Opening a bank account in Cape Verde

@CVAngelo

so I have to be in Cape Verde if I want to wire money out of my account outside of Cape Verde ?! 😳

why the central bank imposed this rule ?

regards.

   
                -@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
   

    -@CVAngelo

so I have to be in Cabo Verde if I want to wire money out of my account ?!😳

why the central bank imposed this rule ?

are there other countries with this rule ?

    @CVAngelo
so I have to be in Cape Verde if I want to wire money out of my account outside of Cape Verde ?! 😳

why the central bank imposed this rule ?


regards.
   

    -@Saxio

You either have to be here, or you have to provide a trusted person with a power of attorney to do it for you.

Cape Verde is a tiny, poor country with almost no government resources to police anything. If anyone could open an account online, and send money to and from such an account via an online transaction, then it would be ripe for money laundering, no?

Therefore, since the country has no budget or resources to do so, the Central Bank has stipulated that the banks themselves must personally know their customers and be the first line of defense in policing potential cases of money laundering by requiring the sender of international funds to personally request an international transfer present all the documentation to prove the purpose of the transfer.

Best regards,

Angelo

for a foreigner what is the best bank to open a bank account on CV?  the bank that charges nothing, better service and communication, good internet interface?

    for a foreigner what is the best bank to open a bank account on CV?  the bank that charges nothing, better service and communication, good internet interface?
   

    -@imlasdichar

Don't open accounts of any kind with BCA or Caixa Económica. Their service is terrible.

For business I use Ecobank. I would also recommend Banco BAI and Banco InterAtlântico.

For my personal account, I use BCN.

Regards,

Angelo

    @CVAngelo
so I have to be in Cape Verde if I want to wire money out of my account outside of Cape Verde ?! 😳

why the central bank imposed this rule ?


regards.
   

    -@Saxio

I've discovered that it's the rule at CERTAIN banks. Now you can wire money out by filling out, signing, scanning and sending the appropriate forms to your bank via email and instructing them to wire the money.

For example, Banco InterAtlântico and BAI allow you do do this. Ask your bank if you can submit their wire transfer forms online (via email). Which bank do you bank with?

Angelo

@CVAngelo

sorry for late reply , missed this.

I have no yet an account …any others besides those 2 that allow this ?

regards

    @CVAngelo
so I have to be in Cape Verde if I want to wire money out of my account outside of Cape Verde ?! 😳

why the central bank imposed this rule ?


regards.
   

    -@Saxio

No idea. Just ask the banks. There are really only 5 or 6: Caixa, BCA, BAI, BCN, Banco InterAtlântico and Ecobank. Look them up online.

Angelo