Currency exchange

Foreign currencies, called MLC: Moneda Libremente Convertible (Freely Convertible Currency), can be exchanged for Cuban Pesos (at the official government rate) in banks, CADECAs (exchange houses), airports, hotels and shopping malls. The following currencies can be exchanged in Cuba: EUR*, USD*, CAD*, GBP*, CHF, MXN, JPY, DKK, NOK, SEK (*Preferred currencies). Conversion fee in CADECAs is 2%, except for USD at 8%. Learn more about the Cuban Peso and its value here

The "Banco Nacional de Cuba" publishes the official daily exchange rates in its website: www.bc.gob.cu.

You can only get Cuban Pesos in Cuba, the CUP is a closed currency NOT traded internationally, and their import and export is prohibited, so they CANNOT be bought in advance outside Cuba.

WHERE TO BUY CUBAN PESOS (CUP)

CADECA (acronym for Casa de Cambio)
This is the official government’s currency exchange house. CADECAs are conveniently located in airports, many hotels and resorts, on the street, shopping malls, etc. In Holguin seaside resorts most CADECAs are located inside the all-inclusive hotels and commercial centers (Plazas), you can find a map of the CADECA's location in there offical website: www.cadeca.cu/en/content/holguín

Front Desk of hotels and resorts
Exchanging currency at the Reception is the most easy and convenient option but usually not the best rate you will find. Service fees vary from a hotel to another, on average 3% to 6%. Note that in some hotels the money exchange desk may be an official CADECA, and in other hotels the exchange is done at the Front Desk. Service charges may be a little higher, but if you have to pay for a taxi to go to the nearest bank or CADECA, then all savings may be lost.

Bank
There's only one bank within Holguin's seaside resorts, it's a BFI branch (Banco Financiero Internacional). It's located in the town of Guardalavaca, in the Los Flamboyanes commercial center. If you happen to be in town for other reasons, this is where you'll get the best exchange rate but sometimes the wait may be long, and don't forget to bring your passport. A trip (taxi cost) exclusively to go to the bank is only worth it if you want to change a large amount or need to withdraw cash from your credit card (cash advance).
BFI Guardalavaca
Centro Commercial Los Flamboyanes, Guardalavaca, Municipio Banes, Holguin
Phone : (53 24) 43 0217
Hours : 9am to 3pm Monday to Friday

USEFUL TIPS ON CURRENCY EXCHANGE

Your passport is required to exchange money at a bank or a Cadeca, but usually not at your hotel's Front Desk.
Banknotes with rips or markings are not accepted, so make sure to bring bills in good condition.
No foreign coinage can be exchanged, bills only.
Before leaving the exchange desk, always check if the right exchange rate was applied more on this here, and count your money to make sure you received the right amount.

Cuban Pesos have no value outside of Cuba. You can exchange back your remaining pesos for your preferred currency at the end of your trip, but the exchange rate (sale) is disadvantageous, so it's best to exchange smaller amounts at the time and budget wisely at the end of your stay.

Travelers Cheques: They can be inconvenient in Cuba because it is often difficult to find a place to cash them and you have to pay a commission and show a photo ID. They may be accepted in banks, major hotels, government-run restaurants, and some other tourist-related businesses, but far less readily than credit cards. Plus, traveler's checks used in Cuba are not insured, therefore they lose their primary advantage.

Everything related to money can change quickly and often in Cuba, always check the current situation, rules and regulations before you go.

Money in Cuba Credit/Debit cards