Sending financial support to friends and family back home in Cape Verde should be convenient and affordable. However unfair bank fees and exchange rates often erode hard-earned savings. Luckily, leveraging digitally enabled remittance platforms helps maximize the impact of every dollar transferred.
In this guide, we review the best way to send money to Cape Verde using leading cash transfer facilitators like Western Union, MoneyGram, WorldRemit, and Remitly. By breaking down their fees, exchange rates, transfer speed, pickup locations across Cape Verde’s islands, and customer service, we can identify the easiest and cheapest option for sending payments.
Whether you need to set up regular remittance payments or want to wire a one-time gift of support, using the right provider saves both time and money. Follow our analysis to avoid pricey pitfalls and overseas transfers gone wrong. By understanding fees, rates, and transfer methods, any sender abroad can remit support from Europe, the Americas or beyond to recipients in Cape Verde securely. Read on to learn how to pick an optimal money transmitter that makes the most of hard-earned savings while efficiently routing funds where needed.
Cape Verde’s Currency – the Cape Verdean Escudo (CVE)
The currency of Cape Verde is the Cape Verdean Escudo, denoted by the symbol “CVE” and the ISO code “CVE.” The Cape Verdean Escudo is the official currency of Cape Verde, an island nation located off the west coast of Africa. It is further subdivided into 100 centavos. Banknotes and coins in various denominations are issued by the Central Bank of Cape Verde, featuring vibrant designs that often highlight the nation’s natural beauty and cultural heritage. While the Cape Verdean Escudo is the primary currency used in the country, some tourist-oriented businesses may also accept Euros. However, travelers should have some local currency on hand for convenience when visiting Cape Verde.
What Are the Best Companies for Transferring Money to Cape Verde?
For transferring money to Cape Verde, several companies stand out due to their reliable services and diverse offerings. Revolut offers transfers from Europe, the United Kingdom, and the USA in their respective currencies (EUR, GBP, USD) to Cape Verde, with recipients receiving USD. This option is particularly useful for those looking for transactions in a major international currency.
MoneyGram provides a robust service from these regions as well, facilitating transfers in local currencies (EUR, GBP, USD) with the received currency being Cape Verdean Escudo (CVE). Known for its global presence and reliability, MoneyGram is a preferred choice for many due to its extensive network.
CurrencyFair operates from Europe, the United Kingdom, and the USA, allowing transfers in EUR, GBP, and USD to Cape Verde. What sets CurrencyFair apart is the flexibility it offers in received currencies, including EUR, USD, and GBP, which can be particularly advantageous for managing currency conversion costs.
Western Union, with its vast network and long-standing reputation, offers transfers from these three regions in local currencies with recipients receiving funds in CVE. They are renowned for their extensive reach and convenience, with numerous collection points in Cape Verde.
Remitly and WorldRemit provide similar services from Europe, the United Kingdom, and the USA, focusing on sending funds in local currencies to Cape Verde with CVE as the receiving currency. These providers are known for their efficient and user-friendly digital platforms, making them convenient for quick online transactions.
XE, with its comprehensive currency offerings, allows transfers from Europe, the United Kingdom, and the USA in multiple currencies (EUR, GBP, USD) to Cape Verde, where recipients can receive funds in CVE, EUR, USD, or GBP. This diversity in currency options makes XE a versatile choice for different financial needs and preferences.
In summary, for transferring money to Cape Verde, each of these providers – Revolut, MoneyGram, CurrencyFair, Western Union, Remitly, WorldRemit, and XE – offers unique advantages in terms of currency options, transfer routes, and recipient convenience, making them some of the best choices for this purpose.
What Is the Fastest Way to Transfer Money from to Cape Verde?
The fastest way to transfer money to Cape Verde involves choosing a provider known for swift processing times. Among the services like Revolut, MoneyGram, CurrencyFair, Western Union, Remitly, WorldRemit, and XE, several stand out for their efficiency in international money transfers.
Revolut, with its modern, app-based platform, is recognized for quick transactions, making it a suitable option for those seeking speed in their transfers. MoneyGram and Western Union, leveraging their extensive global networks and experience in the money transfer industry, are capable of facilitating rapid transfers, often in a very short timeframe.
CurrencyFair, Remitly, and WorldRemit, each with their distinct digital-first approaches, also prioritize quick processing. These platforms ensure that transactions are completed efficiently, catering to users who need timely transfers.
XE, known for its currency exchange services, also offers efficient money transfer services. Their expertise in the financial sector is reflected in the speed and efficiency of their international transfer processes.
The speed of these services is further enhanced by their use of advanced electronic networks and digital platforms, which contribute to reducing overall transfer time. For those looking to send money to Cape Verde promptly, selecting one of these providers, known for their rapid processing capabilities, is a strategic choice.
What Is the Cheapest Way to Transfer Money to Cape Verde?
When considering the most cost-effective way to transfer money to Cape Verde, Remitly emerges as the cheapest option among a range of providers. This includes services like Revolut, MoneyGram, CurrencyFair, Western Union, WorldRemit, and XE. Remitly distinguishes itself with competitive exchange rates and lower transfer fees, especially when compared to its counterparts. While other services such as Revolut and CurrencyFair offer flexible currency options and Western Union and MoneyGram provide extensive global networks, they typically incur higher transaction costs than Remitly.
WorldRemit and XE, though offering digital convenience and multiple currency options, also do not match Remitly in terms of overall cost-effectiveness. Remitly’s balance
of affordable fees and efficient service makes it an attractive option for those looking to send money to Cape Verde without incurring high costs. Their platform is designed to be user-friendly, ensuring that customers can easily navigate the process of international transfers while benefiting from lower costs. This makes Remitly particularly suitable for individuals and businesses seeking a cost-efficient method to transfer funds to Cape Verde, balancing affordability with reliability and ease of use.
Should You Transfer Money to Cape Verde Using Your Bank?
When contemplating whether to transfer money to Cape Verde using your bank, it’s crucial to consider the available options carefully. Traditional bank transfers may not be the most advantageous choice, especially when compared to specialized remittance services or dedicated money transfer sites. The primary concern with bank transfers lies in the associated costs, as banks often impose substantial fees that encompass not only upfront charges but also hidden expenses through unfavorable exchange rate markups. This can significantly reduce the total amount received by the recipient in Cape Verde.
Another critical factor to consider is the time it takes for the funds to reach Cape Verde. Bank transfers are typically slower due to the involvement of multiple intermediary banks, which can introduce delays and create uncertainty for both the sender and the recipient. Conversely, specialized money transfer services prioritize speed and efficiency, with many capable of completing transfers within a much shorter timeframe, often within minutes. This ensures that recipients in Cape Verde can access the funds promptly without unnecessary waiting periods.
Given these factors, if you are seeking a method that combines cost-effectiveness and swiftness, opting for money transfer sites or specialized remittance services is likely a more suitable choice than relying on traditional bank transfers. These alternative services offer more competitive exchange rates and lower fees, ensuring that a larger portion of your funds reaches its destination in Cape Verde efficiently and economically.
How to Send Money to Cape Verde? Step-by-Step Guide
Sending money to Cape Verde using online transfer services can be a straightforward process when you follow these steps:
- Choose a Money Transfer Website: Start by researching and selecting a reputable money transfer service that offers transfers to Cape Verde. Consider options such as Remitly, MoneyGram, Western Union, or XE. Evaluate essential factors like exchange rates, transaction fees, transfer speed, and customer reviews to make an informed choice.
- Create an Account: Visit the chosen provider’s website and sign up for a new account. Fill in the registration form with your details, including your name, address, and contact information. You may also need to provide valid identification to comply with security and financial regulations. Complete any necessary verification steps, such as email or phone number confirmation, to activate your account.
- Initiate a Transfer: Log in to your account and navigate to the money transfer section. Select Cape Verde as the destination country for your transfer.
- Enter Transfer Details: Input the amount you wish to send in your local currency. The platform should display the equivalent amount in Cape Verdean Escudos (CVE) based on the current exchange rate. Provide the recipient’s details, including their full name and, if applicable, their banking information for bank deposits. Verify all information for accuracy to avoid any delays.
- Review and Confirm: Thoroughly review all transaction details, with a particular focus on the exchange rate and any applicable fees. Confirm that all recipient information is accurate.
- Choose Payment Method: Select your preferred payment method from the options available, which may include bank transfers, debit/credit cards, or other online payment methods. Be aware of processing times or fees associated with your chosen payment method.
- Complete the Transaction: Confirm and finalize the payment by following the platform’s instructions. Take note of the transaction confirmation and tracking number for your reference.
- Track the Transfer: Use the provided tracking number to monitor the status and progress of your transfer on the service provider’s website.
By following these steps, you can send money to Cape Verde through online transfer services, ensuring a secure and hassle-free transaction.
How Can You Find the Best Transfer Rate to Cape Verde?
To find the best transfer rate to Cape Verde, RemitStack offers specialized assistance tailored to individuals and businesses looking to send money to Cape Verde. Our platform is meticulously designed to compare various money transfer providers, leveraging our in-depth industry knowledge and expertise. We prioritize essential factors such as exchange rates, service fees, transfer speeds, and the reliability of each provider, ensuring that our users can pinpoint the most cost-effective and efficient options tailored to their specific needs.
Our service proves particularly valuable for those seeking to maximize the value of their financial transactions, guaranteeing that they secure the most advantageous deal when transferring money to Cape Verde. Whether the purpose of the transfer is personal or business-related, we are committed to providing up-to-date and comprehensive comparisons. Our overarching objective is to simplify and clarify the process of selecting the right money transfer service, enabling our users to make well-informed decisions that perfectly align with their unique transfer requirements.
With RemitStack, users can confidently navigate the intricate world of international money transfers, safe in the knowledge that they are accessing the best rates and services available. Our unwavering commitment to transparency and accuracy makes us a trustworthy and reliable partner for efficiently managing international financial transfers, ensuring that users receive the most value from their transactions when sending money to Cape Verde.
