Cuba’s convertible currency, the Cuban peso (CUC), has been eliminated, contrary to what many outdated articles say on the Internet. Due to Cuba’s decision to eliminate the dual currency system on January 1st, 2021, the Cuban Peso (CUP) became the only official currency.
Tourists are encouraged to use the Cuban Convertible Pesos (CUC) as their currency. The Cubans are also happy to accept Canadian dollars and Euros, too, as they can exchange or buy them at the airport.
Is Cuban Money Illegal?
Cuba does not sell CUC outside of Cuba, and banks do not accept them. It is illegal to bring CUC into or out of the country, as of November 2019, they have begun cracking down on this, and your CUC may be seized at the airport if you bring it in.
What Happened To The Cuban Peso?
As of 10 December 2020, CUCs will gradually be withdrawn from circulation, beginning on 1 January 2021, leaving the CUP as the only currency in circulation, pegged at US$1 = 24 CUPs. CUCs were only available in banks or CADECAs (casas de cambios) from that time forward.
What Is The Difference Between Cuc And Cuban Peso?
Cuba’s peso (CUP), or “moneda nacional”, is one of two official currencies of the island nation, and is used primarily for local commerce on the island. In contrast, the Convertible Peso (CUC), which is pegged to the U.S. dollar, trades at a rate of approximately 26 times. dollar.
Is Cuban Money Illegal In America?
The probability of detection/confiscation is very low, so it is illegal. We usually take home enough money to avoid having to withdraw it upon arrival since most of us travel there regularly.
Can I Still Use Cuc In Cuba?
From 1 January 2021, monetary unification will take effect, according to a press release issued on 10 December 2020. Cuban businesses no longer accept the CUC since that date; they can only exchange it in banks or CADECAs (casas de cambios) for a six-month period, or use it in certain shops.
Should I Exchange Money Before Going To Cuba?
Neither US banks nor credit or debit cards can be used. Therefore, if you are planning to travel to Cuba from the United States, you should exchange your US dollars for Euros or Pounds before landing.
Can Tourists Use Cup In Cuba?
CUP can also be used in local shops where Cubans buy their provisions, as well. When you travel independently, Cuban Pesos are always a good idea to carry with you outside of a resort or hotel. The conversion rate is about 24 of them for one Peso.
How Much Is $1 Us In Cuba?
Can You Take Cuc Out Of Cuba?
Historically, the CUC has been used for state business and purchases of goods from abroad, but it cannot be exported. There is a 1:1 exchange rate between the currency and the public, but 24 to 25 to buy and 25 to sell it.
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