The official currency in Cuba is the Cuban National Peso or Peso Cubano (CUP) but the Moneda Libremente Convertible (MLC) is also used in certain places. Foreign currencies like USD and EUR are also widely used and they can be exchanged at the official government rate at airports, banks, hotels and exchange houses (CADECA). The current official exchange rate is $1USD = $120CUP although when changing USD, an 8% conversion fee will apply. The other currencies have a 2% conversion fee. Avoid exchanging your money in the informal market (black market). Even when its exchange rate is much higher, this is not a legal practice. While in Cuba, we recommend you to use a combination of US dollars and CUPs; exchange only small amounts of money to CUP at a time, and avoid having extra CUP at the time of your return home.