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Money
Currency: Cuban Peso (peso) = 100 centavos. Notes are in denominations of peso100, 50, 20, 10, 5 and 3. Coins are in denominations of peso1, and 40, 20, 5, 2 and 1 centavos. The US dollar is also legal tender since 1993 and it is very difficult for visitors to use anything else. In some tourist and large, urban areas, the Euro is also accepted. Hard currency must be used in most transactions.
Currency exchange: Money should be exchanged at official foreign exchange bureaux, banks or international air- and seaports, which issue receipts for transactions. ATMs are currently only available in Varadero and Havana, but cash can be obtained in banks with visa credit or debit cards. At official tourist shops, purchases are made only in US Dollars, it is therefore advisable not to change too much hard currency into pesos. Black marketeers may offer as much as 20 times the official rate for US Dollars, but tourists are advised to avoid them as severe penalties for black marketeering are imposed. There are also many scams as moneychangers on the street often give tourists old pesos instead of the new peso convertible (equal, in theory, to US$1 for a Cuban within Cuba).
Credit & debit cards: Visa and MasterCard are increasingly accepted provided they are not issued by a US bank, but check with your credit or debit card company for details of merchant acceptability and other services which may be available. American Express and other cards issued by US banks are not accepted.
Travellers cheques: US Dollar, Sterling and other major currencies are accepted, but US Dollar cheques issued by US banks are not acceptable (including overbranded cheques from other banks worldwide). The white exchange paper received upon encashment must be retained.
Currency restrictions: The import and export of local currency is prohibited. The import of foreign currency is unlimited, subject to declaration of amounts exceeding US$5000 on arrival; export is allowed up to the amount imported and declared. Generally, a maximum of pesos10 may be reconverted to foreign currency for re-export at the end of the stay but it may only be reconverted on presentation of a correctly filled out official exchange record.
Exchange rate indicators
The following figures are included as a guide to the movements of the Cuban Peso against Sterling and the US Dollar:
| Date | May ’02 | Aug ’02 | Nov ’02 | Feb ’03 | | £1.00= | 30.60 | 31.94 | 33.21 | 33.44 | | $1.00= | 21.00 | 21.00 | 21.00 | 21.00 |
Banking hours: Mon-Fri 0830-1200 and 1330-1500, Sat 0830-1030. Hours may vary and banks may be open all day in larger cities.
Copyright © 2003 Columbus Publishing Ltd.
Terms and Conditions apply.
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