What is the difference in the two Cuban monies?

[tm3750]

Which one due you exchange for and why?

[VACARITraveler]

The one you exchange for is the CUC (pronounced KOOK) which is the convertible peso which is indexed to the US dollar (1 peso = 1 dollar). Cubans are not allowed to have US dollars and they use the Cuban peso which is of considerably less value than the CUC. Tourists are not supposed to have Cuban pesos, but you may end up with a few when out and about shopping. When you exchange, if you exchange US dollars for CUCs there is a 10 percent penalty - there is no penalty if you convert euros, not sure about loonies. Before we went we got euros here in the US and used those for the exchange thus avoiding that penalty. Technically, you are not allowed to leave Cuba with any of their currency, but as is inevitable, we ended up with a couple of coins.

[starrcards]

The exchange rate for pesos is about 25 pesos to 1 CUC. Be sure you pay in the right currency. If something is 25 pesos (for instance street food), don't pay 25 CUC. Quite an overpayment. I am planning to exchange 3-5 CUC for pesos (only done at currency exchange, not banks or hotels). My son has this thing for churros and plan on a street stand near the port. And if I have some pesos left, so be it.

[starrcards]

One last thing, CUCs have pictures of buildings/monuments. The peso has pictures of people.

[LHT28]

no penalty for CAD either only the 3 % exchange fee

[VidaNaPraia]

1CUC. = 24CUP (CUP/pesos/moneda nacional)

 

Most tourists, especially those who are only in Havana briefly from a ship, have no need for CUP. What you buy is usually priced in CUC.

There is no problem having them though, nor do you have to go to an exchange/cadeca to get them.

 

If you run into a situation where street food is priced in CUP, you can pay with 1CUC coins or small bills (1, 2, 3, 5) in CUC. You may then get change in CUP.

If you are shpopping regularly/daily at one of the outdoor markets, for fruit or such, you might then want some CUP.

 

For example, a lunch at a hole in the wall for locals might be 60 CUP or under, often with corresponding quality however. A modest restaurant geared more for tourists might be 4-6 CUC for a nice sandwich.

 

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Insofar as exchanging US dollars for Euros (or other) at home, to avoid the 10% penalty for changing dollars directly for CUC in Cuba, look at the current exchange rate (dollars to Euros), any bank fees involved, and the effort it may take, for the amount you may save. IMO, if you're going to spend a hundred dollars or so for a short stay, it may not be worth the time and effort over 10 dollars, but on a thousand or more for a longer trip, it might.

Of course, if you have Euros left over from a previous trip to Europe, bring them.

[pbenjamin]

It turns out that you can't (or at least I was unable to) get CUPs at a cadeca. The 3 CUP bill (worth 12,5 cents US) has Che Guevara's picture on it. I wanted a bunch of them for souvenirs and had to go to a bank to do the CUC to CUP swap. Fortunately I knew some Spanish.

[feisty_tuffy]

One last thing, CUCs have pictures of buildings/monuments. The peso has pictures of people.

 

That was helpful information, thank you.

[pbenjamin]

One last thing, CUCs have pictures of buildings/monuments. The peso has pictures of people.

 

That was helpful information, thank you.

 

They are both pesos.

[VidaNaPraia]

Only one is called "peso" by Cubans, the CUP.

 

The CUC, pronounced and referred to as "kook", is yes, technically a "peso convertible".

[pbenjamin]

Only one is called "peso" by Cubans, the CUP.

 

The CUC, pronounced and referred to as "kook", is yes, technically a "peso convertible".

 

Be that as it may, CUCs say Peso on them and if you didn't understand that you could get confused.

 

[VidaNaPraia]

 

CUCs have pictures of buildings/monuments.

 

The peso has pictures of people.

 

 

Which is why this visual makes it so easy to differentiate them.

[VidaNaPraia]

People need to do their due diligence. (Understand that there are 2 currencies and their visuals.)

 

And have some common sense.

 

If a menu in a little hole in the wall full of locals lists the price for a bowl of soup simply as "60", do you assume this is CUC (=60 dollars or 2 month's Cuban salary) or 60 CUP (=about $2.50) ?

 

And the bottom line is that especially if you are in Cuba for a short time, you are likely not to need CUP at all, or can use small CUC coins or notes for things priced in CUP.

Edited May 21, 2017 by VidaNaPraia

[Yenchiong]

CUC at LEFT CUP (CUBAN PESOS) at RIGHT

[Uri1961]

CUC at LEFT CUP (CUBAN PESOS) at RIGHT

 

 

 

so interesting and confusing. is there a book we can purchase that we can carry with us?

[LHT28]

so interesting and confusing. is there a book we can purchase that we can carry with us?

Just remember you want the money with statues/buildings on it not the ones with people

[VidaNaPraia]

so interesting and confusing. is there a book we can purchase that we can carry with us?

 

If you are just getting off the ship for a brief time, you will exchange for CUC at the pier.

Don't bother with the other stuff; no real need.

And if you get correct change (not scammed), you'll probably never see the CUP notes.

So you may see the 1,3,5,10 and 20 CUC notes in the photos.

Save your change/coins and either use it for souvenirs or spend what you have accumulated just before boarding.