Send Money to Madagascar

Western Union
Margin Rate: 4%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
CurrencyFair
Margin Rate: 2%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
VoltrexFX
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
RationalFX
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in Madagascar

Send Money Transfer to Madagascar

Madagascar uses the Madagascan aviary (MGA) and has no restrictions on currency transfers. The banking system is very immature and cash remains the key way of doing business. Only around 4% of citizens have a deposit account and before placing a wire transfer to an existing bank account holder, it will be worth checking out the banking fees charged.

If you want to send cash without using a bank account or if you do not have one yet, you can opt for a worldwide money transfer service via a Money Sending Bureau. These establishments are found in major cities around the world and some of the major money sending bureaus will send money to banks in Madagascar for collection. With this option however you will need to pay a significant commission on the transfer and it is worth looking around as fees can vary from just a few percent to as high as 15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

Bank Note System
Banknotes: 100, 200, 500, 1000, 2000, 5000, 10000 Ariary

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