You might think that sending currency to Cuba is a complex and difficult process. While this may have been the case some years ago it is now very straightforward to send money to Cuba. However before you go ahead and set up a currency transfer to Cuba it pays to learn a little bit more about the currency.
Cuba's official currency is the Cuban Peso and each Peso is made up of 100 centavos. The other 'tourist' currency that is in circulation in Cuba is the Cuban convertible Peso or CCP. This was introduced in order to prevent shops and other vendors from displaying signs which were both in the US dollars and Cuban Pesos. When you want to send currency to a recipient in Cuba make sure that you check the currency rate Cuba is offering for Cuban Pesos. Checking the exchange rate for foreign currency is totally free when you use an online exchange broker.
Currency no longer accepted
Another good reason to complete an online money transfer to Cuba is that since 2004 US dollars are no longer accepted in retail outlets. So if you have previously sent currency in US dollars via the mail you should no longer use this method. In addition to this exchanging US dollars into Cuban Peso can cost up to 10% in commission.
Use official exchange bureaus or banks
If you choose to send travellers cheques to Cuba you need to make sure that your recipient cashes them in at official exchange bureaus or banks. Failure to do this can lead to inflated charges which can be avoided when you transfer money to Cuba. This is the method of sending money to any recipient in Cuba without incurring any extra charges. If you want your money to go further complete a simple transfer online and you will save yourself money in fees.
