Money Exchange in Cuba: Currency, Rates and Sending Money for a Property Purchase

Money is the most confusing part of dealing with Cuba. Here is how it works today, in plain language.

The currencies

• Cuban peso (CUP) — the only national currency since the CUC was eliminated in 2021. Local prices, salaries and taxes are in CUP.
• US dollars and euros (cash) — widely used in practice, especially for property, cars and larger purchases.
• MLC and USD-denominated bank accounts — electronic foreign-currency balances used in state stores that sell in foreign currency. The government has been changing these rules, so check the current status.

Official vs informal rate

Cuba has an official exchange rate and a much higher informal (street) rate. The gap has been large for years. Independent sites such as elTOQUE publish a daily reference of the informal rate. Always know both before agreeing a price in CUP.

Cards and banks

• US-issued cards do not work in Cuba because of US sanctions.
• Canadian and European Visa/Mastercard cards that are not issued by US banks generally work at ATMs and some businesses, but coverage is patchy — bring backup cash.
• For a property sale, Cuban rules require payment through a Cuban bank account, and the notary asks for proof. Plan how the funds will reach that account before you sign.

Sending money from Canada

Canadian bank transfers and licensed remittance services generally can send to Cuba. Compare fees and the exchange rate each one uses — the difference can be large.

Sending money from the US

US remittance rules and services have changed several times. Some well-known channels have suspended or restarted Cuba service in recent years. Family remittances may be authorised under OFAC rules, but payments for real estate in Cuba generally are not for US persons. Speak with a US attorney first.

Tips to avoid losing money

1. Agree the price in one currency, in writing.
2. Never pay a full deposit in cash before the title is verified.
3. Use the notary and a bank transfer as the law requires.
4. Keep receipts of every transfer.

Buying from abroad? See our guides for Toronto and Miami, or WhatsApp us at 416-471-1280.

General information only. Exchange rules change often — confirm before you move money.