CUP Value – How Much is it Worth?

1 CUC = 24 CUP

If you have Cuban Convertible Pesos and would like to exchange them for Cuban National Pesos, you will get 24 CUP for each 1 CUC. If on the other hand you would like to sell Cuban National Pesos and get Cuban Convertible Pesos, you will get 1 CUC for 25 CUP.

Cuban Pesos Exchange Rate

Note – you can not exchange foreign currency for Cuban Pesos. Only Cuban Convertible pesos. Te check out exchange rate for Cuban Convertible Pesos, go to CUC Page.

Do Tourists use Cuban Pesos?

Generally no. As a tourist you will most likely never encounter CUP currency, nor you will have to deal with it. However if you decide to explore a little bit more of Cuba and get off the beaten path, having Cuban Pesos could be beneficial. For example if you were to take a public transport bus in Havana, the charge for that ride is $1 CUP – if you don’t have Cuban Pesos, you will have to pay in Cuban Convertible Pesos (CUC) which ends up being much more. Also, if wander into small towns that are not touristy, you will have small pizza places that charge as little as $5 CUP per pizza. That’s an equivalent of one Canadian quarter.

Places that accept CUP will also accept CUC, so even if you don’t have any Cuban Pesos you will still be able to pay for their items. However you always end up overpaying so having CUP readily available could be beneficial. One can easily get by with CUC only, even off the beaten tourist path.

Cuban Pesos Scams

While most visitors to Cuba will not encounter any problems, it is essential to get familiar with both currencies as it is a common practice among Cuban conmen to accept payment in Cuban Convertible Pesos (CUC) and give change in Cuban National Pesos (CUP). You will be getting face value, but actual value of CUP is mere 1/24th of CUC so you will get ripped off big time. Get familiar with Cuban money to avoid this scam.

Where to Buy Cuban Pesos?

Just as it is with Cuban Convertible Pesos, you can only purchase Cuban Pesos in Cuba. This currency is not recognized in any other country and is not available in any other country. In order to buy CUP, you need to visit one of the banks (Banco Metropolitano) or exchange offices (Cadeca) in Cuba.

It is worth finding up front whether location you are at does exchange CUC for CUP as not all of them do, but employees will gladly tell you which location does this exchange. Exchange offices that do exchange Cuban Convertible Pesos into CUP are typically very busy with long line of people waiting to be served. Cuba is notorious for that. You will often see big crowds of people in front of banks and Cadeca exchange offices that do CUC to CUP conversions are just the same. Locals compete in earning business from tourists and get paid in CUC. They keep some of this (it’s a hard currency for them and many articles are only available in CUC) and exchange the rest to have for basic items and services (all goods and services available in CUP are much cheaper).

Pictures of Cuban Pesos

Front and Back of Cuban Pesos - $3 CUP, Photo by Pppjoker, Wikipedia

More pictures of other denominations coming soon

CUP Coins

CUP coins are available in following denominations:

Centavos (cents):
1, 5, 10, 25 and 50

Pesos:
1 and 5

CUP Banknotes

CUP banknotes are available in following denominations (in pesos):

1, 3, 5, 10, 20, 50 and 100 pesos

Further Reading:

• Cuba Currency Complete Guide
• CUC – Cuban Convertible Peso

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• Trade Relations Between Canada and Cuba
• Cuba Questions? We Got Answers
• Casa Particular License – How Much Do Cubans Pay?
• Casa Particular Price Guide – How Much Do Casas Cost?
• Casa Particular vs Hotel – Advantages Explained
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CUC History – Why Cuban Convertible Peso Exists

History of CUC reaches as far back as 1994. Cuban government introduced it back then but it was used on a very small scale – just as some form of experimental currency system. US dollar was still preferred currency of choice used by most tourism related establishments. As many as four currencies were widely accepted throughout Cuba at the time (CUP – Cuban National Peso, CUC – Cuban Convertible Peso, US Dollars and Euro), which was causing confusion. In order to put entire monetary system of Cuba back in order, Cuban government decided put a stop on wide acceptance of foreign currencies and made CUC the only currency accepted in establishments where US dollars and Euros were previously used.

CUC – Cuban Convertible Peso became the only official currency accepted by tourism and luxury items related businesses on November 8, 2004. Cuban financial institutions also ceased to accept US dollars entirely on that day. It was still possible to exchange US dollars for CUC, but an exchange rate would incur additional 10% charge.

Cuban Convertible Peso is informally called “chavito”.

Value of CUC – Cuban Convertible Peso

Cuban Convertible Peso is pegged to US dollar and has been at $1.08 US since 2005. That means value of CUC is 8% above value of US dollar. When Cuban Convertible Pesos were officially introduced as primary “tourism and luxury” currency, value of CUC $1 was US $1 but it was increased by 8% on March 24, 2005 by the central bank.

CUC – Cuban Convertible Peso Exchange Rates

Here’s a list of sample exchange rates (Valid January 2009):

1.00 EUR = 1.22177 CUC (Euro)
1.00 CAD = 0.756105 CUC (Canadian Dollar)
1.00 CHF = 0.812825 CUC (Switzerland Francs)
1.00 GBP = 1.30107 CUC (British Pound Sterling)
1.00 JPY = 0.0103551 CUC (Japanese Yen)
1.00 RUB = 0.0282358 CUC (Russian Ruble)
1.00 USD = 0.925900 CUC (US Dollar, subject to additional 10% Cuban tax on top of this exchange rate)

Cuban Convertible Pesos Scams

There have been cases of tourists getting scammed by Cubans on mix of currencies. The scam consists on accepting CUC – Cuban Convertible Pesos but giving change in CUP – Cuban National Peso. CUP are much lower in value than CUC (1 CUC = 24 CUP). It is advisable for every traveller to Cuba to get familiar with the way their money looks so as to avoid such scams. See below for pictures of CUC – Cuban Convertible Pesos

Pictures of Cuban Convertible Pesos

Picture of Front Sides of Cuban Convertible Pesos (CUC) at $3, $10 and $20 Nominal Values. Photo by Chaymation, Flickr

Picture of Back Sides of Cuban Convertible Pesos (CUC) at $3, $10 and $20 Nominal Values. Photo by Chaymation, Flickr

CUC Coins

CUC coins are available in following denominations:

Centavos (cents):
5, 10, 25 and 50

Pesos:
1 and 5 (5 Pesos coin exists, but is very rare though)

CUC Banknotes

CUC banknotes are available in following denominations (in pesos):

1, 3, 5, 10, 20, 50 and 100 pesos.

Further Reading

• Cuba Currency Complete Guide
• CUC – Cuban Convertible Peso

Related Posts

• CUP – Cuban Peso
• Cuba Currency Explained – Complete Guide
• Casa Particular License – How Much Do Cubans Pay?
• Casa Particular Price Guide – How Much Do Casas Cost?
• Casa Particular vs Hotel – Advantages Explained
• Tipping in Havana
• Havana Price Guide
• Cuba Entry Requirements
• Trade Relations Between Canada and Cuba
• Cuba Questions? We Got Answers

Cuba Currency system may seem a little confusing to a first time visitor but it’ll be clear to you after you’ve read this easy to understand guide. Two currencies are currently accepted as official means of payment in Cuba:

Cuban Convertible Peso – CUC
Cuban Peso – CUP

That’s it. Only two currencies that you can use in Cuba and as a regular traveler, you need to only concern yourself with one.

The Cuban Convertible Peso (CUC) is a tourist currency in Cuba. It was introduced by the Cuban government to replace the use of foreign currencies throughout Cuba and take them out from circulation. Cuban Convertible Peso is pretty much equal in value to the US dollar and is used to pay for all tourism related services: hotels, restaurants, tours, dollar shops, etc. Cuban Convertible Peso has been the new “tourist currency” since 2004.

Cuban Peso (CUP) is a currency used by Cubans. If you’re an adventurous traveler who likes to wander off the beaten tourist path, you may get to the areas where Cuban Pesos are accepted and you’ll get everything for the price native Cubans pay (aka way, way cheaper).

Some places only accept Cuban Pesos, while other (such as tourism related establishments) only accept Cuban Convertible Pesos.

Use of Foreign Currencies in Cuba

Foreign currencies are no longer accepted in Cuba. Prior to November 2004, as many as four different currencies were used in Cuba which was creating a lot of confusion. On November 8, 2004 the Cuban authorities introduced the Cuban Convertible Peso and eliminated the circulation of foreign currencies throughout the island. November 8, 2004 also marked the beginning of extra measures against the US dollar. It is still possible to exchange the US dollar for Cuban Convertible Peso, but this conversion will bear an extra 10% tax.

Canadian Dollars, Euros and UK Pounds are easily exchangeable in Cuba at an exchange rate applicable for that particular day. No extra tax is applied to exchange from these currencies to a Cuba currency. It is best to budget your travel expenses well to avoid conversions back from Cuban Convertible Peso to Canadian dollar or whatever other currency you use as the exchange rate is not very favorable. It is possible to exchange it back, but not advised.

Further Reading:

• CUC – Cuban Convertible Peso
• CUP – Cuban Peso

Related Posts

• CUC – Cuban Convertible Peso