Your Expert Guide To International Banking In Cape Verde

In the past, the banking system in Cape Verde was somewhat behind the times

. However, the country is rapidly developing and the banks are now reforming to modern day standards.

Before you leave

There are a few things to take care of after you have purchased the property for sale in Cape Verde, before you move there. First of all, aim to pay off all of your debts in your home country. This will make moving abroad much easier and will allow you to start with a clean slate.

Next, do your research in order to determine which Cape Verde bank will be best for you. Before opening a bank account after moving to your property in Cape Verde, you should know to check the interest rates and charges because they can be dramatically different between each bank. Also, consider choosing a bank with an international reach, which will allow you to access your funds no matter where you are.

It is a good idea to ask your current bank to supply you with a letter of reference. This will help you with the purchase of your Cape Verde property, setting up a bank account, and more. Also, dont forget to figure out your tax affairs, and educate yourself on how you will manage your taxes while living at your property in Cape Verde.

Cape Verde Currency

Although cash machines are now appearing in the larger towns, and most of the major hotels will accept credit cards, most of Cape Verde still runs on a cash economy. The currency on the islands is the Cape Verde Escudo. This currency was recently pegged to the Euro, which will help to stabilize exchange rates.

Remember that it is a lot easier to bring money into Cape Verde than it is to take it back out again. Escudos are not a convertible currency. This means that it is against the law to take it out of the country, and it cannot be changed abroad. Any export of currency from Cape Verde requires special permission.

When making a deposit of Euros into a Cape Verde bank account, the money can be transferred to another Euro or Escudo account in Cape Verde. If transferring to a foreign bank account, an invoice for goods must be provided if the amount exceeds 9000 Euros.

Cape Verde Banks

Most banks on the islands will have English speaking staff, making the process of setting up a bank account much easier. The usual banking hours in Cape Verde are Monday through Friday, from 8am to 2pm.

Before moving to your Cape Verde property, you will benefit from doing your research so that you are knowledgeable about the best banking options for you

by: James P Martin

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