A practical currency and money guide to travel, living and doing business in Cape Verde and the Cape Verdean escudo (CVE).
What's in this Cape Verde currency guide:
The official currency of Cape Verde (country code: CV) is the Cape Verdean escudo, with symbol C$ and currency code CVE.
Cape Verde, also known as Cabo Verde, is an island country located in the central Atlantic Ocean, off the northwest coast of Africa. It is an archipelago of 10 volcanic islands, and five islets, with a total area of around 4,033 km². The country has a population of around 550,000 people, and the official language is Portuguese. The capital city and largest port is Praia, located on the island of Santiago.
The Cape Verde Islands have a unique mix of African and Portuguese culture. The island is known for its music, particularly the traditional style of morna, and for its beautiful beaches and year-round warm climate. Tourism and fishing are major industries in Cape Verde, and the country has seen a steady increase in tourism in recent years.
The geography of Cape Verde is diverse, and the islands have volcanic origins. The islands are mostly dry and arid, but there are areas of lush vegetation and forests. The islands are also known for its unique landscapes and beautiful scenery.
Cape Verde has a stable political situation and a relatively low crime rate. The public healthcare system is considered relatively good, but it can be limited in some areas, and access to some medical treatments may be difficult. The educational system is also considered to be good, but it can be limited in rural areas.
Cape Verde has been a growing destination for expats and retirees, particularly for those looking for a warm, welcoming and safe place to live with a good quality of life, relatively low cost of living and good healthcare. Despite being a small country, it has a rich culture and a welcoming population.
The official currency of Cape Verde is the Cape Verdean Escudo (CVE). However, it's important to note that Cape Verde is a relatively small and isolated economy, therefore the availability of some goods and services may be limited. It's best to bring a variety of cash and credit card to ensure that you have enough to cover your expenses.
Credit cards are widely accepted in Cape Verde, particularly in the more developed tourist areas, but it's best to check with your bank before you travel to make sure that your card will work in the country, and to let them know you'll be traveling to avoid any problems.
ATMs can be found in the main towns, but they may not always be functioning and it's best to have cash handy. Currency exchange is also available in banks and currency exchange offices, though it is recommended to check the exchange rate before making any transactions.
It's also recommended to take USD or EUR as a backup currency, since they are widely accepted as well, particularly in tourist areas and some large retailers.
Overall, while the official currency is the Cape Verdean Escudo, it's always best to have a variety of cash and credit card options, as well as a backup currency like USD or EUR, to ensure that you have enough to cover your expenses while traveling in Cape Verde.
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Cape Verde.
Cape Verde's economy is small and open, with a strong focus on tourism and services. It has undergone significant economic growth in recent years, largely due to the development of the tourism industry. In addition to tourism, Cape Verde's economy is also based on trade and remittances from emigrants. Despite the progress, the country still faces challenges in areas such as unemployment, income inequality and infrastructure development.
Tourism is the main driver of Cape Verde's economy, with the industry contributing around 25% of the country's GDP. The country has a diverse range of tourism offerings, including beaches, hiking, diving, and cultural attractions. The government has made efforts to diversify the country's tourism offerings and attract more high-end tourists, with some success.
Remittances from emigrants also play a significant role in Cape Verde's economy, representing around 20% of GDP. Many Cape Verdeans have emigrated to other countries, particularly Portugal and the United States, and they often send money back to support their families and communities.
The country has also developed a growing trade sector and exports agricultural goods like bananas, vegetables, and fruits as well as fish and seafood. They have also developed some light industries such as textiles, and have had some success in attracting foreign investment for their offshore business services and information technology industries.
Cape Verde has made progress in reducing poverty and increasing economic growth, but challenges remains. Unemployment, particularly among young people, remains high, and income inequality is still a problem. The country also needs to invest in infrastructure development, particularly in areas such as transportation and energy, to support its economic growth.
Overall, Cape Verde has made significant progress in developing its economy, but challenges remain, particularly in areas such as unemployment, income inequality and infrastructure development. The government is working on policies to address these issues and to continue the country's economic growth.
Here we list some key points for expats and businesses to consider when managing financial dealings in Cape Verde:
Understand Cape Verdean escudo currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the CVE exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Cape Verdean escudo bank account: A local CVE bank account can make it easier for you to manage your finances and pay bills while you are in Cape Verde. It may also be more convenient to use a local CVE bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Cape Verde. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Cape Verde. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Cape Verde, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
The exchange rate of Cape Verdean escudo (CVE), or the amount of CVE that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/CVE rate plus recent trend, chart, and historic rates.
10 Mar 2023
|0.8% ▼||2 Week|
24 Dec 2022
|1.4% ▼||3 Month|
24 Mar 2022
|2.2% ▲||1 Year|
25 Mar 2018
|14.6% ▲||5 Year|
26 Mar 2013
|20% ▲||10 Year|
29 Mar 2003
|0% ▲||20 Year|
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Cape Verde or planning a trip or maybe living there, so will need to exchange and spend Cape Verdean escudo.
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It is important to note that the exchange rate of the Cape Verdean escudo can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect CVE exchange rates before making any financial decisions.