listen to online sites to know the exact exchange rate in Cuba. You need to indulge in some mathematics to know exactly what exchange rate you are going to encounter on the soil of Cuba. Let’s say that you want to exchange USD to Peso; the online sites will say that you will exchange 10 USD for 10 CUC. But this isn’t the case! You will pay 13% in total: 10% as penalty charge and 3% currency exchange fee.
Now you know the basics of the Cuban currency, the currency you should take and the plausible exchange rate. So, what are you waiting for? Get ready to take a dip in the beauty of Cuba – it is worth it!
