Converting from Bermuda Dollar (BMD) to Cape Verde Escudo (CVE)

What is Bermuda Dollar (BMD)

The Bermuda Dollar (BMD) is the official currency of Bermuda, a British Overseas Territory located in the North Atlantic Ocean. It was introduced in 1970, replacing the Bermudian pound. The BMD is pegged to the US Dollar (USD) at a 1:1 ratio, making it easy for those dealing with either currency to convert between them. The Bermuda Dollar is utilized for all types of transactions within the territory, including banking, tourism, and retail.

The BMD is subdivided into 100 cents, similar to many other dollar-based currencies. Banknotes come in denominations of ＄2, ＄5, ＄10, ＄20, ＄50 and ＄100, while coins are available in 1, 5, 10, 25 cents, and ＄1. The design of Bermuda banknotes features various local themes, reflecting the culture and history of the islands.

What is Cape Verde Escudo (CVE)

The Cape Verde Escudo (CVE) is the currency used in Cape Verde, an island nation located off the northwest coast of Africa. Introduced in 1930, the CVE replaced the Portuguese escudo and became the official currency of the nation upon its independence in 1975. The CVE is divided into 100 centavos, and it has gone through various changes in value and design over the decades.

Banknotes in circulation are available in denominations of 200, 500, 1000, 2000, and 5000 escudos, while coins are available in 1, 5, 10, 20, 50 centavos, and 1 and 5 escudos. The visual design of the CVE banknotes showcases an array of cultural, historical, and natural themes that celebrate Cape Verde’s rich heritage.

Converting BMD to CVE

When it comes to converting Bermuda Dollars to Cape Verde Escudos, it is crucial to be aware of the current exchange rate, as it can fluctuate based on market conditions. Typically, you can find this information on various financial websites, currency converter tools, or through banks.

As of my last training, the exchange rate varies, so always check for the latest information. The conversion can be calculated using the formula:

CVE = BMD × exchange rate

For example, if the exchange rate is 1 BMD = 100 CVE, then converting 10 BMD would give you:

CVE = 10 BMD × 100 = 1000 CVE

When planning to travel or do business between Bermuda and Cape Verde, getting familiar with both currencies and their conversion rates can save you time and money. Whether you are exchanging cash or using credit cards, being informed will enhance your experience in these two beautiful destinations.