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| Country Guide > Caribbean > Cuba |
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Money Currency Cuban Peso (peso) = 100 centavos. Notes are in denominations of peso100, 50, 20, 10 and 5. Coins are in denominations of peso1, and 20, 5, 2 and 1 centavos. The US dollar was also introduced as legal tender in 1993 forming a vital part of the economy. But as of November 8 2004, Cuba has banned the use of US dollars in commercial transactions - a response to the US's tighter embargoes, which put caps on the remittances Cubans living in the US were able to send back to the island. Dollars must now be exchanged for Cuban pesos where a 10 per cent commission will be charged. In some tourist and large urban areas, the Euro is also accepted. Hard currency must be used in most transactions. Currency exchange Money should be exchanged at official foreign exchange bureaux, banks or international air- and seaports, which issue receipts for transactions. ATMs are currently only available in Varadero and Havana, but cash can be obtained in banks with visa credit or debit cards. Credit & debit cards MasterCard and Visa are increasingly accepted, provided they are not issued by a US bank, but check with your credit or debit card company for details of merchant acceptability and other services which may be available. American Express and other cards issued by US banks are not accepted. Travellers cheques US Dollar, Sterling and other major currencies are accepted, but US Dollar cheques issued by US banks are not acceptable (including overbranded cheques from other banks worldwide). The white exchange paper received upon encashment must be retained. Currency restrictions The import and export of local currency is prohibited. The import of foreign currency is unlimited, subject to declaration of amounts exceeding US$5000 on arrival; export is allowed up to the amount imported and declared. Generally, a maximum of pesos10 may be reconverted to foreign currency for re-export at the end of the stay but it may only be reconverted on presentation of a correctly filled out official exchange record. Exchange rate indicators The following figures are included as a guide to the movements of the Cuban Peso against Sterling and the US Dollar:
Banking hours Mon-Fri 0830-1200 and 1330-1500, Sat 0830-1030. Hours may vary and banks may be open all day in larger cities. |