Cape Verde, an archipelago located off the coast of West Africa, is a popular tourist destination known for its beautiful beaches and warm weather. But before you start planning your trip, it’s important to understand the country’s currency and how to handle finances while you’re there.
The official currency of Cape Verde is the Cape Verdean Escudo (CVE). The escudo is divided into 100 centavos, and the coins come in denominations of 5, 10, 20, and 50 centavos, and 1 and 2 escudos. Banknotes come in denominations of 100, 200, 500, 1000 and 2000 escudos. You can find ATMs and currency exchange services in the main towns and tourist areas, but it’s always a good idea to have some cash on hand, especially when traveling to remote areas.
As of January 2023, one United States dollar is equal to about 101 Cape Verdean Escudos. Exchange rates vary over time so be sure to check currency conversion websites like OANDA for the latest exchange rates.
It’s also important to note that some places may accept Euros, US dollars, and other foreign currencies, but the exchange rate may not be favorable. Therefore, it’s always a good idea to have some escudos on hand.
Credit cards are accepted at most hotels, restaurants and shops in the main tourist areas, but it’s still a good idea to have cash on hand for smaller transactions, street vendors and local markets. Be aware that some places may add a surcharge for credit card transactions, so it’s always best to ask before making a purchase.
Traveller’s cheques can be used in some places but it’s not a widely accepted form of payment and it’s best to check with your bank or the place you are visiting in advance. Additionally, be prepared for any banking fees or commission that may be charged when cashing traveler’s cheques.
It’s also important to be aware of the exchange rate and to check the fees associated with international transactions. Some banks may charge high fees for international transactions, so it’s best to check with your bank before your trip.
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In conclusion, the official currency of Cape Verde is the Cape Verdean escudo (CVE). It’s important to have some cash on hand, especially when traveling to remote areas. Credit cards are widely accepted in main tourist areas, but it’s always a good idea to have cash on hand for small transactions and street vendors. Be aware of the exchange rate and any fees associated with international transactions, and it’s also important to check with your bank before your trip. With this in mind, you can enjoy your trip and make the most of your financial resources.