The kinds of currency used and exchanged in Varadero are the same as in the rest of the country, but with some slight modifications. That’s why, in order to understand what these regulations are all about, we have to begin by understanding the difference between both Cuban currencies: the Peso (CUP) and the Convertible Peso (CUC).

The Cuban Peso is the national currency in Cuba, and each peso equals 100 cents. The bills are issued in the ranges of 1, 3, 5, 10, 20, 50 and 100 pesos. The coins are of 1, 5 and 20 cents, as well as of 1 and 3 pesos. The exchange rate of this currency with the American Dollar or the Convertible Peso has been of 1/24 since March, 2005, when Fidel Castro decided to carry out a revaluation of the peso. There are diverse bill editions, and many of the oldest ones have been already taken out of circulation; nowadays these editions can only be seen at museums or private collections. The peso is used in Cuba mainly by the nationals, because the services and products intended for tourists are all paid in CUC.

On the other hand, the Cuban Convertible Peso was first issued as a variant of the dollar (when it was the circulation currency in Cuban stores, hotels, etc.) for local use. However, in 2005, the dollar stopped circulating and the CUC became the currency that replaced it, and it is currently, in all respects, equivalent to the dollar. The dollar is still exchanged in Cuban banks, CADECAS (Exchange Houses), hotels, etc.; and so the tourists and other people with access to American dollars or any other strong currency that go to exchange dollars at these places are given convertible pesos. You can find these places anywhere in Varadero. The main idea of this currency is that the vast majority of the dollars that enter the country stay there and this way the country can have more available money for international businesses. The bills and coins of this kind of currency are different from those of the Cuban peso. The CUC bills are of 1, 3, 5, 10, 20, 50, and 100. The coins, however, are of 5, 10, 25, and 50 cents, as well as of 1 CUC.

But the replacement of the dollar by the CUC was not only that. There was also a penalization of the dollar’s value for exchange in Cuba. One convertible peso is now equal to $1.18 American Dollars, due to the 10% penalty to American dollars and the 8% revaluation rate of the Cuban peso. Alternatively, if you want to exchange or use Canadian dollars, Euros, Yens, or other strong currencies into CUCs, the rate would be of 1.08 dollars. The same happens the other way around. The exchange rate of the USD into the CUC is 1 USD for 0.82 CUC (applying the18% penalty we have previously explained). The Exchange Houses (CADECA), also exchange Convertible Pesos and Cuban Pesos, either selling or buying. The exchange rates are the following: if you want to buy 1 CUC you will have to pay 25 CUP, and if you want to sell 1 CUC you will receive 24 CUP.

There’s a great deal of information that you need to remember regarding currencies in Cuba, but in the end it is not as tricky as it may seem. There is something important, though, that changes a bit the rules for tourist zones like Varadero. In Varadero you can actually pay with Euros, but not everywhere you go, so the best thing is to exchange you money into CUC. The best thing you can do if you have American dollars and are coming to Varadero is exchange your dollars in your country into Euros or Canadian dollars so that you don’t lose money when you are in Cuba.

Another thing that may be useful for visitors is that Visa and MasterCard credit cards are accepted, unlike American Express or any other cards issued by American banks. You can pay with these cards at many stores, tour desks, hotels, etc. When you are leaving the country (either from Varadero or from any other province), it might be convenient to change most of the money you have left back before getting to the airport, because, occasionally, the currency you need is not available. However, always remember to save enough CUC money for minor purchases and to pay the 25 CUC Exit fee per person at the airport.

BANDEC

ATM BANDEC SUCURSAL 3521 1RA E/35 Y 36 VARADERO
Located at Ave. 1era between /35 and 36 (Monday to Friday from 9-13 hrs and  15-19 h.) Travel checks exchange are cheaper here.

BFI

ATM BFI PLAZA AMERICA SALA CONVENC.PLAZA AMERICA VARADERO
ATM BFI VARADERO AVE.1RA Y 32 VARADERO
Located at Ave. 1era between /32 and 33 Monday to Friday open from 8:30 a.m.to 19 hours.; also open during weekeneds, entrance is made through the Playa Avenue). This is the bank with best condtions to fulfill foreign currency transactions and the best place to withdraw money.
ATM BFI VILLA CUBA A Y AVE.AMERICAS VARADERO

BPA

ATM BPA SUCURSAL 35121 PLAZA AMERICA VARADERO
ATM BPA SUCURSAL 35122 36 Y AUTOP.VARADERO

CADECA
You may change money and buy pesos, at Ave. Playa between /41 and 42.