Money in Cape Verde: a practical guide

Cape Verde uses the Cape Verdean escudo (CVE). It is pegged to the euro at a fixed official rate of 1 EUR = 110.265 CVE, administered by the Banco de Cabo Verde and backed by a credit line from the Portuguese government. Because it is pegged rather than floating, the rate does not move day to day — the only reason your conversion changes is if your home currency moves against the euro.

Prices are often written with a dollar sign in the decimal position — 1$50 means one escudo fifty. This is the historic cifrão, and it catches out almost every first-time visitor. It is not a US dollar price.

The escudo is a closed currency. You cannot realistically buy it before you fly, and exchange bureaux outside Cape Verde do not stock it. So the practical approach is to arrive with euros and convert on the ground, or withdraw escudos from an ATM once you land.

How much depends heavily on whether you are on an all-inclusive package. If your food and drink are covered, most visitors find that a modest daily allowance covers tips, taxis, a few excursions and the occasional meal outside the resort. If you are travelling independently, budget considerably more, and remember that many of the places you will most want to eat do not take cards.

Withdraw in a small number of larger amounts rather than many small ones. ATM operators typically charge per withdrawal rather than as a percentage, so five small withdrawals cost you far more in fees than one larger one.

Card acceptance in Cape Verde follows the tourist infrastructure closely. Where there are resorts, there are card terminals. Away from them, cash rules.

Vinti4 is Cape Verde's national ATM and debit card network. If you see the Vinti4 logo on a machine, it will take international Visa and Mastercard as well as local cards.

Coverage is good in Santa Maria and Espargos on Sal, in the main Boa Vista resort areas, and in Praia and Mindelo. It thins out quickly on the quieter islands — Brava, Maio and the interior of Santo Antão have very few machines, and the ones that exist can run out of cash at weekends. If you are moving between islands, withdraw before you leave the larger town.

Machines dispense escudos, not euros. Check whether your own bank charges a foreign-transaction fee, and if the ATM offers to convert to your home currency, decline — that is dynamic currency conversion, and the rate it uses is consistently worse than your bank's.

Many businesses in tourist areas accept euros directly. Almost all of them convert at a round 1 € = 100 escudos rather than the official 110.265. That is a hidden cost of about 9.3% on everything you buy that way — not presented as a fee, and rarely posted anywhere.

It is not usually a scam so much as a convention: the round number is easier for everyone, and the margin is a quiet bonus for the business. But it is your money, and over a two-week holiday the difference adds up to a meaningful amount. Paying in escudos avoids it entirely.

Tipping is appreciated but not rigidly expected. In restaurants, rounding up or leaving around 5–10% for good service is normal. Small tips for housekeeping, porters and guides are customary. Tip in escudos where you can — a euro coin handed to a member of staff has to be converted by someone, usually at a rate that works against them.

Spend them before you fly. The escudo is difficult and expensive to exchange once you leave, and most bureaux outside the country will not touch it at all. Airport shops will take escudos, and it is worth keeping enough for a departure-day coffee and any last purchases rather than converting back at a poor rate.