Money in Cuba has always been tricky, it doesn’t work the same way as home. Cuba’s currency situation has confused travelers for years, but recent changes have made things easier to understand.

I lived in Cuba from 2018-2020 and just returned again to see everything was completely different! Here’s what you need to know about bringing and exchanging money in Cuba in 2026.

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Cuban Money isn’t as Complicated As You Think

Cuba uses the Cuban Peso (CUP) as its official currency. For over 20 years the country had two currencies circulating, but in January 2021 they eliminated the Convertible Peso (CUC) and unified to just the Cuban Peso.

However, economic challenges and inflation mean that US Dollars and Euros are now widely accepted alongside Cuban Pesos.

You can either exchange your foreign currency into CUP or simply use USD/EUR in many places.

First Rule: Cash is Essential

Cuba remains heavily cash-based, especially outside major hotels and tourist venues. You’ll need cash for:

• Tipping
• Private restaurants (paladares)
• Taxis
• Small shops and markets
• Local guides and services
• Most spontaneous purchases

Credit and debit cards may work sometimes, but they’re not reliable enough to be your only payment method.

US travelers should note that US credit and debit cards generally cannot be used in Cuba, so bring sufficient cash.

Which Currency Should You Bring?

US Dollars (USD)

USD is increasingly accepted in tourism-linked businesses and is useful as a universal backup currency. Many vendors are familiar with USD pricing even when they accept payment in CUP.

I bring USD because I’m from the Americas and get the best exchange rate, though I’m Canadian.

Euros (EUR)

Euros are widely recognized and practical, especially for European travelers. The EUR exchange rate can sometimes be more favorable than USD depending on current rates.

Practical Advice

I didn’t bring Canadian Dollars on my last trip because the exchange rate was too low and they’re less valuable to Cuban workers.

Bring whichever currency gives you the best exchange rate from your home country.

Always bring small bills when possible. Shops often don’t have much change, so smaller denominations make purchases much easier.

Understanding Exchange Rates: The Government Rate

In 2025, the Cuban government set three different exchange rates to be more competitive because everyone was exchanging money on the street.

This seems very complicated to figure out 3 exchange rates.

But as a tourist you only need to pay attention to the FLOATING RATE or segment 3 below as this is for tourists who exchange money at official exchange houses.

It is meant to compete with the street rate, and it is more convenient if you don’t want to risk exchanging on your own. But it isn’t as good.

Cuba’s three official exchange rates:

1. Fixed Rate (24 CUP per USD) Used for essential goods and services like fuel, medicine, electricity and public transportation. This doesn’t affect travelers much.

2. Tourism Rate (120 CUP per USD) Applied to certain tourism sector entities and ATM withdrawals. If you use an ATM, you’ll get this rate. It’s such a bad rate only use it in emergencies.

3. Floating Rate (466 CUP per USD as of January 2026) This is the new official floating rate that changes daily, published by Cuba’s Central Bank. You’ll get this rate at official currency exchange locations (CADECA).

Where to Exchange on the Official Exchange Rate

You can exchange money at banks or CADECA (government exchange houses). Check current rates at bc.gob.cu/tasas-de-cambio, which is the above screen shot. Make sure to click on segment 3 to get the floating rate for tourists.

The Informal Exchange Rate: El Toque

You’ll also hear about the “street rate” or “informal rate.” This isn’t as dramatic as it sounds.

For years, the government’s official rate didn’t reflect real supply and demand, so an informal market developed alongside the official one.

El Toque tracks this informal rate daily at eltoque.com/tasas-de-cambio-cuba. No one sets it. It is calculated on market demand.

Where to Exchange on “the Street” in Cuba

Never exchange money with strangers on the street. There’s too much risk of fake bills or scams. Always go through someone you trust like your casa owner, tour guide or hotel concierge.

In December my friend Osmany was able to get the exact Toque rate for me, but it’s not always possible.

Some Airbnb hosts take a small commission for the service. In regions outside Havana, rates may be slightly lower. Even if you don’t get the exact El Toque rate it’s likely to be better than the government rate,

Using ATMs in Cuba

Technically yes for non-Americans. When I lived in CUba I used my Canadian bank card to withdraw money from ATMs.

But ATMs now fall under the Segment 2, which is a really bad 120 CUP exchange rate.

This means you’re losing money compared to exchanging cash at CADECA or through trusted contacts.

If you run out of money this is a last resort for non-Americans. Not surprisingly, the banks do not take American Express.

Using Credit Cards in Cuba

Cuba is a cash-based country. Most places do not have the capacity to take credit cards. Visa is the most common, then Mastercard.

Often hotels and resorts will accept credit cards but you will need to show identification.

Instead of carrying your passport out when you travel just take a photo of it on your phone and show it when presenting identification.

Paying for Things

Always ask before ordering whether they accept CUP or foreign currency. Many places will take either. If paying in USD or EUR, ask beforehand what exchange rate they’re using. It’s often close to the El Toque rate but not always exact.

Whether you exchange through El Toque connections or the official route, you’re much better off than paying directly with foreign cash without knowing the rate.

Some Cuban food restaurants and casas particulares accept card payments (POS terminals, transfers, payment links) but it’s not common yet. Most people prefer cash because card payments require them to claim income.

Also I always take a photo of the menu I order from. It’s primarily so I remember prices for articles and videos but everyone should do this when they travel.

Unfortunately, I’ve heard recent incidents in Havana where tourists were given one menu, but then when the bill came prices were different and a mysterious new menu with increased prices were on it. Most restaurants are honest but for the few that aren’t, if they see you take a photo you’re less likely to be scammed this way.

And do not ask for a beer or fancy Cuban drinks before asking the price, especially if a new Cuban friend has brought you to the bar.

I use cash wherever possible and tip in USD since it’s most valuable to workers.

If You’re Staying at a Resort

Don’t worry about all this complexity. Just tip in dollars or euros. Canadians please know that your coins are worthless. Please tip in bills.

But if you’re traveling independently like I do, it makes a big difference. I always ask to pay in CUP. Some casas gave me better rates when I paid in dollars directly.

Money Scams

In addition to the menu scam there’s another popular one that you can easily avoid.

Always count your change in front of the person who gave it to you. When I’m with Cuban friends they always check the restaurant bill and they always count their change. About 25% of the time there is a mistake.

Make sure to check your bills and or coins to ensure that you’re getting the right Cuban currency as change.

I had a mental block when I first arrived of not wanting to offend people by counting change in front of them.

That was stupid, everyone does it.

Cuban Slang Words for Money

Dinero. Moneda. Dolars. There are always a million ways to say Cuban currency. But on top of that Cuba has so many slang words for money that do not exist elsewhere.

You may also hear these Cuban slang words for Cuban currency:

• devisa one of the most common terms for CUC, the only currency
• fula but sometimes it means someone is crazy or “esta fula” so it depends on context
• plata, which means silver
• baro refers to CUP specifically
• caña refers to one CUP peso, so 10 pesos would be 10 cañas
• chavito refers to CUC specifically
• melon
• menudo refers to small change
• moni

Pin It For Later: Cuban Money

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