Cuba Currency Rate: History, Types, and Exchange

Cuba's currency rate has a rich history that spans over a century. The Cuban peso was first introduced in 1898.

Prior to the peso, the Cuban currency was the Spanish dollar. The peso replaced the dollar in 1898. The Cuban peso was pegged to the US dollar until 1905.

The Cuban economy was heavily reliant on the US dollar until the 1960s, when Fidel Castro's socialist revolution took power. The Cuban peso has since been pegged to the Soviet ruble and later to the euro.

The Cuban government has maintained strict control over the currency, limiting foreign exchange and restricting access to US dollars.

The Cuban peso was introduced in 1898, replacing the Spanish peso as the official currency of Cuba.

The peso was pegged to the US dollar at a rate of 1:1 from 1898 to 1905.

The Cuban government introduced the Cuban peso fuerte in 1905, which was pegged to the gold standard.

The peso fuerte was replaced by the Cuban peso in 1915, after the country's economy suffered from a major banking crisis.

The Cuban government introduced the Cuban convertible peso in 1994, pegged to the US dollar at a rate of 1:1.

The Cuban convertible peso was used for international transactions and tourism.

The Cuban government introduced the Cuban moneda nacional in 1997, which is the current local currency used for domestic transactions.

The Cuban moneda nacional is pegged to the Cuban convertible peso at a rate of 1:24.

Cuba has a unique currency system, with the Cuban Peso (CUP) and the Cuban Convertible Peso (CUC) being the two main types of currency in use.

The Cuban Peso is the official currency of Cuba, used for everyday transactions and is pegged to the Cuban economy. It's subdivided into 100 centavos.

The Cuban Convertible Peso, on the other hand, is pegged to the US dollar and is used for tourist transactions, as well as for importing goods and services.

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In the 1990s, the convertible peso was divided into 100 centavos. This led to the introduction of various coins.

Coins were introduced in 1994 in denominations of 5, 10, 25, and 50 centavos and 1 peso in nickel-plated steel. The 1-centavo coin was introduced in 2000.

A rare bimetallic 5-peso coin was introduced in 1999. This coin is distinguishable from other CUC coins due to its unique composition.

CUC coins can be distinguished from CUP coins by differences in their color and shape. CUC coins are mostly nickel-plated steel, whereas CUP coins are made of aluminum or brass, and have an octagonal shape in their outer round rim.

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The Banco Nacional de Cuba plays a significant role in Cuba's currency system.

You can exchange CUCs for CUP at a Banco Nacional de Cuba, but it's not the only option. All banks will change CUC to CUP, making it a convenient choice.

In 1949, the Banco Nacional de Cuba resumed paper money production, introducing notes in denominations of 1, 5, 10, and 20 pesos.

Banknotes above 100 pesos were not continued after 1950.

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Foreign Exchange Certificates were introduced in 1985 by the Banco Nacional de Cuba, with denominations ranging from 1 to 100 pesos.

The Banco Nacional de Cuba issued these certificates in seven different denominations: 1, 3, 5, 10, 20, 50, and 100 pesos.

These certificates were not equivalent to the CUP, Cuba's national currency.

After 1994, Foreign Exchange Certificates were replaced by the CUC, also known as the convertible peso.

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Cuba's banknotes have a rich history, with the first issue introduced by the Banco Español de la Habana in 1857 in denominations of 50, 100, 300, 500, and 1,000 dollars.

In 1869, the Republic of Cuba issued notes in denominations of 50 centavos, 1, 5, 10, 50, 500, and 1000 pesos, during the Ten Years' War. These notes were a crucial part of Cuba's economy during that time.

The Banco Español de la Habana continued to issue new denominations, including 5 and 10 peso notes in 1869, and 5, 10, 25, and 50 centavo, and 1 and 3 peso notes in 1872.

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The INTUR coins were a special series issued by the National Institute of Tourism in Cuba.

These coins were introduced in 1981 and featured cupro-nickel 5, 10, 25, and 50 centavos, as well as 1 peso.

In 1988, aluminium INTUR coins were added to the mix, with denominations of 1, 5, 10, 25, and 50 centavos.

The INTUR coins were eventually demonetized on October 15, 2001, and were replaced by the convertible peso (CUC).

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The CUC coins were introduced in 1994, featuring denominations of 5, 10, 25, and 50 centavos and 1 peso in nickel-plated steel.

These coins were the first of their kind, marking a significant change in Cuba's currency system.

In 1999, a rare bimetallic 5-peso coin was introduced, adding to the diversity of CUC coins.

The 1-centavo coin was introduced in 2000, expanding the range of denominations available.

CUC coins co-circulated with CUP coins, with the main distinguishing feature being their color - mostly nickel-plated steel for CUCs, versus aluminum or brass for CUPs.

The octagonal shape visible in the outer round rim of all CUC coins is another way to tell them apart from CUP coins.

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The Banco Español de la Habana introduced Cuba's first issue of banknotes in 1857 in denominations of 50, 100, 300, 500 and 1,000 dollars.

In 1867, a 25 peso denomination was introduced, and the 5 and 10 peso denominations followed in 1869.

Notes were issued dated 1869 in the name of the Republic of Cuba in denominations of 50 centavos, 1, 5, 10, 50, 500 and 1000 pesos during the Ten Years' War.

The Banco Español de la Habana introduced 5, 10, 25 and 50 centavo, and 1 and 3 peso notes in 1872.

In 1891, the Treasury issued notes for 5, 10, 20, 50, 100 and 200 pesos.

The Banco Español de la Isla de Cuba issued notes in denominations of 5 and 50 centavos and 1, 5, 10, 50, 100, 500 and 1000 pesos in 1896.

The National Bank of Cuba (Banco Nacional de Cuba) issued notes for 1, 2, 5 and 50 pesos in 1905.

However, it's worth noting that the 1905 banknotes were not issued, according to Pick's catalog.

The Government introduced silver certificates (certificados de plata) in denominations of 1, 5, 10, 20 and 50 pesos in 1934.

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Exchanging money in Cuba can be a bit confusing, but don't worry, I've got the lowdown. As of 2025, the official exchange rate for Cuban Pesos is 120 CUP to 1 USD.

You can get your Cuban currency at the airport in Havana, where you'll find ATMs and currency exchange windows. It's easy and quick to withdraw local currency with a cash or credit card. However, exchanging your money isn't necessary since USD are accepted at almost every business.

The informal conversion rate is around 320 Pesos to 1 USD, which means you'll get more than twice as much CUP if you exchange your USD on the informal market. To check the most up-to-date statistics on this rate, visit El Toque, a news site that updates it daily.

Here's a quick rundown of the exchange rates:

The Banco Central de Cuba, also known as the Central Bank of Cuba, is the Cuban centre of economics.

In 1997, the functions of Banco Nacional as a central bank were transferred to the Central Bank of Cuba, including issuing notes and coins.

The Central Bank of Cuba is responsible for managing the country's currency, the Cuban peso. Banknotes currently in circulation are 1, 3, 5, 10, 20, 50, 100, 200, 500, and 1000 pesos.

Here's a list of the current banknotes in circulation, including their values and notable figures on the obverse and reverse sides:

The 1961 bank notes were demonetized on May 1, 2002, and were replaced by new banknotes in 2015.

You can get your Cuban currency, Cuban Pesos (CUP), at a CADECA, which is a money changer, or at a bank. In fact, all banks will change CUCs to CUP.

To get CUP at a CADECA, head upstairs from the Arrivals area at Havana Airport, where you'll find 4 ATMs and a couple of currency exchange windows. This is where you can exchange your money for CUP.

Alternatively, you can use an ATM to withdraw local currency. If you have a cash or credit card, it's easy and quick to withdraw CUP.

It's worth noting that exchanging your USD for CUP at an official exchange office (CADECA) won't get you the best rate. The official rate is 120 CUP to 1 USD, but the informal conversion rate is around 320 Pesos to 1 USD.

Here are some exchange rates to keep in mind:

To get the best exchange rate, consider asking a trusted guide, hotel concierge, or rental host for assistance. They can help you find a better rate than the official one.

You can get your Cuban currency (CUCs) at the airport in Havana, specifically at the Arrivals area upstairs.

There are 4 ATMs and a couple of currency exchange windows available, so you can easily exchange your money or withdraw local currency.

If you have a cash or credit card, it's easy and quick to get your CUCs, saving you time in line.

If you're traveling from the US to Cuba, be prepared to bring some cash. Travelers visiting Cuba without a tour operator should bring at least $200 in cash per person for each day spent on the island.

This amount ensures you have plenty of money for food, incidental expenses, and souvenirs. For example, $200 per day can cover meals, drinks, and tips, as well as any unexpected expenses that may arise.

Travelers on a Cuba Candela tour, however, have less to worry about, as activities, transportation, and some other expenses are already paid for. In this case, bringing at least $100 per day should be sufficient.

You can get your Cuban currency at Havana Airport, specifically in the Arrivals area upstairs, where you'll find 4 ATMs and a couple of currency exchange windows.

Lines can be long for the windows, but if you have a cash or credit card, it's easy and quick to withdraw local currency for your taxi fare to the city centre.

To get local Cuban pesos, find a "casa de cambio" – a money changer – referred to as a CADECA in Cuba.

All banks will change CUC to CUP, but we only used the CADECAs, where we were never asked for our passport – you may need your passport at the bank.

Here's a quick rundown of exchange rates in Cuba: