22/12/2022
Currency (ies) in Cuba❗️
There are currently a few types of currencies and exchange rates in Cuba. Might be very confusing and tricky if it is your first time here, that’s why you should read carefully:
* Most of our economy is based on the use of cash 💵 (almost everything you buy/sell/rent/etc is done using cash)
* There are “only” two official currencies in Cuba which you can use; 1-CUP (Cuban Pesos), 2- MLC (Moneda Libremente Convertible). The first one can be found as cash or in cuban credit cards, the second is only virtual (cuban credit cards).
* 1 MLC is equivalent to 1 usd or 1 euro, despite of that you cannot pay at official stores with those currencies, only with the credit card.
* This means you could use your credit/debit card in any store or official establishment in cuba unless is attached to any American bank. 🚫 🇺🇸 ⚠️
* By the formal market of exchange 1 usd, 1 euro and 1 mlc is approximately equivalent to 120 cup. (At banks or exchanging houses)
* By the informal market (taxi drivers, landlords, relatives of a friend, etc) the exchange rate is way much better. It changes almost every single day but might be between 150/170 cup per each usd) 🤑
*No matter what, lots of services working for tourism are gonna be fine charging you in usd or euros, this means you don’t necessarily have to exchange/convert all the cash you bring to cuban pesos at once.
