Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Send money to Madagascar
Find a quick, affordable service to make a money transfer to Madagascar.
Madagascar is one of the many countries part of the Southern African Development Community, the Indian Ocean Commission and the Indian Ocean Rim Association. This country, with its unique flora and fauna habitats, has strong existing trade relations with Singapore, especially due to the early stage development and commercial opportunities for Madagascar.
Business opportunities in Madagascar are to be found in the agricultural, consumer electronics and mining sectors. The country is also looking to develop its infrastructure to drive growth in key industries, including agriculture, textile and ecotourism.
Compare Money Transfer Services
Chad’s comparisons on money transfer companies with a cash pickup
Inspired by his favourite 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 Singapore 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 SGD as a comparing amount.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 SGD = 2,200.184 MGA||1 SGD = 2,197.7847 MGA|
|Transfer fee||25 SGD||70 SGD|
|Amount of MGA received in Madagascar for 1,000 SGD||2,200,184 MGA||2,197,784.70 MGA|
|Transfer options||Online, agent, phone||Online, agent, phone|
|Difference in MGA||+ 2,399.30 MGA|
What factors can Chad include in comparing different services for sending money between Madagascar and Singapore
- Exchange rates. The exchange rate is fairly consistent with some volatile movements. Consider a forwarded contract if you see 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 SGD to 70 SGD, 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. If you and the recipient have accounts with the same bank, using its services to transfer funds can be to your advantage. This would be through reduced fees and a quicker turnaround time.
- 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. While some money transfer companies have no minimum transfer limits in place, some others don’t let you transfer less than $200, $500 or $1,000.
- 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 be the deciding factor between a good or bad experience. Many of the companies listed below have a proven track record of good customer support that makes the process stress-free.
What options do you have when sending money to Madagascar?
Money transfer services
- The available transfer companies to send money from Singapore to Madagascar include OFX International, WorldFirst Foreign Exchange, Moneygram and Western Union.
- You can use a couple of Singapore banks like DBS, Citibank and OCBC to send money to Madagascar. It is advisable to visit a branch to learn about the current exchange rates and fees. The fees normally range between 20 SGD and 30 SGD.
- 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.
Is it possible for Chad to send money to Singapore from Madagascar?
Money transfer services
Chad can use a money transfer service with an online portal to send money to Singapore 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 Singapore.
DBS, Citibank, OCBC, UOB all accept the MGA currency and can receive money from Madagascar in this currency.
What are the emergency cash transfer options to Madagascar?
Chad has 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.
Cash pickup locations in Madagascar if you are using Moneygram, Western Union and Xpress Money
Lot Ab 70 Ter Avaratetezana, Ampitatafika
Antananarivo, Analamanga 101
Monday to Sunday, 8am to 5pm
Place Du 19 Mai 1946
Antananarivo, Antananarivo 101
Monday to Saturday, 8am to 5pm, Sunday closed
- Toamasina Commerce
Rue De Commerce
Toamasina, Toamasina 501
Monday to Friday, 8am to 4:30pm
Saturday and Sunday closed
- MCB Madagascar
Route De Mahajanga
Monday to Friday, 8:30am to 4pm
Saturday and Sunday, 12am to 12pm
Andraharo Lot I VV 44 Rue Dr Raseta
Monday to Friday 8am to 4:30pm
Saturday 8:30am to 12:30pm, Sunday, 12am to 12pm
- Accesbanque – Toamasina
Lotissement 15 Bis Boulevard DE
Monday to Friday 7:30am to 5pm
Saturday 7:30am to 1:30pm, Sunday, 12am to 12pm
- Banque Des Mascareignes Madagascar –
Money Express LDT – Antananarivo Br
22, Avenue De L’Independance Analakely Antananarivo 3VND
Monday to Friday, 8am to 5pm
Saturday, 8am to 12pm, Sunday closed
- Banque Des Mascareignes Madagascar-
Money Express LDT – Toamasina Br
38 Boulevard Joffre, Toamasina (Tamatave),
Monday to Friday, 8am to 5pm
Saturday, 8am to 12pm, Sunday closed
Top tips for picking up cash in Madagascar
It is advised that a traveller in Madagascar should not walk around with their passport, as it is 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
More guides on Finder
iRemit international money transfers review
Make simple and small transfers to the Philippines through the IREMITX app.
Apps and bank accounts to split bills with friends
Compare a range of banks and apps that let you split bills, request money and send payments to friends.
KGI Securities Review
Learn more about KGI Securities’ online and mobile trading platform, KTrader and whether it suits your investment style.
Sending money internationally during the coronavirus pandemic
Learn about how COVID-19 may affect the ways you transfer cash around the world.
Western Union vs. MoneyGram
We put MoneyGram and Western Union side by side to help you make a decision for your next local or international payment.
Aspire Corporate Card Review
Learn more about the features offered by Aspire Corporate Card, a free virtual debit card linked to your Aspire business account.
Review: Remitly money transfers
Read our review of Remitly to discover why this fast, competitive option may be the best choice for your next international money transfer.
RHB Securities Review
Trade securities across markets in Singapore, Hong Kong, Malaysia and US conveniently with RHB Securities.
CGS-CIMB iTrade Review
Find out if CGS-CIMB is suited to your investment style in our review.