Sending money to Madagascar can be challenging due to varying infrastructure and financial service availability. 

Whether for supporting family, paying for services, or funding local projects, it’s essential to find the most reliable and cost-effective way to transfer funds. 

This guide covers the main categories of money transfer options to Madagascar. By understanding the key features of each, you can make an informed choice that best suits your needs and those of your recipient.

Money Transfer Methods in Madagascar

Mobile Money

Mobile money is a popular and convenient way to send funds directly to recipients’ mobile accounts in Madagascar. If you are located outside Madagascar, you can send money directly to a recipient’s mobile wallet using a service like Taptapsend. This option is ideal for fast and simple transactions. It also comes in handy especially for recipients in areas where banking infrastructure may be limited. 

Services like MVola and Orange Money allow users to receive money instantly on their phones, which can then be cashed out at authorized agents or used for direct payments. Mobile money generally offers lower fees, making it an economical choice for smaller transactions.

International Money Transfer Services

International money transfer services, such as Western Union or MoneyGram, provide reliable ways to send larger sums to Madagascar quickly. These services often have a wide network of agents where recipients can collect funds in cash. 

Transfers can be almost instant or take a few hours to a day, depending on the method chosen. While convenient, fees and exchange rates vary, so it’s essential to check costs in advance, particularly for high-value transactions.

Bank Transfer

Local banks in Madagascar, like BNI Madagascar, BFV-Société Générale, and BOA, allow secure transfers through international banking systems. Transfers to local bank accounts typically take one to three business days and are ideal for recipients who prefer banking over cash collection or mobile money. 

While bank fees as well as currency conversion fees can be higher than mobile money, this method is preferred for larger transfers and provides greater security, especially for business or regular remittances.

Online Banks

Online banks or neobanks, including Wise and Revolut, specialize in affordable international transfers with minimal fees and real exchange rates.

These services operate primarily through mobile apps and websites, offering fast transfers (1–2 days on average) directly to bank accounts. They’re an excellent option for tech-savvy users preferring low-cost, rapid transfers without visiting a physical location.

At the time of this writing, Revolut allows transfers to Madagascar in MGA currency, while Wise does not.

Electronic Wallets

Electronic wallets, such as PayPal, offer digital transfer solutions but are less commonly used for direct transfers to Madagascar, as recipients need a linked bank account to access funds. PayPal is convenient for users who already have accounts but generally has higher fees and exchange rate margins.

Cryptocurrencies

Cryptocurrencies are an emerging option for money transfers, especially for those familiar with digital assets. Platforms like Binance and Coinbase enable fast, low-cost transactions directly to crypto wallets.

However, these require recipients to have knowledge of crypto exchanges and wallets. While crypto transfers avoid traditional banking fees, they come with volatility risks and require extra security measures, so they’re best for users comfortable with the technology.

It is possible to exchange cryptocurrencies for physical cash in Madagascar by selling it to individual buyers or off-market exchanges.

Key factors to consider when transferring money to Madagascar

There are few criteria that might influence your choices of the money transfer options you consider. However, depending on your specific context, you may find that certain criteria hold more significance than others when selecting the best money transfer option.

Exchange Rate: the exchange rate can significantly impact the final amount received. Some platforms add a margin to the exchange rate, reducing the sent amount, so comparing rates is essential before sending.

Transfer Fees: Fees vary depending on the selected option (fast transfer, standard, etc.). Some services charge a fixed fee, while others take a percentage of the amount sent.

Transfer Speed: Depending on the urgency, it’s useful to check the transfer time. Bank transfers may take several days, whereas services like Western Union or MVola are nearly instant.

Receiving Options: Depending on the recipient’s needs, some services allow cash pickup (like Western Union), while others only work through bank accounts or mobile money.

Security: It’s essential to choose a reliable and secure platform to avoid fraud and ensure that the funds arrive safely.

Accessibility: The recipient’s ease of accessing the service (availability of pickup points, internet access for apps) can also influence the choice.

Comparison of money transfer services in Madagascar

Category	exchange rate	Transfer fees	Transfer speed	Receiving options	Security	Accessibility
Mobile money	Variable rates	Low to moderate fees	Instant	Mobile account	High	Accessible via mobile
International money transfers	Variable rates	Moderate to high fees	Instant to 1 day	Cash or bank account	Very secure	Extensive agent network
Local banks	Standard bank rates	Variable fees	1 to 3 days	Bank account	Bank-level security	Accessible in branches
Online banks/Neobanks	Market close rates	Low fees	1 to 2 days	Bank account	Secure online	Accessible online
Electronic wallets	Less favorable rates	High fees	1 to 3 days	Bank account	High security	Accessible online
Cryptocurrencies	Variable rates	Low fees	Instant to hours	Crypto wallet	Secure with precautions	Requires exchange access

Choosing the right money transfer option to Madagascar involves carefully evaluating various factors, including exchange rates, fees, and transfer speed. Each category of service offers unique advantages that suit different needs and circumstances. By considering these criteria, you can identify the most suitable method for your specific situation.

Best way to send money to Madagascar

The best way to send money to Madagascar depends on various factors, one of the most important factors being the amount. 

If you are sending a (less than $5,000) you may consider using the mobile money transfer option, as this can be done through services like Taptapsend, even when you don’t have a mobile wallet yourself.

If you are sending a larger amount (above $5,000), you may want to consider sending a regular international bank transfer, such as a SWIFT transfer to a local Madagascar bank account. There may be some fees and some processing time, but the transfers are handled securely.