The best, fastest & cheapest ways to send money to Cape Verde

The exchange rate plays a key role in determining how much CVE your recipient in CV will get.

For example, in the past month average rate for USD to CVE was 102.3074 CVE.

Since USD-CVE exchange rates fluctuate with market conditions, waiting a couple of days could result in a better rate, giving your recipient more CVE.

If you need to make an urgent transfer, we recommend using MoneyGram, which has consistently offered the best rates for Cabo Verde Escudo over the past six months.

The most cost-effective way to fund your transfer to Cape Verde is through a Bank transfer with MoneyGram, which is 0.9% cheaper than the second-best service.

The way you fund your transfer to Cape Verde impacts the cost, speed, and how much CVE the recipient will receive.

Based on our data from the last six months for a $2,000 transfer from the US to Cape Verde, the following are your best options:

• Revolut with bank transfer deposit costs $0 and has a 0.07% markup.

• Wise with a debit card deposit costs $17.79 with -0.75% markup.

• Wise with a credit card deposit costs $43.5 with -0.14% added to the CVE exchange rate.

We advise against using Bank transfer, as they tend to be the most expensive option for CVE transfers.

Credit card transfers may incur cash advance fees and higher interest rates on CVE.

CC deposits also tend to be more expensive. For example, Wise charges $43.5 for credit card deposits, while a bank transfer via Revolut costs $0.

Whenever possible, avoid transfers via the SWIFT network to CV. SWIFT transfers to Cape Verde are slower and come with higher fees.

Instead, look for a cheaper option such as ACH or account balance.

Money transfer companies often have min and max limits on how much CVE you can send.

The amount you transfer can also affect the fees and the CVE exchange rate you receive. For instance, Wise is the best choice for sending large amounts to Cape Verde.

Additionally, there may be government-imposed restrictions, commercial limitations, and other factors that influence the amount of CVE you can send.

This is why it’s really important to compare your options when transferring money to Cape Verde.

The speed of sending Cabo Verde Escudo to Cape Verde depends on factors like the amount, timing, deposit, and withdrawal method chosen. Typically, faster transfers come with higher fees.

For example, based on a $2,000 transfer to Cape Verde:

Use Dahabshiil for fastest transfers

Of the 7 companies offering CVE transfers, Dahabshiil consistently offers the fastest delivery times across all deposit methods, appearing 3 times in our searches over the past 6 months.

For bank account & card deposits use Dahabshiil

Dahabshiil offers fast and affordable Cabo Verde Escudo transfers, with fees of around $0 for bank deposits and $Wise for debit card deposits, plus a small 1% markup on top of the CVE rate.

For credit card transfers use Wise

Based on our six-month search data, Wise takes up to one day to send CVE via credit card, with a fee of $43.5 and -0.14% markup.

For urgent transfers use cash transfer

If you need money urgently, we recommend cash pickup services through providers like Western Union or MoneyGram.

Avoid the SWIFT network

Avoid using SWIFT transfers for CVE transfers. Due to intermediary banks on the way to Cape Verde, SWIFT is slower and comes with higher fees.

There are a few different ways to move money to Cape Verde:

Money transfer services

You can transfer money online using an FX broker (managed service) such as OFX or an online-only company (self-managed) such as Wise.

Based on our six-month analysis, Wise stood out as the top money transfer company servicing Cape Verde, appearing in 100% of CVE transfers in our search system.

Mobile apps and e-wallets

Most money transfer services that accept Cape Verde offer mobile transfer apps, which often have better deals on CVE exchange rates.

You can check our guide on the best money transfer apps to find one that suits your needs.

Cash transfers

Cash transfers to Cape Verde are sent in person through services like Ria Money Transfers, MoneyGram, or Western Union.

Transferring Cabo Verde Escudo as cash is almost always instant but requires the recipient to visit a nearby agent in Cape Verde to collect the CVE.

Bank wire transfers

You can transfer Cabo Verde Escudo via your bank.

We strongly recommend not using your bank to wire CVE directly to Cape Verde due to high fees and slow transfer times.

Instead, use the bank transfer deposit option with Wise and send CVE from there.

There are multiple ways to receive money in Cape Verde. Picking the right one can save you on fees and speed up the CVE transfer process. Here are your options:

Deposit to the bank account

To deposit money directly into a recipient’s bank account in Cape Verde, we recommend Revolut. They appeared in 57.1% of CVE searches as the cheapest option for bank transfers to Cape Verde.

The card transfer will also land in the recipient’s bank account in Cape Verde. Use Wise to deposit with a debit card at just $17.79 per transfer.

Cash pickup and delivery

If the recipient in Cape Verde needs CVE urgently or doesn’t have access to a bank account in Cape Verde, cash pickup or home delivery are good options.

Mobile and digital wallets

You can receive CVE directly into digital wallets like PayPal, though this often comes with more limitations and costs more compared to services like MoneyGram.

When sending money to a bank account or e-wallet in Cape Verde, Cabo Verde Escudo will arrive without any involvement from the recipient.

However, if you're sending CVE as cash or transferring large amounts to Cape Verde, the recipient may need the following:

• Government-issued ID: A national ID of Cape Verde, a valid passport, or driver's license.

• Sender’s details: The sender's personal details such as full name and address.

• Transfer Details: The amount of CVE being received.

• Confirmation No.: This is usually given at the time of transfer.

• SWIFT Code / IBAN: Occasionally required for bank transfers.

The exact documents required may vary depending on the money transfer company and the transfer method used.

When sending bigger amounts to Cape Verde, companies may request proof of funds such as bank statements and address verification with the utility bill in line with AML (Anti-Money Laundering) policies.

We recommend using Wise to send large amounts of Cabo Verde Escudo.

There may be tax obligations and government-imposed limits or restrictions on CVE transfers/payments to CV.

Some CVE transfers could be subject to taxes such as gift tax or commercial tax.

Even if no limits or taxes apply, certain CVE transfers (especially large sums of Cabo Verde Escudo) may need to be reported to the tax authorities in Cape Verde or in your country.

When unsure, it’s best to consult with a tax professional in Cape Verde or your home country to ensure compliance with the regulations.