How to Convert Dollars to Cuban Pesos
Converting the Cuban Peso to the U.S dollar is a bit more complicated than the converting pesos from other countries. Cuba uses two types of pesos. The Cuban Peso, or CUP, is the currency used by Cubans, while the Cuban Convertible Peso, or CUC, is directly tied to the U.S dollar and is designed to be used by tourists visiting the Island.
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Instructions
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Check the various exchange rates of the type of Cuban peso you would like to convert. You can consult the financial section of a newspaper or check a daily financial newspaper such as the Wall Street Journal or the Financial times. Another useful option is to consult an online currency converter such as Coinmill.
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Determine how many dollars you want to convert to either the Cuban peso or Cuban convertible peso and multiply by the exchange rate. To do this you can either use an online conversion calculator (such as the one found on coinmill) or you can multiply by the exchange rate found in your financial periodical. For example, if the conversion rate is 0.9259 for the dollar, and you want to convert 1,000 U.S dollars, multiply the two numbers and you get 925.50 Cuban Convertible Pesos.
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Check your conversions by comparing several sites. If you used a table from a financial periodical and a calculator, check using several online currency converters (and vice versa). Also check multiple sources to make sure the various Cuban pesos have the same conversion. Checking the Central Cuban Bank with other conversion sources is a good way to do this.
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Tips & Warnings
When using a currency converter, check the date when it was last updated to make sure conversion rates are current.
The bank of Cuba charges a 10 percent bank fee when converting the dollar to the Cuban convertible peso.
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