Cuba´s tourism sector
will operate in convertible pesos (CUC) starting on November
8th, 2004 thus replacing the US dollar to pay for sales and
services.
The decision, made by Cuban authorities,
will affect both Cuban residents and foreign visitors who
visit the country. Cuba´s Central Bank informed that
payments in hotels, restaurants, bars, cafeterias, taxis,
shops, car rental companies and other services will be made
in convertible pesos (CUC).
The Bank added that euros would be accepted
in tourism facilities in such destinations as Varadero, Jardines
del Rey, Santa Lucia Beach in Camagüey, Covarrubias Beach
in Las Tunas, northern Holguín and Cayo Largo del Sur.
Departure tax should be paid in Cuban convertible pesos.
Although the CUC is actually pegged at the
same value as the US dollar, as of April 9, 2005, you will
be charged the significant exchange fee of 18% if you need
to exchange US cash while you are in Cuba. Other currencies
including the Canadian dollar will be subject to an 8% exchange
fee when you are exchanging cash. The amount of CUC’s
you get will reflect the exchange rate differential between
Canadian and US dollars.
You can change your money at any hotel, most of which charge
very modest service fees.
Credit cards and travellers cheques issued by American financial
institutions are not accepted in Cuba.
You cannot use your Canadian bank card at ATM's to retrieve
local currency. You can however use your credit card for a
cash advance.
There is also a "local" (non-convertible) peso
used by Cubans. The banknotes look quite different and do
not say "convertible".
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