Currency of Cabo Verde

Cabo Verde's Currency: what you need to know about the Cabo Verdean Escudo

Cabo Verde, an archipelago known for its stunning beauty and vibrant culture, promises unforgettable experiences. When planning your trip to this enchanting destination, one of the practical aspects to consider is the local currency, the Cabo Verdean Escudo (CVE).

Here's what you need to know about Cabo Verde's currency to ensure a smooth and worry-free stay.

The Cabo Verdean Escudo and exchange rate

The Cabo Verdean Escudo (CVE) is the official currency of Cabo Verde. Cabo Verdean banknotes and coins are issued by the Bank of Cabo Verde (BCV), the archipelago's central bank. The banknotes in circulation are 200, 500, 1000, 2000, and 5000 CVE. The coins include denominations of 1, 5, 10, 20, 50, and 100 CVE.

When traveling to Cabo Verde, it’s crucial to be aware of the exchange rates to effectively manage your travel budget.

For travelers from the Eurozone, calculating the exchange rate is quite simple. The Currency Cooperation Agreement between Cabo Verde and Portugal established a fixed parity between the Euro and the Cabo Verdean Escudo. As a result, 1 Euro equals 110.265 Cabo Verdean Escudos.

Where and how to exchange money in Cabo Verde

Thanks to the Currency Cooperation Agreement between Cabo Verde and Portugal, transactions in Euros are possible in many parts of the archipelago, especially in Sal and Boa Vista. However, it’s advisable to carry some Cabo Verdean Escudos for small purchases and transactions.

There are several reliable options for exchanging money in Cabo Verde. You can do so upon arrival at the airports, as well as at banks and exchange offices in the streets. Some hotels also offer currency exchange services.

It is recommended to conduct these transactions at authorised places to ensure security and obtain the best exchange rates.

Using ATMs and credit cards in Cabo Verde

Convenience is a constant in Cabo Verde, with ATMs available on all the islands. Credit cards and Visa Electron are accepted for withdrawals at ATMs and banks.

Additionally, most hotels, restaurants, and supermarkets accept cards, making your daily transactions and purchases easier.

Declaration of funds and limits

Anyone entering Cabo Verde with an amount exceeding 1,000,000 CVE (in notes and foreign currencies) must declare it to the border police, in accordance with the law.

Furthermore, the free movement of this amount requires the opening of a specific account, following the regulations of the Bank of Cabo Verde.

For those leaving Cabo Verde, amounts above 20,000 CVE per person, per trip, require special authorisation in line with local legislation.

The value of the Cabo Verdean Escudo in everyday life

Life in the archipelago is affordable. For around 100 CVE, you can have a coffee, or if you prefer, a refreshing beer for about 200 CVE. And don't be surprised if the coffee or beer comes with a friendly chat.

In Cabo Verde, known for its "morabeza" (hospitality), you’ll notice the warmth and kindness of the locals as you immerse yourself in the day-to-day life. Take the opportunity to visit local markets, try fresh fruits, and meet the island's inhabitants. For these experiences, it's recommended to carry Cabo Verdean Escudos.

Tourist contribution fee

Like many countries, Cabo Verde has a Tourist Contribution Fee, charged to tourists for each night of their stay. This fee aims to support sustainable tourism and preserve the archipelago's natural beauty, ensuring your visit has a positive impact on the region. This amount is paid directly at your accommodation, either in cash or by card.