The following banks operate in Cape Verde:
Most of the information provided on this page about banks has been given to us from various individuals and sources since 2005, so the information may be out of date. If you are looking for current information about exchange rates for other currencies, use of master cards etc, or about banks on different islands, I would suggest you visit the bank websites and contact the banks directly as they update their own information on their websites. A few of the links to banks may be broken, these links were copied from a Government website.
Opening times are 08:00 - 15:00 Monday to Friday except on public holidays. Please note that banks often close at 12 noon the day before a public holiday.
If you need to open an account, take your passport or a copy of your passport with you. There is more info on what else you need to provide on the bank websites. You can ask to open an account in euros as well as escudos. You will also have to pay a deposit when opening either account. Banks have staff that speak a few languages, including English.
There are ATM's at all banks on Sal island; at the airport, Espargos and in Santa Maria. There is no reason to assume that similar isn't provided on other islands.
When you have your escudo bank account set up, you can request a Vint4 card which you can use at an ATM to withdraw cash or to pay for goods at some shops, for a visa at the National Police Station or for other services.
A visa debit card can be used at an ATM to withdraw escudos. You can choose the language option on the screen to perform the transaction in one of a few languages.
1 Euro = 110.265 ECV
Please note that although 1 euro is worth 110.265 Cape Verde escudos, in most places, one euro will be treated as 100 escudos and visa versa. If you use a Euro to pay for something that costs 100 ecv, you won't generally receive 10.265 ecv in change. Likewise, if you pay 10 Euros for something that costs 1000 ecv, you won't generally receive 100 ecv in change. However, there are a few Chinese shops that will provide you with a good exchange rate for Escudos, although this is not encouraged.
In the past, on some of the less touristic islands, shops may only accept escudos, but you can change Euros in the bank during opening hours.
Visa Card /Mastercard: Visa Cards can be used at the cash points, take your pin number with you, I do not know what the commission charges are. Mastercards can only be used at the Bank counter, not at cash points. If you do not have your pin number, take your passport with you, I do not know the commission for each transaction. NOTE: I understand from someone that went to withdraw some cash on a card (Aug 07)at a Bank in Sal that there was 150 euro fee for using the Visa card but only 30 euro for using his Mastercard to withdraw 3,000euros. He chose to use his Mastercard. He also had to speak on the phone with his bank in the UK before they would release the funds to him.
For more up to date information, check out the link to the Money Saving Expert website via the link below.
Transferring Funds: You may want to consider setting up the options to transfer funds from your UK account before you on holiday. One visitor arrived on Sal and transferred funds electronically from his Bank account in/from another European country (not the UK), to a bank on Sal expecting it to arrive promptly, but he was informed that it wouldn't clear for 7 days. If you are only here on a weeks holiday, then that time scale may be too late. The Caixa tell me its a 4 day clearance (however if it includes a weekend it still could be 7 days).
Traveler's Cheques: Traveler’s cheques can be cashed immediately. At the CAIXA - If you are cashing in Travelers Cheques that are in sequence (ending 003,004,005)you will only be charged 1,000cve commission. 2009: However, if you are cashing in the same 3 TC's that are in sequence, then another which is out of sequence (i.e. ending 015) you will have to pay 2 x 1,000cve. I am not sure if this is the same at the BCA Bank.
International Money Transfers: There are also a number of well established money transfer services you can look up on the internet who may offer a better deal than banks. Check it's clearance time at this end (Cape Verde) with each bank. Also check how much money you can transfer from your bank at one time, you may find it is only £10,000.
Western Union: You can also transfer money via Western Union. Fill in the form, take the form to the cash desk/counter and they will make the transfer.
FAQ: Can I send money to a friend in the UK by Western Union?
ANS: Yes, If I wanted to send some money to the UK to a friend I will have written a question on the form and the answer to that question, and having filled in all the other information with the amount I am sending then the cash desk assistant would give me a CONTROL NUMBER which would be written on the form. I would then need to contact the friend, tell them the question and answer, the amount I was transferring and the control number and it will be sent to the persons address I have stated on the form. Check out the Western Union website for further information.
FAQ: What are the time scales for cashing a cheques in Cape Verde?
ANS: You would need to contact the bank directly. Each bank may have different terms and conditions and change their policy from time to time.You may find more information within the links below, or go to the website links to banks at the top of this page.