In March 2011, the CUC$ was re-valued to be equal to the U.S. Dollar at a 1:1 ratio. This exchange rate is subject to change at any time and for the most up-to-date information, check with insightCuba staff or visit www.xe.com.
There is a tariff of approximately 13 percent when converting U.S. dollars to Cuban convertible pesos (CUCs) while in Cuba. This fee can vary from place to place and is subtracted from the exchange at the time of conversion. When exchanging other currencies, such as euros, pounds, or Canadian dollars, expect an exchange fee, but it is less than the fee placed on U.S. dollars.
In Cuba, exchange your money at the airport, a CADECA exchange kiosk, or your hotel. CADECA is an official money exchange agency in Cuba. Do not exchange money on the street or in unknown situations.
Please note that CUCs are not available for exchange outside of Cuba. You must exchange your currency to CUC$ upon arrival in Cuba. Likewise, if you have excess CUC$ upon departure, you must convert them before you leave Cuba.
Please see the update as of December 2019 here regarding the use of U.S. dollars in Cuba.