According to Resolution No.80/Año 2004 of the Central Bank of the Republic of Cuba, as of November 8th, all services and transactions conducted throughout the national territory in US dollars will be now made in convertible pesos (CUC), including hotels, restaurants, bars, stores, taxis, car rental, and other services.
One convertible peso (CUC) is equal to one US dollar.
After November 8th, persons who wish to purchase convertible pesos with US dollars will be levied a 10% tax.
Other hard currency accepted in Cuba: Euro, Swedish crons, Norwegian crons, Canadian dollars, Pounds sterling and Swiss francs, may be exchanged for convertible pesos without having to pay tax, always bearing in mind that one convertible peso is equal to one US dollar.
Travellers can exchange money at the airport, hotels, banks and exchange offices (CADECA).
Cuban Pesos or National Currency (CUP) can be used to purchase a limited number of products and services at certain local shopping centers, agricultural markets, cinemas and other facilities not liked to international tourism or located far from the main tourist resorts. The exchange rate of the Cuban peso (CUP) with respect to the convertible peso (CUC) is 26/1 (October/2004).
Visitors can also exchange convertible pesos back to US dollars or to any of the currencies accepted in Cuba (euros, Canadian dollars, pounds sterling or Swiss francs) before leaving the country directly at the international airports. Travellers are recommended to change their money while in Cuba since they will not be able to do so once they leave the country.
Euros will still be accepted at the six tourist destinations: Varadero, Jardines del Rey (Ciego de Avila province), Santa Lucia (Camaguey), Covarrubias in Las Tunas, Holguin and Cayo Largo del Sur.