Make Payments in CVE - Cape Verdean Escudo
Pay in Cape Verdean Escudos (CVE)
Mondial Change allows you to make international payments in CVE (Cape Verdean Escudo) with ease. Manage your Cape Verdean Escudo beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply exchange commission on your CVE operations (a spread is applied on the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Cape Verdean Escudo (CVE)
It is currently not possible to receive payments in CVE.
Mondial Change Answers All Your Questions About Payments in Cape Verdean Escudos (CVE)
What is the timeframe for a CVE payment to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a Cape Verdean Escudo transfer to be credited to the beneficiary's account. However, these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if CVE payments are credited beyond 2 business days to the beneficiary's account. External events such as processing delays by intermediary banks, public holidays, execution time, or compliance checks can have a significant impact on payment receipt times.
What are the fees for a payment in Cape Verdean Escudo (CVE)?
The fees applied on transfers in Cape Verdean Escudo (CVE) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate mainly depends on your annual CVE exchange volume and the number of Cape Verdean Escudo payments made during the year.
Are there minimum or maximum amounts for payments in Cape Verdean Escudo (CVE)?
Mondial Change and its partners verify that your Cape Verdean Escudo flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Cape Verdean Escudo (CVE)?
For payments in CVE via the SWIFT network, the following information must be provided at a minimum:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
Is it possible to modify a payment in Cape Verdean Escudo (CVE) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Cape Verdean Escudo (CVE) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Cape Verdean Escudo (CVE) cannot be executed?
January 1st: New Year's Day (Ano Novo)
January 13th: Democracy and Freedom Day (Dia da Democracia e da Liberdade)
Variable date: Carnival
Variable date: Ash Wednesday (Quarta-feira de Cinzas – often observed as a half-day)
Variable date: Good Friday (Sexta-feira Santa)
May 1st: Labor Day (Dia do Trabalhador)
Variable date: Corpus Christi (Corpo de Deus)
July 5th: Independence Day (Dia da Independência)
August 15th: Assumption (Assunção de Nossa Senhora)
November 1st: All Saints' Day (Dia de Todos os Santos)
December 25th: Christmas (Natal)
History of the Cape Verdean Escudo
The Cape Verdean Escudo (CVE) has been the official currency of Cape Verde since 1977, when the archipelago abandoned the Cape Verdean Real to mark its autonomy. It is issued by the Central Bank of Cape Verde and subdivided into 100 centavos. The currency remains stable and widely used in the local economy, notably due to significant tourism activity and exchanges with Portugal.
Monetary Policy of the Cape Verdean Escudo
The Central Bank of Cape Verde is responsible for monetary policy. It primarily aims for price stability, inflation control, and support for economic growth. The escudo operates under a fixed or managed exchange rate regime according to macroeconomic needs. The central bank uses key interest rates, foreign exchange market interventions, and reserve regulation to maintain the balance of the financial system.
Features of the Cape Verdean Escudo
The Cape Verdean Escudo (CVE) is not freely convertible internationally, but it is functional for transfers via SWIFT. The banknotes are decorated with cultural and natural images typical of the archipelago. Cape Verde's banking system is developing, with increasing openness to international standards, facilitating CVE operations for foreign businesses and partners.