Links to Currency exchange and money conversion websites:
Currency Trading websites
Fidel Castro talked on March 24 about changes that took effect starting
april 2005 and as he said that the cuban peso convertible will be
revaluated in 8%. last year the cuba goverment decided that the
American Dollar was not accepted any more in cuba. The direct consequences
are not for tourists but for cuban people. as a general view the
new changes will be the follow
American dollarare not accepted on government business from Nov
8 2004 on(99% of cuban places)
-- all stores that
used to sell in american dollars changed to PESOS CONVERTIBLES (see
below for the explanation of this term)
-- pesos convertibles
now cost the equivalent of $1.18 American Dollars (if you exchange
dollars into pesos convertibles) because of the 10% penalty to USD
and 8% of the revaluation of the CUC
-- if you trade canadian
dollars or euros or any other strong currency into pesos convertibles
the exchange 1.08 taking as reference the American dollar for example
if 1 euro is 1,30 USD. son taking the 8% of the revaluation 1 euro
is about 1.20 CUC.
So, according to a recent government
regulation US dollars is not any more freely circulaing in Cuba
from November 8th, 2004. The National Cuban bank has released
the so called 'PESO CONVERTIBLE' in substitution of foreign currencies.
You can acquire 'pesos convertibles' at the airport, banks and
at the Money Exchange Offices, called "CADECA" (you
can find these offices everywhere in the city). In addition, the
exchange of US dollars to 'Pesos convertibles' will not be more
one-to-one (as before), but 1 US dollar = 0.82 Peso convertible
(18% less). However, the penalty of 10 % IS ONLY APPLIED TO US-dollars
and NOT for any other foreign currencies such as Euros and Canadian
dollars (among others). Other currencies than US-dollars will
be exchanged according to the daily exchange rate of the international
currency market. taking into consideration the 8% of revaluation
of the Cuban Peso Convertible
In Cuba, the people trade every day with
different foreign currencies and it is a normal fact for them the different
foreign exchange currencies because the cuban peso is very unstable and
they use to exchange it every day. there are places that accept only Pesos
Convertibles and other places only cuban pesos. USD dollars are not any
more acepted by the government bussines.
The national cuba currency is the Cuban
Peso, which is equivalent to 100 centavos (cents). Notes can be of 1,
3, 5, 10, 20, 50 and 100 pesos. Coins can be of 1, 5 and 20 centavos,
and there are others of 1 and 3 pesos.
The exchange to the Pesos convertible into american
dollas is fixed, one to one to the equivalent of 1 american dollar, as
established by the Central Bank of Cuba.
At the Money Exchange Offices (CADECAs)
created for the population to sell - buy USD's or Cuban Convertible Pesos,
the exchange can vary now between $24.00 and $26.00 Cuban pesos to the
peso convertible. Once again you can visit websites about foreign currency
trading to clarify the fact about trading pesos convertibles and knowing
the exact exchange from any currency to cuban peso convertible.
As you can see there is a big confusion for a traveler
relative to the several currencies that are used in Cuba (cuban currency)
.we are going to clarify this important problem.There are up to four currencies
currently circulating in Cuba. I said "up to four" because the
last incorporation to this monetary mixture is the Euro, but it is accepted
only in limited touristic areas like Varadero and in the next month Cayo
Coco, but now with the new regulation some people prefer euros instead
of pesos convertibles.
The currencies currently accepted
in Cuba are:
--United States Dollar
--Cuban Convertible Peso
--Euro (only accepted in varadero and by some casa owners as payment for
United States Dollar:
USD are not any more accepted in Cuba. In fact a tourist
traveling with USD should need to change it into pesos convertibles and
will receive 0.90 pesos convertibles for 1.00 american dollar. so, 10%
less. this penalty (10%) is due (according Fidel Casto's speach) to the
difficult to trade with american dollars in the international market because
of the embargo. the other currencies are not affected and the exange rate
will be to the equivalent to 1 dollar. however IF YOU GET MORE PESOS CONVERTIBLES
than you need you can rechange it at the end of your trip in any bank
to your currency or in the airport bank. if you want to exchange pesos
convertibles into dollars the exchange will be 1 to 1.
Cuban Convertible Peso:
The Cuban Convertible Peso is nothing more than an attempt
made by the Cuban financial authorities to take out all USD currently
in circulation, and offer a currency that is in all senses equal to those
USD. They will keep the USD in the banks and will allow the tourists and
other people with access to USD to pay in a distinctive way from the Cubans
with plain Cuban Pesos. Although that is the final idea and every day
you see an increase in the circulation of this currency, now pesos convertibles
are printed in cuba and fidel castro has the capacity to produce enough
Convertible Pesos to change all USD in circulation.
Actually they reached this goal with the fractional
money (the coins), from 2000 at this moment it is not allowed to use any
USD coin in Cuba, you will have to use, exclusively, coins from the Convertible
There are a some scams and cheats in the streets based
in the ignorance of the common traveler of the differences between the
Convertible and Not Convertible pesos. In the following tables you will
see all denominations currently in circulation of the Convertible Peso,
and its fractional units (coins).
These are easy to difference. All Convertible Pesos
have the phrase "convertible pesos" both in the front, and the
back, click in the images to see the bills in detail.
These are a problem, there are not any specific distinction
of the convertible from the not convertible coins, the main difference
are that all convertible coins have a representation of different touristic/historic
places of Cuba. The not convertible ones have instead an image of some
Cuban patriot/historical personality in the front.
The exchange of the Cuban Peso with the USD or the Convertible
Peso is of 1/24 (March/2005). There are different emissions of the bills,
we will show only the latest version because currently are the most used.
You will only need pesos to access to a limited number of products/services:
Take a public transportation (guaguas), buying market food (vegetables
and fruits), perhaps some juice or a pizza in the streets.
foreing currency trading, online currency trading