Foreign Exchange Guide to Madagascar
In this guide we review :
- Malagasy ariary info - general info about the Malagasy ariary
- Malagasy ariary in the markets - recent MGA moves and predictions from the FX markets
- Travelling in Madagascar - currency & money saving tips
- Buying Malagasy ariary cash online - travel money for Madagascar
- Sending money to Madagascar - save on Malagasy ariary bank transfers to Madagascar
- Malagasy ariary exchange rates - latest info & charts.
Malagasy ariary (MGA) general currency information
Malagasy ariary (MGA) in the markets
The chart below shows the MGA to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Currency and money saving tips for Madagascar
There are money changing facilities (forex bureaux & bank kiosks) available at the major banks in Antananarivo or at the airport on your arrival. You will be able to change money at most main towns and cities. The most accepted foreign currency is the Euro, although the US Dollar is also accepted. There are ATM machines available in the major towns and the most widely accepted card is Visa. All ATMs will only dispense Ariary. There are very few places where credit cards can be used so please only use it as an absolute emergency.
The tourist season startS in April and goes untill the end of November. The Whale season around Saint Marie is mid June to mid September, a great time if you have never seen these big mammals in action. June to August is Malagasy winter and it can be chilly on the highlands, but nicely warm towards the coasts and dry. The greatest variety of scenary you will encounter is if you travel from Antananarivo to Tulear. Also called the South route or the National Road Nr7.
Madagascar is very cheap to visit and most travellers will find that their money goes much further than they had expected. A simple double room in a guesthouse usually comes in at around USD $10-15, while a more upmarket hotel will cost about USD $20-30.Food can be found for as little as USD$1 and a full meal with a beer won’t set you back more than about USD $5-7 depending on how much you eat..Tap water is never safe to drink in Madagascar and visitors to the country should stick solely to bottled mineral water or boiled/purified water if bottled water is not available. Avoid ice in your drinks as this may have been made with unhygienic water.
Madagascar Trip Checklist
Travel money for Madagascar
Save money and time by Ordering your Malagasy ariary online from Travelex, you get better rates and can pick up the MGA cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Malagasy ariary otherwise you may get much worst exchange rates.
Travel Money for Madagascar
Sending money to Madagascar
When sending money to Madagascar it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Malagasy ariary amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted MGA amount will be transfered to the recipient account you specify in Madagascar.
Bank Transfers to Madagascar
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Malagasy ariary deposited into the recipient bank account in Madagascar and less margins and fees kept by the banks!