Cuba’s economy works with two currencies: the Cuban peso (CUP or MN) and the peso convertible (CUC), the Cuban exchange currency, which is worthless abroad.
Up to 2004 the US dollar was in circulation as a foreign currency. Now you may exchange US dollars in bureaux de change ore banks into CUC, though you will pay a ten per cent fee! I you use credit card, whether in a shop or with your passport at a bank or at ATMs (only with European Visa credit cards and PIN), you will be penalized with “credit card fee” and “dollar exchange” of about 11%.
The best thing to do is to travel with cash or travellers cheques,as so far cashing them is only subject to a fee of 3 per cent.
Careful: if you lose your MasterCard no replacement can be sent to Cuba. Debit Cards are not accepted anywhere in Cuba.
In 2020 1 peso convertible (CUC) bought 22 Cuban pesos (CUP). The national currency can be used by tourists to shop on the farmers markets or at snack stalls.