There are two currencies in Cuba – one for locals and one for tourists. Tourists use CUC (pronounced kook), which has the exact value as USD. CUC stands for “Convertible Peso” which is written on the bills. CUP is the local currency and is valued at $25CUP to $1USD. During our 10-days in Cuba we did not see a single CUP. Unless you plan to visit areas that do not cater to tourists, having CUP is unnecessary.
When exchanging money in Cuba, USD is subject to a 10% exchange fee. Bring either CAD, EUR, or GBP, which are subject to the standard 3% exchange fee. Cash is used everywhere and credit cards are useless. On the rare occasion credit cards are accepted, American transactions will be denied.
An easy way to acquire this foreign currency, such as EUR, is through your personal bank in the US. Shortly after it is requested most banks will have the desired currency waiting at a local branch. It will be subject to a small fee, but will be less than the 10% exchange fee for converting USD to CUC.
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