The Art of Sending Money to Madagascar

The art of sending money to Madagascar

Information verified correct on April 28th, 2017

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.

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Rates last updated April 28th, 2017

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
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Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
Wyre International Money Transfers
No transfer fees for finder... No transfer fees for finder.com readers. Make transfers with Bitcoin.
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
World First Foreign Exchange
Exclusive offer: $0 transfer fee ... Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.
USD 1,000 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
WorldRemit International Money Transfers
Use promo code FREE to ... Use promo code FREE to send your first transfer for no fee, to over 110 countries for bank-to-bank deposit, cash pickup or mobile top-up.
USD 1 Within an hour
OnlineCash Transfer
Rates are always
changing, click to check
your price today
Go to site More
TransferWise International Money Transfers
Enjoy high maximum transfers into ... Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
OFX International Money Transfers
Send safe... Send safe, no-limit transfers with no fees and competitive exchange rates.
USD 150 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
HiFX International Money Transfers
Transfer money into 20 currencies ... Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.
USD 100 2 days
Online
Rates are always
changing, click to check
your price today
Go to site More
TorFX International Money Transfers
No hidden fees and a ... No hidden fees and a best rate guarantee for 60 global currencies.
USD 150 1 day
OnlinePhoneAgent
Rates are always
changing, click to check
your price today
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Wells Fargo Bank
While more expensive than other ... While more expensive than other options, securely send money to 13 Latin American and Asian countries.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
More

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Inspired by his favorite childhood movie, Madagascar, Chad has wanted to visit this country since he was a young boy. Chad couldn’t find a solution from his local bank in the US to send him a cash pickup in the MGA and has therefore compared two money transfer companies with a cash pickup option. He uses 1,000 USD as a comparing amount.

Money transfer company AMoney transfer company B
Exchange rate1 USD = 3,202.5000 MGA1 USD = 3,188.0000 MGA
Transfer fee25 AUD70 AUD
Amount of MGA received in Madagascar for 1,000 AUD3,292,745.0000 MGA3,187,930.0000 MGA
Transfer time4-5 business daysMinutes
Transfer optionsOnline, agent, phone, in personOnline, agent, phone
Difference in MGA+ 14,545.0000 MGA- 14,545.0000 MGA
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What factors can Chad include in comparing 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.
    • 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
      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.
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    Is it possible for Chad 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.

    Find a money transfer location near you

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    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.

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    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

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    US International Money Transfers Offers

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    HiFX International Money Transfers

    Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.

    WorldRemit International Money Transfers

    Use promo code FREE to send your first transfer for no fee, to over 110 countries for bank-to-bank deposit, cash pickup or mobile top-up.

    World First Foreign Exchange

    Exclusive offer: $0 transfer fee
    No-limit transfers with competitive exchange rates for more than 100 currencies.

    TransferWise International Money Transfers

    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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