Opening a bank account in Cape Verde

Hi!

I have opened an account in Banco Atlantico in just half of an hour with only passport required. I waited then for about 2 weeks for card and PIN.

Take care!

Emilia

Hi Emilia!

Thanks for your help

Armand

There are four main banks in CV. All have high street banks throughout CV, with ATM machines & online banking... (in Portuguese, so non Portuguese speakers will need Google Translate). All CV banks are reported to have deep reserves and to be stable and as 'safe' as any international bank.

Caixa Económica Cabo Verde (http://www.caixa.cv/)
International bank, also in Portugal, Brazil & Spain.

BCA (Banco Comercial do Atlântico) http://www.bca.cv/
Largest CV bank. Also the most popular with locals so can be extended time waiting in-line.

BI (Banco Interatlântico) http://www.bi.cv/
BCN (Banco Caboverdiano de Negócios) http://www.bcncv.com/
Both these are smaller banks, but personal service tends to be better.

An African based bank has more recently entered the market.

I bank with BCA (personal) and BI (business) – I personally prefer BI, due to superior personal service – better than UK.

Account set-up – I concur with Emilia – you just need your passport & an account can be opened within minutes, (personal & company). Then 2wks to get ATM card and a tad longer to get PIN number & online codes. This may be different now as I have not opened a new account for some 2yrs.

You MUST have a CV bank account if you invest in CV, (real estate, or business). And the bank account is linked to incorporation of a company.

Regards John Vollands

Hi Cape Verde!

Thanks for your help!

Armand

If you are opening a personal account, you need a passport and it will be immediately opened. However, you need to have a local address and a phone number in order to facilitate the process. You also need a minimum of about 2.000$00 (approx €20) to start the account. Once you've deposited that money you can immediately withdraw it if you'd like.

If you are opening a business bank account, you can also open it immediately assuming the business is already registered. In the typical situation, though, you are starting a brand new business and you are opening an associated account for the business. This process may take several weeks to complete. They account will be immediately opened and you can deposit and withdraw money, however, there is a minimum amount that you will need to have deposited in the account before the business registration is approved. That minimum depends on the type of business. Once you deposit that money, you can immediately remove it (assuming that the business has been authorized). If the business authorization is still in progress, you will have to wait till the process is complete before you can access the required deposit.

The largest bank in Cape Verde is Caixa Economica. It is partly owned by the government. I find this bank to be the most reliable. The other large bank is the BCA Group which owns BCA (Banco Comercial do Atlantico, Banco Interatlantico and Garantia - which is one of the two local insurance companies). The BCA Group is larger than Caixa Economica when taken together, but Caixa is larger than each of the companies in the BCA Group. Then there are a couple foreign banks: Banco Africano de Investimento - this is a branch of a large Angolan bank; BCN or Banco Caboverdiano de Negocios(which used to be a small under-capitalized local bank but was subsequently bought by a large Portuguese bank); and Banco Espirito Santo - the large Spanish bank - but they only have a few branches in Santiago (they are going after the business market).

Most of the banks are relatively safe. You can obtain loans under similar terms as you would in any foreign country ... in other words, banks everywhere are run by bean-counters who hate taking risk. Don't expect to walk in a get a loan just because you're coming to Cape Verde from a first-world country. You'll need to demonstrate that you have the capacity - income and assets/collateral to cover a loan.

There are a few micro-loan companies where you can get small business loans of €2,500 or less, but the interest rates are 3-4% PER MONTH. Otherwise, consider Afrosondagem, a business consulting agency, which will facilitate loans of up to €250,000.

Guys, do you know is it possible, in principle, to open a current account for non-resident company, that is not registered in CV?

Thanks in advance!

sergejsu wrote:

Guys, do you know is it possible, in principle, to open a current account for non-resident company, that is not registered in CV?

Thanks in advance!

No. Of course not! Are you not aware of money laundering regulations that are in place globally. It is absolutely NOT possible to open a current account in the name of an unregistered company. Only Cape Verdean companies registered in Cape Verde can open a current corporate account and you will be required to present all of the registration documents from the CV business registry. It only takes 48 hours to register a local business, so this won't be a problem.

However, any foreigner can open a current account on their own name. You do not have to be a resident or a citizen. You will be required to present a current passport. If you are an American citizen, your individual account will be reported to the American tax authorities (but not your business account...but the IRS still requires that you declare your foreign business income).

Angelo

Thank you very much, CVAngelo, for the respond and comprehensive explanation!

I am aware in general about AML laws, but until recent it was a common practice in many countries  to allow companies, that are established in other countries,  to open current accounts, even if they don't do any business in that country, don't have tax registration there etc. Obviously, and, yes, reasonably, requirements becoming tougher about that.

I am curios, whether CV banks for non-resident natural persons' checking accounts issue regular VISA/Mastercard debit/cards linked to that current account, so that one could use them for shopping/cash advances/internet shopping worldwide?

Cape Verde wrote:

There are four main banks in CV. All have high street banks throughout CV, with ATM machines & online banking... (in Portuguese, so non Portuguese speakers will need Google Translate). All CV banks are reported to have deep reserves and to be stable and as 'safe' as any international bank.

Caixa Económica Cabo Verde (http://www.caixa.cv/)
International bank, also in Portugal, Brazil & Spain.

BCA (Banco Comercial do Atlântico) http://www.bca.cv/
Largest CV bank. Also the most popular with locals so can be extended time waiting in-line.

BI (Banco Interatlântico) http://www.bi.cv/
BCN (Banco Caboverdiano de Negócios) http://www.bcncv.com/
Both these are smaller banks, but personal service tends to be better.

An African based bank has more recently entered the market.

I bank with BCA (personal) and BI (business)  I personally prefer BI, due to superior personal service  better than UK.

Account set-up  I concur with Emilia  you just need your passport & an account can be opened within minutes, (personal & company). Then 2wks to get ATM card and a tad longer to get PIN number & online codes. This may be different now as I have not opened a new account for some 2yrs.

You MUST have a CV bank account if you invest in CV, (real estate, or business). And the bank account is linked to incorporation of a company.

Regards John Vollands

Hey John,

I have bweb in contact with agents and juridical people in kap Verde about a business plan. They say it’s so easy to take a bank loan to open something that it’s for the tourists. Is it that easy, and what can the amount be?

Best regards,
Emelie

Chiming in here...

Is it (still) possible to open a personal bank account as a non-resident (tourist) in CV?
The idea is to transfer money to CV prior to moving there, in order to have some funds available upon arrival.
Will the bank send any debit card to my overseas home address once I've opened the account and left again?

Many thanks in advance for your help.

Hi Julian,

Is it (still) possible to open a personal bank account as a non-resident (tourist) in CV?  Yes. This has not changed. You need a passport, and a NIF (local tax ID number which anyone can obtain for free with just a passport). You have to give a local address and a local phone number. Since there no addresses used here and since no mail will ever be sent to you by the bank, you can just state the area where you are staying (don't give a hotel name, just the town). And local SIM cards can be obtained at the airport or phone company for €1. Also, you should provide your email address as this is the preferred method of communication by the local banks.

Will the bank send any debit card to my overseas home address once I've opened the account and left again?
Local banks don't send mail anywhere! You must go into the bank in person to pick up your debit card and your PIN. Or you can give someone the authorization to pick it up for you (but I do not advise this due to the risk that the money in your account may be at risk of being stolen by anyone who has access to your card and your PIN).

Regards,

Angelo

julianangel wrote:

Chiming in here...

Is it (still) possible to open a personal bank account as a non-resident (tourist) in CV?
The idea is to transfer money to CV prior to moving there, in order to have some funds available upon arrival.
Will the bank send any debit card to my overseas home address once I've opened the account and left again?

Many thanks in advance for your help.

Obrigado, Angelo!

Does the NIF come with any future obligations even if you do not become a resident? And where do I obtain that?

Is both (obtaining the NIF and opening a bank account) something one can do during a regular holiday visit (in other words: how long does it take)? 

Many thanks again...

Olá Julian,

Does the NIF come with any future obligations even if you do not become a resident? The NIF is just a national identification number that is assigned to you for life. You must present it whenever it is requested of you. You use it whenever you file tax returns for example to report income from work (whether or not you are a resident). It does not come with any obligations!

And where do I obtain that? You obtain the NIF at the Casa do Cidadão.

Is both (obtaining the NIF and opening a bank account) something one can do during a regular holiday visit (in other words: how long does it take)? It takes 10 minutes to obtain a NIF. It takes about 1 hour to open a bank account (and I highly recommend that you do so at BCN. I send all my expat clients there. It's the best bank in terms of services, ease of use, and for the absence of the multitudes that are waiting in line at all the other banks).

Cheers,

Angelo

julianangel wrote:

Obrigado, Angelo!

Does the NIF come with any future obligations even if you do not become a resident? And where do I obtain that?

Is both (obtaining the NIF and opening a bank account) something one can do during a regular holiday visit (in other words: how long does it take)? 

Many thanks again...

Do banks offer IBAN account numbers like in Europe ?

Can I wire money out from my personal account outside Cabo Verde ?

Can I take out money from my personal account in Europe ?

Can I get a VISA or MC debit with my personal account straight away ?

- @Saxio

@CVAngelo

As always a pro response …thanks ,Angelo 🤙😎

Taking out money from my personal cape verdian account through an ATM  in Europe ….

What are the typical costs associated with a personal account ? Any interest paid ?

- @Saxio

hello I wonder if you can help.  I'm using a currency agent to sent money direct to BCA account.  However the recipient says that as we don't have a Cape Verdean bank account we have to pay an extra 8%.  Has anyone come across this before?    I've tried checking the internet but can't find the information. Thank you

Hi, my husband and I are from South Africa and are going to be moving to Cape Verde. The company is saying he needs to have a Cape Verdean bank account before we go to Cape Verde. Could you please provide assistance on how to make a bank account and what the requirements as an expat is?

@CVAngelo

Hi Angelo,

if I use my cape verdian bank account to receive money from my employer in europe , will the bank ask questions ? Documents of my contract ?

@CVAngelo
Hi Angelo,

if I use my cape verdian bank account to receive money from my employer in europe , will the bank ask questions ? Documents of my contract ?
-@Saxio

No. The bank will not ask any questions.

@CVAngelo

ok, thanks 🤘😎

@CVAngelo

Is it also possible to open a USD account besides the EUR account and what is the extra cost for this ?

@CVAngelo
Is it also possible to open a USD account besides the EUR account and what is the extra cost for this ?
-@Saxio

Yes, you can open Euro or US Dollar accounts, or BOTH. There is no additional cost for this. Besides the annual account maintenence fee (varies by bank but is around 500 escudos, £5, $5), there is no separate fee.

At some banks, they first convert your deposit into Escudos, then convert back to €/$. Avoid these banks as the conversion back and forth comes at the cost of the exchange rate or exchange fees.

Ask your specific bank about their exchange rate procedures on deposits and withdrawals BEFORE opening such accounts. For example, if I deposit €100 into a Euro denominated account, I expect to see exactly €100 credited to my Euro account, not €97.50.

Regards,

Angelo

@CVAngelo

in which banks do they speak decent english ?

normally banks require besides passport a proof of residence , not in Cape  Verde ?

@CVAngelo
in which banks do they speak decent english ?

normally banks require besides passport a proof of residence , not in Cape Verde ?
-@Saxio

None of them speak decent English. The official language of the country is Portuguese as you know. No one is required to speak English in any of the institutions as a job requirement. It's purely a personal choice for anyone to speak a different language. So it is only by luck that you may find a bank worker who speaks any English at all.

To open a local bank account, you need your passport and your NIF (national tax ID number).

You obtain your NIF at the Casa do Cidadão. It takes 5 minutes and it's free (requires ONLY your passport to obtain the NIF). TIP: you should always have your passport AND your NIF with you whenever you do official business in Cape Verde. You will often be asked for both of them. So keep a copy of your NIF inside your passport, or keep a photo of both your passport and your NIF in your phone.

There is no residency requirement to open a bank account in any CV bank.

Cheers,

Angelo

hello I wonder if you can help. I'm using a currency agent to sent money direct to BCA account. However the recipient says that as we don't have a Cape Verdean bank account we have to pay an extra 8%. Has anyone come across this before?  I've tried checking the internet but can't find the information. Thank you
-@villa1

Apologies. I did not see this post until today.

The recipient may simply be referring to the fees that the bank charges for a wire transfer coming from outside the country. But 8% sounds high.

How much are you sending? If you're sending a tiny sum like €300, then 8% sounds about right! Don't use a bank wire transfer to send small amounts to CV! Use Western Union or MoneyGram instead. You can also specify the final net amount that the recipient is to obtain after all fees and WU/MG will tell you how much you will need to send.

Cheers,

Angelo

Hi, my husband and I are from South Africa and are going to be moving to Cape Verde. The company is saying he needs to have a Cape Verdean bank account before we go to Cape Verde. Could you please provide assistance on how to make a bank account and what the requirements as an expat is?
-@michaela247hendricks

Apologies but I'm only seeing this post today.

There is no way to open a bank account in Cape Verde while you are outside of the country.

You must be inside Cape Verde to open a bank account in Cape Verde, you have to physically appear at the local bank, and you must present your passport (and your NIF which is your Cape Verde national tax ID number).

Regards,

Angelo

@CVAngelo

i know there is no residency requirement for opening a bank account but every foreign bank outside of the country where I live , asked for a proof of residence in my country , so cape verde banks would be the first not to ask for this

How you log in to your bank account online ?

Just with a username and password or with some kind of digipass ?

How you log in to your bank account online ?
Just with a username and password or with some kind of digipass ?
-@Saxio

User name and password. All the banks require all online transactions to be confirmed via SMS code or via a secret code that you alone know.

If you request a Visa card associated with the account, you can disable the card for online transactions and international transactions. This way you can allow internet or international transactions for only for a few seconds while you place your order, then shut it off immediately after.

Cape Verde banks are all up to international standards as any bank where you are in Europe or America.

Cheers,

Angelo

@CVAngelo

sounds pro ..😎👌

Is it possible to open a bank account in Cabo Verde remotely or does one have to make a personal appearance to do so?

Is it possible to open a bank account in Cabo Verde remotely or does one have to make a personal appearance to do so?
-@captaingoodvibes

You have to open a local bank account in person. It cannot be done remotely.

    Is it possible to open a bank account in Cabo Verde remotely or does one have to make a personal appearance to do so? -@captaingoodvibesYou have to open a local bank account in person. It cannot be done remotely.         -@CVAngelo

hello Angelo,

the max wait time with most banks to pick up your card/PIN is about 2 weeks ?

you get notified by the bank by SMS or email ?

any bank has english version of the website ? 

Caixa has en english version ..so does Ecobank

muito obrigado

   
    Is it possible to open a bank account in Cabo Verde remotely or does one have to make a personal appearance to do so? -@captaingoodvibesYou have to open a local bank account in person. It cannot be done remotely.         -@CVAngelo

hello Angelo,


the max wait time with most banks to pick up your card/PIN is about 2 weeks ?
you get notified by the bank by SMS or email ?

any bank has english version of the website ? 
Caixa has en english version ..so does Ecobank

muito obrigado
   

    -@Saxio

Hi Phil,

the max wait time with most banks to pick up your card/PIN is about 2 weeks ?

For most local banks, you should have your Bank Card and PIN in one week. Two weeks would be a long tiime.

you get notified by the bank by SMS or email ?

It varies by bank. Some notify, some don't. But in any event, you should simply go into the bank and ask for your Card. Don't wait to be notified.

any bank has english version of the website ?

Most of the banks have a language button that you can click on to see their website in other languages, biut it doesn't always work well on all the screens/messages and in some cases, the translations are not good or may be misleading since they simply use an automatic translator like many modern websites do. In other words, they do not literally have a version of the website written in English...they just use a language button to give the effect.

Cheers,

Angelo

            -@Most of the banks have a language button that you can click on to see their website in other languages, biut it doesn't always work well on all the screens/messages and in some cases, the translations are not good or may be misleading since they simply use an automatic translator like many modern websites do. In other words, they do not literally have a version of the website written in English...they just use a language button to give the effect.Cheers,Angelo        -@CVAngelo

I supposed that banks in Cape Verde were already using the IBAN system but I dont see them on this list ,

https://ibanapi.com/iban-registry

do you know of banks already using this ?

                -@Most of the banks have a language button that you can click on to see their website in other languages, biut it doesn't always work well on all the screens/messages and in some cases, the translations are not good or may be misleading since they simply use an automatic translator like many modern websites do. In other words, they do not literally have a version of the website written in English...they just use a language button to give the effect.Cheers,Angelo        -@CVAngeloI supposed that banks in Cape Verde were already using the IBAN system but I dont see them on this list , https://ibanapi.com/iban-registrydo you know of banks already using this ?        -@Saxio

Hi Phil,

Cape Verde does massive amounts of business internationally. The local banks have all been on the SWIFT system for decades. However, outbound money transfersy can only be done IN PERSON at the bank by virtue of the Central Bank's regulations. Online automated outbound transfers are not permitted. Only the banks themselves can execute outbound transactions.

Of course, Cape Verde's banks can be accessed by foreign banks on the SWIFT system for foreigners sending money into CV, but it may not be surprising that the CV banks do not appear on an API since there are restrictions on automated outbound international transactions. I also observe that there are many countries which do not appear on that also do not appear on that list.

Angelo