The currency in the Cape Verde islands is the escudo. The currency is abbreviated with the $ sign after the number (e.g. $ 1,000$) or by the letters CVE. The Cape Verde Escudo is linked to the euro and is worth 110,265. Round off 1 euro is 110 CVE. An easy rate if you want to convert money. In short, if you want an indication of how much something costs in euros you divide the amount in escudos by 100 and you will subtract another 10% of that amount. Or a more simple explanation: get two zeros off the amount (1,000 CVE then 10 euros) and get another 10% off (10 euros minus 10% = 9 euros). Exchange offices / hotels may differ slightly from the rate.
Below we have shown some amounts and the value in escudo or euro.
1 euro = 110 CVE
5 euros = 550 CVE
10 euros = 1,100 CVE
50 euros = 5,500 CVE
100 euros = 11,000 CVE
100 CVE = 1 euro
1,000 CVE = 9 euros
2,500 CVE = 23 euros
5,000 CVE = 45 euros
Paper money is available in: 200, 500, 1,000, 2,000 and 5,000 escudos. The 2,000 escudo banknote depicts the world-renowned music icon Cesaria Evora. The coin money has the value of 1, 5, 10, 20, 50, 100 and 200 escudos.
Credit cards are accepted by a large number of hotels, restaurants and shops. However, there is a difference between the region and the different islands. So it is wiser not to reckon on it. That way you will never be in trouble. Credit cards can also be used at a cash machine. Bank cards with a Visa, Maestro, Cirrus or Mastercard logo are can be used at ATM’s. With each withdrawal of money, transaction costs are automatically deducted. It is a maximum of a few euros at a time. The ATM’s can be found at the major banks of the country (BCA and BCN). Travel checks are also accepted as a means of payment, but because of crossover costs it is less favorable compared to pinning or paying by a credit card.
Nice to know
- In many places you can also pay with the euro. For example, in many places at Sal, Boavista and Sao Vicente.
- Take some euros when traveling to Cape Verde. Due to the presence of ATM’s and the possibility to pay with euros, this makes you more flexible.
- The prices of products, in areas where there are more tourists, are often also indicated in euros.
- Escudos are often not exchangeable in our own country. Make sure you do not have too many escudos left when leaving.
- Tipping at restaurants is common. Tip fee is around 5 – 10% from the total amount.
- Prices for products / services in Cape Verde are generally lower than for example in Europe. Especially on the islands with fewer tourists.
- Make sure you have activated at your bank the option for worldwide drawing. In most cases, the option of drawing money outside Europe is off.