The currency of Cuba is the Cuban peso (CUP), written with the dollar sign $ and divided into 100 centavos. It is issued by the Central Bank of Cuba (Banco Central de Cuba) and, since the start of 2021, is the island's single official currency for everyday transactions. For decades Cuba ran two pesos side by side, so understanding how the system works today matters a great deal for anyone planning a visit.
The Cuban Peso at a Glance
The Cuban peso is the legal tender used for wages, prices, and daily life across the country. A few essentials:
- Name: Cuban peso (peso cubano)
- ISO code: CUP
- Symbol: $ (sometimes written CU$ or MN, for moneda nacional)
- Subunit: centavo, with 100 centavos to a peso
- Issuing authority: Banco Central de Cuba
Because the US dollar is also written with a $ sign, you will sometimes see Cuban prices marked "MN" (moneda nacional) to make clear the amount is in pesos rather than foreign currency. When you see a value with no qualifier in a local shop or market, it is almost always in CUP.
The End of the Dual-Currency System
For nearly three decades Cuba was unusual in having two national currencies in circulation at once. From 1994, the regular Cuban peso (CUP) was used by residents for ordinary needs, while the Cuban convertible peso (CUC) was used in the tourist economy and pegged at 1:1 to the US dollar. Visitors paid in CUC for hotels, restaurants, and taxis, while locals earned and spent in CUP, creating an awkward two-tier economy where one CUC was worth roughly 24 to 25 CUP.
This ended on 1 January 2021, a reform Cuban officials called the "Tarea Ordenamiento" (Ordering Task) and economists nicknamed "Day Zero." The CUC was withdrawn from circulation, citizens were given a window to exchange their convertible pesos, and the CUP became the country's sole currency. The official exchange rate was reset to 24 CUP per US dollar. Unifying the money was meant to simplify the economy, but it also pushed up prices and contributed to a sharp bout of inflation in the years that followed.
Banknotes, Coins, and Cuban Heroes
Cuban peso banknotes circulate in denominations such as 1, 3, 5, 10, 20, 50, 100, 200, 500, and 1,000 pesos, with the higher-value 500 and 1,000 notes added after unification to keep pace with rising prices. Coins are issued in smaller centavo and peso amounts. The notes carry portraits of figures central to Cuba's struggle for independence and its revolution:
- 1 peso: José Martí, the writer and independence leader known as the "Apostle of Cuban Independence"
- 3 pesos: Ernesto "Che" Guevara, the revolutionary commander
- Higher denominations feature other national figures and historic scenes
The imagery is a window into how the nation tells its own story, turning everyday money into a small gallery of Cuban history.
Why Money Is Complicated for Travelers
Even with a single official currency, paying for things in Cuba takes planning, and the reasons trace back to the long US economic embargo. Credit and debit cards issued by US banks generally do not work anywhere on the island, so visitors from the United States must arrive with enough cash for the whole trip. Travelers from other countries may find some cards accepted at larger hotels, but availability is unreliable, and Cuba remains a heavily cash-based society.
Currency itself adds another wrinkle. US dollars have historically faced an extra surcharge when exchanged, so many travelers prefer to bring euros, Canadian dollars, or British pounds to change instead. Official exchange takes place at CADECA bureaus, banks, and airports, but an informal street rate often diverges sharply from the government rate, especially during periods of high inflation. Exchange only what you can use, keep small denominations for tips and taxis, and budget generously, because ATMs can be scarce and unpredictable.
Frequently Asked Questions
Can I still use the CUC in Cuba?
No. The Cuban convertible peso (CUC) was taken out of circulation when monetary unification took effect on 1 January 2021. The Cuban peso (CUP) is now the only valid currency, so any leftover CUC notes are no longer accepted for payment.
What is the best currency to bring to Cuba?
Euros, Canadian dollars, and British pounds are popular choices because they are easy to exchange and avoid the surcharge historically applied to US dollars. Whatever you bring, plan to carry cash, since foreign cards, especially US-issued ones, often do not work.
Do US credit cards work in Cuba?
Generally no. Because of the long-standing US embargo, cards issued by American banks usually cannot be used in Cuba. US visitors in particular should plan to pay in cash for almost everything during their stay.
What is the symbol for the Cuban peso?
The Cuban peso uses the dollar sign $, often written as CU$ or labeled "MN" for moneda nacional to distinguish it from foreign dollars. One peso is made up of 100 centavos.
For more background on the island's geography, economy, and culture, see our cuba country guide.