Money exchange & U.S. credit cards
Can I use U.S. currency in Cuba?
CUBAN CURRENCY ($24.00 CUPS = $1.00 USD)
As a foreigner, you will be expected to pay for everything in Cuban Pesos known as CUP. You will need to convert your U.S. dollars into CUP at CADECA upon your arrival at the airport or your hotel. Conversion rates are standardized and you will receive the same rate at hotels or banks. There is a standard fee included when exchanging currency. If you exchange $100 USD, you will receive 2400 CUP. If you have CUP remaining in your wallet at the end of you time in Cuba, you may convert them back to U.S. dollars at the airport.
Many people will tell you that you should convert your USD to Euros or Canadian Dollars prior to your trip to obtain a better exchange fee in Cuba. This option is your choice completely as it really ends up to be the nearly the same after conversion fees.
CUBAN PESOS DENOMINATIONS
Multicolored Paper Bills:
$1, $3, $5, $10, $20, $50, $100, $200, $500, $1000
Coins:
$0.01,$0.05, $0.20, $1.00, $3.00, $5.00
US DOLLARS
US cash currency no longer circulates in Cuba except for in airport shops once you have cleared immigration on departure. As an international currency, it is accepted for exchange for CUC in financial institutions.
There is no specific dollar limit on authorized expenses. Authorized travelers will be allowed to engage in transactions ordinarily incident to travel within Cuba, including payment of living expenses and the acquisition in Cuba of goods for personal consumption there. U.S. credit and debit cards do not work in Cuba. Authorized travelers can take up to $10,000 to Cuba in total family remittances, periodic remittances, remittances to religious organizations in Cuba, and remittances to students with an educational license in Cuba.
OFFICIAL EXCHANGE RATE: CUP trades at 24 Pesos to the US Dollar, as of July 16th, 2020 Cuba eliminated the extra 10% tax for exchanging US dollars.
BEST RATES: (banks & hotels have less favorable buying/selling rates) Where else can you exchange funds: Banks (BFI, Banco Metropolitano), and most hotel reception desks.

International Cash Currencies
Accepted for exchange to CUP in Cuba:
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CAD (Canadian Dollars)
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JPY (Japan Yen)
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CHF (Swiss Francs)
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MXN (Mexican Peso)
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DKK (Denmark Kroner)
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NOK (Norway Kroner)
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EUR (Euros)
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SEK (Sweden Krona)
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GBP (United Kingdom Pounds)
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USD (United States Dollars)
TRAVELERS CHEQUES
Travelers cheques are accepted in many banks (BFI/Banco Financiero Internacional or BM/Banco Metropolitano) and hotels (typically more so in larger cities) in Cuba. For US travelers, American Express Travelers Cheques are accepted at the BFI and BM. The exchange surcharge for travelers cheques ranges from 3 to 6%. BFI’s present exchange rate is $100USD = $2400CUP. Banco Metropolitano does not accept travelers cheques at any Havana branches. Those which are reported to have the most success are Visa, although in general travelers cheques are reputed to cause difficulty for the traveler in Cuba due limitations in where they can be negotiated, no possibility of replacing them in Cuba in the event of loss, and the exchange rates applied when cashing them in. You should bear the bank receipt for the original traveler’s cheque purchase since most financial institutions in Cuba that accept travelers cheques will need to see that prior to negotiating them for cash.
CREDIT CARDS
Visa and Mastercard (issued by non-US or US-affiliate banks) are widely accepted in Cuba. Cash advance rates at participating CADECA exchange counters are processed at an extra rate (except on weekends or holidays when the rate is slightly higher). Cash advances are available also in some banks or ATM machines (providing you have a PIN # for your credit card).