Currency in Cape Verde: CVE Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Cape Verde with the Cape Verdean escudo.
What's in this Cape Verde currency guide?
What currency is used in Cape Verde?
The official currency of Cape Verde (country code: CV) is the Cape Verdean escudo, with symbol C$ and currency code CVE.
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Frequently Asked Questions
What currency should I use in Cape Verde?
The domestic currency in Cape Verde is the Cape Verdean escudo.
What is the Cape Verdean escudo currency code and symbol?
The three letter currency code for the Cape Verdean escudo is CVE — symbol is C$.
What doe the Cape Verdean escudo look like?
Here is an example Cape Verdean escudo banknote:
Which countries use the Cape Verdean escudo?
It is the domestic currency in Cape Verde.
Is the Cape Verdean escudo a closed currency?
No, the Cape Verdean escudo is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and CVE?
Here are some popular conversion amounts for USD to CVE (US dollar to Cape Verdean escudo)*.
*Converted at the current USDCVE interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Cape Verde
Using Wise for Cape Verdean escudo travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Cape Verdean escudo otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Cape Verdean escudo cash before departure, you can save money by ordering online. You generally get better rates and can pick up the CVE cash locally or even on travel day at the airport.
Cape Verde: Travel Guide
Traveling to Cape Verde requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
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.
What currency to use in Cape Verde?
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.
USD/CVE Market Data
The below interactive chart displays the USD/CVE change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Cape Verde - Best Rates
To get a good (and fair) exchange rate when sending money to Cape Verde you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Cape Verde
When sending money to Cape Verde it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Cape Verdean escudo amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted CVE amount will be transfered to the recipient account you specify in Cape Verde.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Cape Verdean escudo deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working 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.
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 money transfer specialist 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.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Cape Verde.
How is Cape Verde's economy
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.