Cuban Peso (CUC) = 100 centavos. Notes are in denominations of CUC100, 50, 20, 10 and 5. Coins are in denominations of CUC1, and 20, 5, 2 and 1 centavos. The US Dollar was also introduced as legal tender in 1993 forming a vital part of the economy. But as of 8 November 2004, Cuba has banned the use of US Dollars in commercial transactions - a response to the US's tighter embargoes, which put caps on the remittances Cubans living in the US were able to send back to the island. Dollars must now be exchanged for Convertible pesos where a 10 per cent commission will be charged. In some tourist and large urban areas, the Euro is also accepted. Hard currency must be used in most transactions.

Money should be exchanged at official foreign exchange bureaux, banks or international air- and seaports, which issue receipts for transactions. Cash is preferred (in currencies other than US Dollars). All local currency must be exchanged again before leaving the country.

MasterCard and Visa are increasingly accepted, provided they are not issued by a US bank, or a bank with links to the USA, but hefty fees are often added. ATMs are still rare, but cash can be obtained in banks with Visa credit or debit cards.

US Dollar, Pounds Sterling and other major currencies are accepted; US Dollar cheques issued by US banks are not accepted. It is recommended to take cash in a currency other than US Dollars.

The import and export of local currency is prohibited. The import of foreign currency is unlimited, subject to declaration of amounts exceeding US$5000 on arrival; export is allowed up to the amount imported and declared. Generally, a maximum of pesos10 may be reconverted to foreign currency for re-export at the end of the stay but it may only be reconverted on presentation of a correctly filled out official exchange record.

Mon-Fri 0830-1200 and 1330-1500, Sat 0830-1030. Hours may vary and banks may be open all day in larger cities.