Cuban Money and How Much Things Cost in Cuba Felix Wong

One of our first orders of business upon exiting the José Martí International Airport in Havana, Cuba was exchanging western currency for Cuban Pesos Convertibles (CUC). This is especially important for Americans—at least at the time of this writing (January 2017)—because it is nearly impossible to withdraw CUC from ATMs or CADECAs (casas de cambio, or currency exchange places) using U.S. debit or credit cards. And even if you are not an American, most transactions are conducted in cash—although you might be able to use a non-U.S. credit card at some of the more touristy establishments if you are lucky.

Some websites such as WikiTravel.org (which turned out to be outdated) we had read before our trip said that exchanging dollars for CUC—which usually trades at about a 1:1 ratio—incurs a 10% penalty at the CADECAs.

Therefore, before we even hopped on a plane to Cuba, we exchanged dollars for euros at Wells Fargo, believing we would get more favorable exchange terms in Cuba.

We were kind of dismayed, then, when we tried to exchange EUR for CUC, and discovered that the exchange rate in that direction was only 1:1.007 EUR:CUC. (Per the Internet, we were expecting 1:1.08, for a difference of over 7%!) In addition, it appeared that the rate for exchanging dollars for pesos convertibles was 1:0.96850 USD:CUC (expected was 1:1). This did not seem like the big penalty we were expecting. This is what the CADECA at the José Martí Airport listed on their external displays (January 2017):

Currency Exchange for CUC Exchange from CUC

EUR 1.007 1.09824
USD 0.9685 1.0336

(Multiply the numbers by whatever currency—EUR, USD, or CUC—you have in hand to get the desired currency.)

In fact, there does not seem to be a penalty for exchanging USD for CUC and vice-versa anymore. Per my friend Leanne who went to Havana in March 2017:

USD conversation was definitely better. It was .9 at the airport. And in town it was .96 or .93 depending on whether or not you had large bills. No transaction fee.

Therefore, if you are an American, I would say don’t bother to exchange dollars for euros before going to Cuba—just exchange dollars for CUC straight up.

The Two Types of Currency in Cuba

So I already mentioned one type of Cuban currency: the Cuban Convertible Peso (CUC), which is essentially worth as much as a U.S. dollar. But most locals use Cuban Pesos (CUP). One CUC is roughly equivalent to 25 CUP.

Some, but not all, establishments will charge locals one price in CUP, but tourists a totally inflated price in CUC. The worst I saw were some of the government tourist destinations such as the Fortaleza San Marcos a la Cabaña. Admission was 8 CUP for locals, but 8 CUC for tourists. That’s a difference of 25 times.

We did encounter a many little restaurants that would do fair conversions. Sometimes it is difficult to do the math in your head since you would need to multiply or divide by 25, so don’t be afraid to use the calculator on your smartphone for transactions.

How Much We Spent

Maureen and I went to Cuba with 490 EUR between us and came back with 130 EUR after 5.5 days. (I did pay in advance for two nights at our second casa particular, however, so USD$70 was not factored into the math.) However, we didn’t go completely crazy with buying drinks and we also frequently had lunch or dinner at authentic, local restaurants. We also managed to acquire some CUP even though I think the Cuban government wants tourists to use CUC exclusively (or primarily). Having CUP made it easier to pay local prices without getting ripped off.

Sampling of Costs

All costs below are representative of Havana in January 2017.

Transportation

  • Taxi fare from Terminal 3 to Terminal 2 at José Martí International Airport in Havana: 5 CUC (negotiated down from 10 CUC)
  • Taxi fare between José Martí International Airport to El Capitolio: 30 CUC
  • Collectivo from the Fabrica de Arte Cubano (FAC) to Havana Vieja: 8 CUC for 4 people
  • Taxi fare from Havana Vieja to Guanabo: 10 CUC for 4 people
  • Ferry ride to/from Havana Vieja/Casablanca: 20 CUP
  • Local bus fares: 5 CUP (exact number could be different but I seem to remember it costing only USD$0.10 or $0.25 for a cross-town ride).

Lodging

  • Casas particulares (private homes like AirBnBs): 30-35 CUC for a bedroom. (Alex and Matt even got a whole apartment for 35 CUC one night, with the owner living next door.) You can either make a reservation in advance on sites like AirBnB.com or Homestay.com, or you can try your luck and look for a casa particular by looking for white rectangular signs (approximately 1 ft. X 2 ft.) with a blue boat anchor on it saying something like Arrendedor Divisa. Remember to bring toilet paper!

Food & Drink

  • A daiquirí at El Floridita (Hemingway’s favorite place for daiquiris): 6 CUC
  • A daiquiri at Café Europa six blocks east on Obispo St.: 2 CUC
  • Restaurant tipping if service charge is not already included on bill: 10%
  • Entrées: The super touristy places will charge about the same amount as in the States (e.g., 10-15 CUC), but there are many restaurants (even some touristy ones like Café Europa on Obispo #301 or El Patchanka on Bernaza #162) that will charge 4-6 CUC per entrée. At the more authentic “holes-in-the-wall” that list their prices in CUP, entrées are usually more like 2 CUC.
  • 2.5-liter bottles of water: usually 1.5-2 CUC, although I once got ripped off for 3 CUC
  • “Freshly squeezed organic sugar cane” + rum drink at outdoor restaurant about a 1/4-mile south of El Morro: 4 CUC
  • Rum in coconut drink at the Playas del Este: 4 CUC
  • Most cocktails like mojitos in restaurants like El Patchanka: usually 2-3 CUC
  • Bunch of small bananas from roadside cart: 10 CUP

Sites to See

  • National Museum of Fine Arts: 8 CUC
  • Fortaleza de San Marcos de La Habaña: 8 CUP (locals), 8 CUC (tourists)
  • A bocadito (small sandwich with meat) at street-facing stand: 10 CUP (locals); 2.5 CUC (tourists)
  • Umbrella and two chairs at one of the beaches at Playas del Este: 8 CUC
  • Cover charge + two cocktails like mojitos at La Zorra y El Cuervo jazz club: 10 CUC

Bathrooms with attendant (most of them)

  • Tip (hopefully you get 4-6 toilet paper squares, if needed, in return): 5 CUP or 0.25 CUC

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