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Up to 1934, when peso bills were
first introduced, the US dollar was Cuba's
only type of currency. Currently there are
three types of currency in Cuba: the Cuban
peso, the convertible peso and
the US dollar.
The peso is Cuba's official monetary
unit. It is divided into 100 centavos
or cents. Currently there is an official
exchange rate of 1 peso to 1 dollar
but its actual value is around 20 to one.
The following bills are in circulation at
the present time in Cuba: 1 peso,
3 pesos, 5 pesos, 10 pesos,
20 pesos and 50 pesos. The
most common coins, or monedas, are:
1 peso, 40 centavos, 20 centavos,
10 centavos and 5 centavos
2 and 1 centavos. It is a good idea
to have a supply of 5 centavos coins
if you plan to use buses or pay phones or
to buy food.
In 1994 the convertible peso was
introduced. Since it has the same value
as the US dollar and the latter are more
widely accepted, it is more advantageous
to use dollars than pesos.
The US dollar, for all practical purposes,
has become the currency of Cuba. Increasingly
the US dollar is being used for transactions.
It is estimated that around 50% of the Cuban
population uses the US dollar. Tourists
will have to pay for all transactions in
dollars since the peso is basically worthless.
Most resort facilities, hotels, restaurants
and other places dealing with foreigners
will only accept dollars. Currently, only
non-U.S. credit cards and traveler's checks
are accepted. US issued credit cards won't
be accepted. Someday this will all change
when relations between the US and Cuba are
normal. Banco Financiero will cash
American Express traveler's checks.
You may get a cash advance and change money
at the Banco Financiero Internacional
in the Havana Libre Hotel in Vedado. Cash
may also be obtained from ATMS all around
Havana. However, at present they aren't
set up to accept Visa or Master Card. If
you desire information about what credit
cards are accepted in Cuba go to the Centro
de Tarjetas de Crédito at 23rd Street
by the Havana Libre Hotel, Vedado Tel: 33-4444
Fax: 33-4001. Traveler's checks are accepted
and may be cashed at most hotels but you
have to pay a 2% to 4% commission.
The Banco Nacional Central de Cuba
(BCC) has authority over national and foreign
banks. Money can be changed at the National
Bank of Cuba or Banco Nacional de
Cuba. It is state run and the country's
main commercial bank. Over 150 branch offices
can be found throughout the country. It
is open weekdays from around 8:30 a.m. -
3 p.m. The main branch in Havana is at Cuba
402, corner of Lamparilla, Tel: (7)-62-5361.
To avoid delays and long waits it is faster
to change money at tourist hotels. In 1995
the government let Cubans open interest
bearing savings accounts and certificates
of deposits. Loans are now available for
the self employed. In addition, Cuban banks
now offer travelers checks, money transfers,
checking accounts and other services to
Cuban and foreign businesses, Cuban citizens,
joint ventures and foreign residents.
Banco Internacional de Comercio
or Bicsa, works with foreign correspondent
banks and opens foreign currency accounts
for foreigners and foreign entities.
Opening a bank account can be complicated
in Cuba. We advise you to check with one
of the banks listed below for their requirements.
Here is a list of Cuban Banks:
Banco Nacional de Cuba (Banco
de Crédito y Comercio)
Aguiar No. 411 e/Amargura Y lamparilla,
Habana Vieja (Old Havana). Tel: (53-7) 66-6660
and 66-6661. Fax: (53-7) 66-9390.
Banco Central de Cuba
Cuba No. 402, Habana, Vieja (Old Havana)
Tel: (53-7) 33-8003 and 62-7601 Fax: (53-7)
66-6601
Banco Internacional de Comercio, S.A.
20 de mayo y Ayestarán, Plaza, Ciudad de
Habana Tel: (53-7) 33-5115. Fax: (53-7)
33-5112
Banco Financiero Internacional
Línea y O, Vedado. Tel: (53-7) 33-3003.
Fax: (53-7) 33-32-3248 or 33-3006. Open
Monday through Saturday 8 a.m. - 3 p.m.
Banco Metropolitano, S.A.
Línea y M. Vedado. Tel: (53-7) 32-9894
or 55-3116. Fax: (53-7) 33-4241
Presently there are a few foreign banks
which may operate representative offices
in Cuba. They mainly cater to foreign businesses.
Here are a couple of contacts.
ING Bank (Holland)
Miramar - Tel: (53-7) 24-0419 or 24-0420.
Fax: (53-7) 33-8919
Neederlands Caribbean Bank
Miramar. Tel: (53-7) 24-0419. Fax: (53-7)
24-0472. Open Monday through Friday 8 a.m.
-5 p.m.
As part of a joint venture Mexico's Banamex
has permission to issue credit cards in
Cuba. For money transfers try the Western
Union office in Havana at Calle Obispo 335,
Tel: 62-5297.
Money may also be changed on the black
market or mercado negro. The black
market plays an important role in Cuba's
economy. Many imported consumer items of
all prices and types may be purchased on
the black market. Be forewarned that dealing
on the black market can be risky and is
illegal. You run the risk of being caught
and fined and even ripped off. However,
changing money on the black market is a
widespread practice.
Tipping used to be illegal, but now is
widespread and recommended for good service.
Standard tips range from 10% to 15% depending
on the quality of service. Employees will
also appreciate American made goods in lieu
of money for their services. Taxi drivers
always expect to be tipped. Tour guides,
waiters, guards who watch your car, maids
or anyone who does you a favor beyond the
usual call of duty expect to be tipped by
foreigners. Service charges or taxes may
or may not be included as part of the bill
at restaurants.
Be careful, some may try to take advantage
of foreigners. You should be familiar with
standard rates to avoid getting gypped.
It is best to talk to other expats to see
when and how much to tip. Foreigners often
over tip leading people to expect more for
their services and feeling disappointed
when you don't give them the usual amount.
In the rest of Latin America you may sometimes
bribe someone for special services. This
practice is not widespread in Cuba and is
highly discouraged.
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