As a traveler, you might use this type of Cuban currency for street food , flea markets, colectivos , local neighborhood restaurants , ice cream stands, or giving tips.
Bills are printed in 1, 3, 5, 10, 20, 50, and peso denominations. Coins are minted in 1, 5, and centavo cent , as well as 1 and 3 peso denominations. Most restaurants , bars, museums, taxis, stores including local department stores , souvenir markets, lodging , and tourist transportations only take CUC. Most travelers only exchange money into CUC. Many richer Cubans, usually those in the tourism industry, have access to CUC and use it frequently. Bills are printed in 1, 3, 5, 10, 20, 50, and CUC denominations.
Coins are minted in 1, 5, 10, 25, and centavo cent , as well as 1 CUC denominations. Exchanging Money In Cuba To get the best exchange rate and avoid getting ripped off, be careful where you exchange money in Cuba. Cuban travel experts recommend that you only exchange money at the following places: Airports : Lines at the Havana airport are often quite long, so plan accordingly.
Cadecas or exchange houses in the city : Ask your casa particular owner or hotel front desk for the closest option. Major hotels like the Hotel Nacional or Hotel Saratoga. Always count the amount of Cuban currency you receive. It's common for tellers to intentionally miscount.
Make sure the currency in your hand matches the number on your receipt when you travel to Cuba. You can often use non-American debit cards to exchange money. You can exchange for CUP , but many airports won't allow it for foreigners. But a few CUP can make a nice souvenir or addition to presents for friends if you find yourself with a lot of CUP left at the end of your trip.
What kind of traveler are you? People want different things when they travel. Find a Local. In the end, the legitimate brother triumphed, although it took a pandemic that ended the tourism boom for this to finally happen. The CUC was created in , shortly after the start of the economic crisis known as the Special Period. Life had become particularly hard for a country clinging to communism following the collapse of the Soviet Union in late Cuba's industrial and agricultural sectors collapsed, but the state continued printing pesos to pay government employees' salaries, leading to galloping inflation.
As the peso's value dropped, those who could access dollars used them more and more. Recognising the severity of the situation, the government decided to legalise the previously forbidden use of US currency. For every dollar entering the Cuban economy, the government would issue one CUC. People would use both dollars and CUCs in an economy that increasingly relied on tourism, remittances and foreign investment. The government's strategy was to separate the unproductive sectors in which pesos were used from new and more lucrative activities for which the dollar and the CUC were the dominant currencies.
Tourists could pay for everything in dollars. State enterprises could open bank accounts in dollars. People could use dollars in the new TRD shops, where items otherwise unavailable could be found.
But the challenge for most Cubans was how to earn dollars within Cuba. Many who had immigrated to the US sent remittances to their relatives using Western Union services, which began operations at the end of The new set of measures put together by the government in the s brought some stability to the island.
But it also encouraged divisions between those with access to dollars and those without. The US did not overlook the use of dollars by Cuban state companies. In May , the US government imposed a million dollar penalty on a Swiss bank for making transactions in dollars at Cuba's request. This prompted the Cuban authorities to take their next step. In November , the government decided that state companies and the general population could only use CUC or pesos.
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