Learn how to send money to Madagascar with international money transfer companies.
Sending money has become easier over the years, but this means there are even more options to choose from when you need to make a transfer to friends or family in Madagascar. You can avoid large fees and bad exchange rates by comparing international money transfer companies. Our guide will help you learn how to find one that suits your needs.
Case Study: Chad’s comparisons on money transfer companies with a cash pickup
Inspired by his favorite childhood movie, Madagascar, Chad has wanted to visit since he was a young boy. His bank doesn’t exchange US dollars for Malagasy Ariary. He decides to look into a money transfer company and compares two by seeing how much they’ll exchange $1,000 for.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 USD = 3,202.5000 MGA||1 USD = 3,188.0000 MGA|
|Transfer fee||25 USD||15 USD|
|Amount of MGA received||3,292,745.0000 MGA||3,187,930.0000 MGA|
|Transfer time||1 business day||1-3 business days|
Chad decides to go with the first transfer option since he doesn’t need the cash right away and will get a better exchange rate.
How to compare different services for sending money between Madagascar and the US
- Exchange rates. The exchange rate is fairly consistent with a few volatile movements. He could consider a forwarded contract if he sees a more favorable exchange rate.
- Pickup methods. Send money to physical agent locations for a cash pickup, mobile devices and bank accounts.
- Fees. Fees range from 15 USD to 70 USD, companies like OFX International will offer a solid rate with a low sending fee but the delivery of the currency can take 2 days and more depending on the recipient location.
- Bank-to-bank benefits
- Turnaround time. A quicker turnaround usually comes at a cost. The cash pickup options as explored above usually implicate a higher sending fee and in some instances a lower rate. The turnaround time with the available companies will take anywhere between ten minutes and four days.
- Transfer methods. The different transfer methods range from basic services like agent or phone, to online portals and mobile apps.
- Transfer options. You can choose between spot contracts, booked rates/forwarded contracts, recurring payments and limit orders.
- Minimum/maximum transfer amounts. Minimum amounts start at 10 USD for Western Union and at 250 USD for the other money transfer companies. For some maximum amounts, it will realize in a lower fee but will also require you to go into the branch or agent location to make the transfer.
- Customer service. Keep in mind that sending money overseas can be a stressful task if it’s a new activity for you. Customer support can make or break whether it a good or bad experience. Many of the companies listed below have a proven track record of good customer support that makes the process enjoyable.
What options do you have when sending money to Madagascar?
- Money transfer services. The available transfer companies to send money from the US to Madagascar include OFX International, Moneygram, Western Union, and Xpress Money.
- Banks. You can use Citibank to send money to Madagascar. It is advised to visit a branch to learn about current exchange rates and more about fees.
- Paypal. Paypal is available in the Madagascar market but does not support the MGA currency. The EUR and USD are accepted occasionally and can be received for currency exchange at a local exchange bureau.
Foreign exchange rates explained
When you want to convert money from one currency to another, you need to know the exchange rate. This is the how much one country’s currency is worth when exchanged for the currency of a different country. A strong currency will yield more money when exchanged for a weak currency. Since the US dollar (USD) has traditionally been strong against the Malagasy ariary, you can expect to receive a good rate when making an exchange.
Is it possible to send money to the US from Madagascar?
- Money transfer services. You can use a money transfer service with an online portal to send money to the US from Madagascar.
- Bank accounts. Citibank accepts MGA and can receive money from Madagascar.
What steps to send money to Madagascar?
Each money transfer company has a different process, but the following steps should help you complete any forms you need to fill.
- Choose a money transfer provider from the table above.
- Click Go to Site and create an account.
- Supply your recipient’s information.
- Pay for your transfer.
- Save your tracking number and receipt.
Once your half of the transfer is complete, make sure your recipient receives their funds within the time frame supplied by the company. If they don’t, contact customer service to fix the problem.
Same-day cash transfer options to Madagascar
If your friend or family member needs a same-day cash transfer, you’ll be able to complete it through Moneygram, Western Union or Xpress Money. These companies provide quick services and have locations in both major cities of Madagascar, but keep in mind that their fees will be higher and you may not receive the best exchange rate.
Top tips for picking up cash in Madagascar
Try to avoid walking around with a passport. Call ahead to the agent location you will be visiting and check if you can take along a copy of your ID or passport instead of the original document when picking up your cash.
There are some recurring cases of theft and violence as well, so when going to pick up cash, make sure that you are in a safe and populated area. Keep the transaction as discreet as possible, and if you can, bring a friend with you to have an extra set of eyes while you travel to deposit your cash.