Beatrice Lang
Cuba has two electrical currents: 110 volts and 220 volts. This can be confusing for travellers, who may need to bring the correct plug adaptor for their devices. Most modern devices are dual-voltage, meaning they can be used with either electrical current. However, older devices may only work with one voltage, in which case a voltage converter may be required. The type of plug sockets in Cuba is usually the same as in North America, with two flat pins (Type A). However, some hotels also have plug sockets for European plugs, with two round pins (Type C).
| Characteristics | Values |
|---|---|
| Electrical Current | 110V AC or 220V AC |
| Voltage Frequency | 60Hz |
| Plug Type | A type (two legs) or C type (round legs) |
| Dual-Voltage Devices | No need for voltage converter |
| Non-Dual-Voltage Devices | Need voltage converter or transformer |
| Adapter Requirement | May be needed depending on country of origin |
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What You'll Learn
The Cuban Peso (CUP) is the only official currency in Cuba
The Cuban Peso, or CUP, is the only official currency in Cuba as of January 1, 2021, when the country implemented "Day Zero" of monetary unification. This move abolished the Cuban convertible peso (CUC) and ended the dual-currency system that had been in place since the 1990s. The Cuban Peso is now the sole legal tender in Cuba, with CUCs being converted at a rate of 24 CUP/CUC. This unification also established a single official exchange rate of 24 CUP/USD for both public and private transactions.
The history of currency in Cuba has been complex and dynamic. Before 1857, Spanish and Spanish colonial reales circulated in Cuba. From 1857 onwards, banknotes were issued specifically for use in Cuba, denominated in pesos, with each peso worth 8 reales. In 1869, decimal notes were introduced, with 100 centavos equalling one peso. The peso was then pegged to the US dollar in 1881.
Cuba's economy has faced various challenges, including the impact of the Soviet Union's collapse in 1991, which led to a difficult "Special Period" of economic adjustments. During this time, the US dollar was introduced as legal tender to attract much-needed hard currency into the economy, causing the Cuban peso to devalue significantly. In 1994, the Cuban convertible peso (CUC) was introduced, pegged to the US dollar, and circulated alongside it.
The Cuban Peso (CUP) is the currency that Cubans predominantly use, with the majority of citizens earning only in CUPs and relying on subsidized goods from ration stores. A complex system of exchange rates and subsidies existed, with state companies disincentivized from earning foreign exchange, while the public was incentivized to spend on imported goods. The Cuban economy has been described as "dual-track," with a minority earning significantly higher salaries in CUCs and foreign exchange by catering to tourists.
Today, the Cuban Peso is the official currency, and while Cuba's economy relies mainly on cash, credit and debit cards from Visa and Mastercard are also accepted in resorts and ATMs. Visitors can exchange foreign currencies for CUPs at banks, exchange houses (CADECAs), airports, some hotels, and shopping malls. It is important to note that Cuban currency cannot be taken outside of Cuba.
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The Cuban Convertible Peso (CUC) was phased out in 2021
Cuba started phasing out the Cuban Convertible Peso (CUC) on 1 January 2021, bringing an end to the dual-currency system that had been in place since the 1990s. The CUC was introduced in 1994, at par with the US dollar, and circulated alongside it. It replaced the US dollar as legal tender in 2004. The Cuban Peso (CUP), or Peso Cubano (MN - moneda nacional), is now the only official currency in Cuba.
The Cuban economy has been described as "dual-track", with the majority of citizens earning only CUPs and relying on subsidised goods from ration stores. A minority earned much higher salaries in CUCs and foreign exchange by catering to tourists. Cuban state employees were paid basic salaries in CUPs, with performance-based bonuses in CUCs. The complicated system of exchange rates and subsidies created a situation where state companies were disincentivised from earning foreign exchange, while the public was incentivised to spend on subsidised imported goods.
The CUC did not have a firm backing in convertible currencies, as it could be easily printed to pay state companies and employees. As a result, neither the CUC nor the CUP was traded internationally, and their import and export was prohibited, so neither could be bought outside Cuba in advance.
On 1 January 2021, Cuba implemented "Day Zero" of monetary unification, which abolished the CUC and the 1 CUP/USD rate for state enterprises. The Cuban Peso was converted at a rate of 24 CUP/CUC, and a single official exchange rate of 24 CUP/USD became applicable for both public and private transactions. However, demand for hard currency made these exchange rates unavailable in the informal market.
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The US dollar was made legal tender in 1993
Cuba's official currency is the Cuban Peso, or CUP. However, the country has a complex monetary history, and until recently, two different currencies circulated in Cuba: the CUP and the CUC (Cuban Convertible Peso). The CUC was convertible and fixed against the US dollar, and the Cuban economy was described as "dual-track".
The Cuban Convertible Peso was abolished on 1 January 2021, which was referred to as "Day Zero" of monetary unification. Since then, the Cuban Peso has been the only legal tender in Cuba. The US dollar is no longer legal tender in Cuba, but it is still widely used and accepted by locals, especially in the tourism industry.
Today, foreign currencies can be exchanged for CUP at official government rates in airports, banks, hotels, exchange houses, and shopping malls. There is also an informal market (black market) where currencies are exchanged at a higher rate.
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Cuba's economy is facing a profound crisis
Cuba's energy crisis is more than just blackouts; it is a daily struggle for survival. The National Electric System has not received adequate investment and maintenance for 35 years, causing widespread outages. This has been detrimental to basic services, the economy, and daily life. For example, food is spoiling in refrigerators, businesses are losing revenue, students are struggling to study, and medical facilities are without power. Cuba's grid infrastructure is so weak that common issues like transmission line failures are causing country-wide blackouts.
Cuba's currency situation is also complex. Since 1 January 2021, the Cuban Peso (CUP) has been the only legal tender in Cuba, with the Cuban Convertible Peso (CUC) being abolished. However, before this, Cuba's economy was described as "dual-track". Most citizens earned only in CUPs and relied on subsidized goods from ration stores, while a minority earned significantly more in CUCs and foreign exchange by catering to tourists. Foreign exchange was a government monopoly and could not be bought using Cuban pesos, further complicating the system.
The Cuban economy has historically been heavily reliant on the former USSR. Since the 1990s, continuous sanctions and blockades have weakened the country economically. Cuba has also faced challenges due to the collapse of the Soviet Union in 1991, which resulted in a difficult "Special Period" of economic adjustments. More recently, Cuba has struggled with the loss of a favourable oil agreement with Venezuela due to the latter's economic troubles.
To address the energy crisis, the Cuban administration has developed recovery plans, including investing in thermal plant maintenance, adding new capacity, adopting solar energy, and securing fuel supplies from abroad. However, progress has been slow and limited by the same issues that caused the crisis.
To improve the economic situation, some have suggested that the US develop closer economic ties with Cuba and encourage the expansion of the private sector, tourism, and infrastructure development.
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Credit and debit cards are accepted in Cuba
The Cuban Peso (CUP) is the only official currency of Cuba. In 2021, Cuba implemented "Day Zero" of monetary unification, which abolished the Cuban convertible peso (CUC) and made the Cuban Peso the only legal tender in Cuba.
VISA and Mastercard credit cards that are not issued by US banks or their affiliates are accepted in Cuba. With these cards, you can withdraw money from banks, CADECAs (Casas de Cambio, the official government's currency exchange house), and ATMs, as well as make purchases in many state-run places. It is important to have a PIN number connected to your card to use the ATMs.
In 2021, the Cuban government launched the MLC card, exclusively available to foreign visitors. MLC stands for "Moneda Libremente Convertible" and is Cuba's official digital currency, equal to the current value of the USD. MLC cards can be obtained from Banco de Crédito y Comercio (BANDEC) and CADECAs for $5 USD and come in denominations of $50, $100, $200, $500, and $1000 USD. They can be loaded with other foreign currencies accepted by the Central Bank of Cuba, such as EUR, CAD, GBP, MXN, CHF, and JPY. Prepaid MLC cards can be used for purchases in various places, including cigar and rum shops, some optional activities, evening shows, and MLC shops for imported goods.
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Frequently asked questions
The Cuban Peso (CUP) is the only official currency in Cuba since 1 January 2021.
Cuba had a dual currency system since the 1990s. The Cuban Peso (CUP) and the Cuban Convertible Peso (CUC) were both official currencies. The CUC was introduced in 1994 and was pegged to the US dollar.
The exchange rate varies depending on the market and the foreign currency. The informal exchange rate for the US dollar is around 327 CUP, while the official rate is approximately 120 CUP.
