Let's Talk about Money...
The local currency is the Cape Verde Escudo, represented by the $ sign at the end of the number or by the letters CVE. 1CVE equals to 100 centavos. There is an official rate of 1 Euro = 110.265 Cape Verde Escudos set by the government, therefore 1 British Pound = 162.443 Cape Verde Escudos. The currency has been stable against the euro for a long time, but high interest rates and controls have been in force to prevent it depreciating.
Because it is not a convertible currency, you can only get it when you arrive in the country and unless you intend to return, get rid of all Escudos before you leave because you are not supposed to take it out and you cannot change it abroad.
The main banks in Cape Verde are: The Banco Comercial do Atlantic (BCA), Banco Interatlantico, Caixa Economica, Tota and Acores.
CASH - EURO -
The Euro is increasingly accepted in Sal by many tourist businesses, even by aluguers, but you will generally pay 1O% too much and almost certainly they will give you change in Escudos. On many other islands you cannot use them at all.
The US dollar and the British pound are useless but can be converted at banks which are open from 8 am to 2 pm on weekdays.
Normally, banks and exchange bureaux (cambios) apply commission charges on cash exchange transactions, and it can be as high as 600$. The Caixa Economica de Cabo Verde, which can be found on Sal, Santiago, Sao Vicente, Santo Antao and Fogo, is the only bank that does not charge commission to exchange Euros for Escudos.
So it is recommended to bring Euros to avoid being charged twice: the banks will charge commission to change Pounds Sterling to Euros and then to Escudos.
Sal airport banks are open at midnight when many flights arrive.
CREDIT CARDS & ATM MACHINES
Mastercard and Visa are the most widely accepted credit cards so far, but only in the more upmarket main resort hotels and restaurants.Visa cards can be used to withdraw funds at ATM cash machines at the major banks in most island capitals but not all. These exist at the banks on Sal in the town of Espargos and Santa Maria, there also are a number of ATM's around Praia, including several at the airport. There is a minimum charge of 1,000$ (about £7) plus other card charges, depending on the amount withdrawn. Rates seem to vary throughout the different islands.
TRAVELERS' CHEQUES
Travelers' cheques can be also exchanged at the banks. However check the details of fees because they attract steep charges, up to 10 Euros per transaction. Remember: If the travelers' cheques are not in consecutive order number when you change them, you may have to pay a separate charge for each break in the series!
MONEY TRANSFER
Money transfers to the Cape Verdes can be done through high street banks in the UK for a charge of £20/30 and the funds should arrive within two or three days. Western Union also provides a very quick service.
EXAMPLES OF CAPE VERDE ESCUDOS NOTES AND COINS
Images sourced from www.caboverde.com