Send money to Madagascar using these powerful money transfer companies.
Sending money has become easier over the years, but it’s important to do your research to avoid excessive fees. Instead of having the money you want to get to your families and loved ones get eaten up by fees, take the time to learn the ins and outs of navigating international transfers.
Bank, online and phone transfers give you more options than every to get your money to your recipients in no time at all. Some services even offer it within minutes.
World First International Money Transfers
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- Enjoy competitive exchange rates.
- Spot contracts, forward contracts and limit orders are available.
- Receive weekly updates on market exchange rates.
Compare money transfer services to Madagascar
|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 AUD||70 AUD|
|Amount of MGA received in Madagascar for 1,000 AUD||3,292,745.0000 MGA||3,187,930.0000 MGA|
|Transfer time||4-5 business days||Minutes|
|Transfer options||Online, agent, phone, in person||Online, agent, phone|
|Difference in MGA||+ 14,545.0000 MGA||– 14,545.0000 MGA|
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, World First Foreign Exchange, Moneygram, Western Union, and Xpress Money.
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.
The Paypal service is available in the Madagascar market but does not support the MGA currency as of yet. The EUR and USD are accepted occasionally and can be received for currency exchange at a local exchange bureau.
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. For example, in January 2018 the US dollar was worth approximately 3246.70 Malagasy ariary.
However, most countries’ exchange rates are flexible, which means they can fluctuate with the market. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Get live exchange rates for MGA
Is it possible to send money to the US from Madagascar?
- Money transfer services
Chad can use a money transfer service with an online portal to send money to the US from Madagascar. If he can access his bank accounts, he can send money to the transfer company to complete the transaction. If it’s cash, he can use agent locations like Moneygram, Western Union and Xpress Money and send it to a bank account or agent location in the US.
- Bank accounts
Citibank accepts the MGA currency and can receive money from Madagascar in this currency.
What are the emergency cash transfer options to Madagascar?
Chad already explored the options for cash transfers, which will also be used in cases of emergency. Chad’s family and friends have the option to send him cash through Moneygram, Western Union and Xpress Money.
All three of these services offer great customer support and have locations available in at least two of the main cities in Madagascar. Below are listed some of the locations that Chad can visit to pick up any emergency cash and after that follows some tips that you can keep in mind when picking up money.
Top tips for picking up cash in Madagascar
It is advised that a traveler in Madagascar do not walk around with their passport as something that is easily accessible due to identity fraud cases. Phone 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 safely populated area and keep the transaction as discreet as possible. It is also advised to not travel alone when picking up cash as it makes for easy targeting.
What steps can you follow to send money to Madagascar?
Sending money through a bank or online service provider to a bank account in Madagascar
- If you are sending the money online, you will need an online account with the bank or service provider
- You will need the full name, address (basic details) and account number of the person you would like to send money to
- The name of the bank, branch number and address or in most cases the SWIFT BIC
- Currency and amount that you want to send
If you are receiving money from Madagascar, you will need to supply the sender with the above details.
Send money to a person for cash pickup
- Payments can only be made by individuals 18 years and older
- Provide the recipient’s full name and surname (a copy of their ID will be handy) and address of the sending location
- You will need to provide either the cash that you want to send or pay with an accepted Visa or Mastercard according to the location you are sending from
Picking up cash from an agent location
- Provide your ID along with the tracking / reference number of the transaction
- It’s always a good idea to take along a receipt of the original transaction