2007-02-15 06:58:03 · 8 answers · asked by Anonymous in Travel ➔ Caribbean ➔ Cuba
The official currency is the Cuban Peso (CUP).This currency is not internationally recognized. So you will obtain and use it ONLY in Cuba.There are two official institutions where you could exchange foreign currency into Cuban convertible pesos: Banks and Casas de Cambio (CADECA). You could exchange some currency in the airport at your arrival to Cuba. Many foreign currencies are listed, however it is recommended only relying on being able to exchange Euros, US $, Canadian Dollars, and British Pounds. US Dollars were widely accepted throughout the island, but since November 8, 2004 US Dollars are no longer accepted, and a 10% commission is charged to exchange them.
The Cuban Convertible Peso (CUC) was introduced by the Cuban financial authorities to take out all foreign currencies from circulation, and offer an alternative that is in almost equal to US dollars. It replaces the dollar as currency where previously dollars were quoted in places such as hotels, restaurants and so called 'dollar shops', and is the new 'tourist' currency. Some places only accept Cuban pesos and others only Pesos Convertible (usually tourist related establishments).
2007-02-15 09:32:22 · answer #1 · answered by Michele A 5 · 2⤊ 0⤋
The real answer is ANY.
Pesos cubanos - not so much in need as it is the money of the commoner.
Pesos Convertibles - yes, since it the money of tourist. In the Caribbean, tourist money rules. In Cuba, you actually "make" money by converting your Peso Convertibles into Pesos Cubanos.
US Dollars are worth the most to the Cuban Government because of the exchange rate with PesosConvertibles, you get the least for your exchange. The Cuban government keeps a bigger percentage of the money exchanged. The USD can then be used to buy things on the world/local markets by having spent "less".
Euros are actually worth the most to Cuban Citizens because of their great exchange rate/ financial power/ and also the abundance of European travelers in Cuba. It's much easier to get a EURO than a DOLAR AMERICANO. Since there are more Euros and they are worth more, they are more "wanted".
Cuban government is actually making it harder to use US currency. US-based Credit cards do not work in Cuba... European ones do. Which is worth more? Those (cards) with money or those without. Obviously the Euro is worth more. If it's worth more, it is more wanted. It just depends on who is wanting (the government or the people of Cuba).
If traveling, go to your local bank and exchange money into Euros. Sometimes they have to be ordered, so be sure to get them ahead of time. You'll get shafted if you go with Dollars US.
2007-02-18 12:26:52 · answer #2 · answered by Cal 2 · 1⤊ 0⤋
Euros because they based their Convertible Pesos with the Euros. Smart, very smart. Of course, they will accept Canadian $ but penalized you for U.S. $.
2007-02-18 07:24:09 · answer #3 · answered by Paul 4 · 1⤊ 0⤋
In cuba the convertible or chavitos is what you are going to use almost everywhere, however wolrdwide the most wanted currency is the pound of sterlin
2007-02-16 06:46:50 · answer #4 · answered by Anonymous · 2⤊ 3⤋
Convertible pesos is what tourists spend. They exchange will take anything but you pay a penalty on American $.
2007-02-15 15:01:37 · answer #5 · answered by scruffy 5 · 2⤊ 0⤋
American dollars. I've been there twice and I'm from Canada.All the locals were asking if we had american bucks.
2007-02-16 13:08:30 · answer #6 · answered by Lilly 3 · 1⤊ 4⤋
I would think EUROS.
2007-02-15 18:33:36 · answer #7 · answered by Sanmigsean 6 · 1⤊ 2⤋
EUROS.
2007-02-15 15:45:53 · answer #8 · answered by Marília C 1 · 1⤊ 0⤋