Currency exchange

in Cuba, foreign currencies, called MLC: Moneda Libremente Convertible (Freely Convertible Currency), can be exchanged for Cuban Pesos (at the official government rate) in banks, CADECAs (exchange houses), airports, hotels and shopping malls. The following currencies can be exchanged in Cuba: EUR*, USD*, CAD*, GBP*, CHF, MXN, JPY, DKK, NOK, SEK (*Preferred currencies). Conversion fee in CADECAs is 2%, except for USD at 8%. Learn more about the Cuban Peso and its value here

The "Banco Nacional de Cuba" publishes the official daily exchange rates in its website: www.bc.gob.cu.

You can only get Cuban Pesos in Cuba, the CUP is a closed currency NOT traded internationally, and their import and export is prohibited, so they CANNOT be bought in advance outside Cuba.

WHERE TO BUY CUBAN PESOS (CUP) IN CAYO LARGO

Front Desk of hotels
Exchanging currency at the Front Desk is the most easy and convenient option in Cayo Largo. Service fee may be a little higher, but if you have to pay for a taxi to go to the bank, then all savings may be lost. Service fees may vary from one hotel to another, on average 3% to 6%.

Bank
There's only one bank in Cayo Largo (BANDEC branch), it's located in the pueblo "Isla del Sol" (aka the village), across from the marina, about 10 km from the main hotels zone. If you happen to be in the pueblo for other reasons, this is where you'll get the best exchange rate but the wait can be long, and don't forget to bring your passport. A trip (taxi cost) exclusively to go to the bank is only worth it if you want to change a larger amount or need to withdraw cash from your credit card (cash advance).

USEFUL TIPS ON CURRENCY EXCHANGE

Your passport is required to exchange money at a bank or a Cadeca, but usually not at your hotel's Front Desk.
Banknotes with rips or markings are not accepted, so make sure to bring bills in good condition.
No foreign coinage can be exchanged, bills only.
Before leaving the exchange desk, always check if the right exchange rate was applied more on this here, and count your money to make sure you received the right amount.

Cuban Pesos have no value outside of Cuba. You can exchange back your remaining pesos for your preferred currency at the end of your trip, but the exchange rate (sale) is disadvantageous, so it's best to exchange smaller amounts at the time and budget wisely at the end of your stay.

Travelers Cheques: They can be inconvenient in Cuba because it is often difficult to find a place to cash them and you have to pay a commission and show a photo ID. They may be accepted in banks, major hotels, government-run restaurants, and some other tourist-related businesses, but far less readily than credit cards. Plus, traveler's checks used in Cuba are not insured, therefore they lose their primary advantage.

Everything related to money can change quickly and often in Cuba, always check the current situation, rules and regulations before you go.

Money in Cuba Credit/Debit cards