MadagascarMGAMalagasy Ariary
The ariary is a currency rarity: one of only two currencies in the world that divide not by one hundred but by five, a legacy of the old Malagasy monetary system. Add a weak exchange rate that makes sums very long, and you'll understand why mental math doesn't work here. For a transfer, the takeaway is simple: don't rely on arithmetic—look at the final figure in ariary locked in before you pay. Commission from 0.9%.
The route, the receiving bank and the payout amount are agreed before payment.
The national currency is the Malagasy ariary (MGA) with a floating exchange rate. The ariary is unusual because it divides not by 100 but by 5 iraimbilanja; it is one of only two modern world currencies with non-decimal division. Madagascar is the world's fourth-largest island, and its economy is largely tied to agriculture. The island is the world's largest vanilla producer and accounts for a significant share of global vanilla supply. The central bank and regulator is Banky Foiben'i Madagasikara (Central Bank of Madagascar), located in Antananarivo. Major banks include BFV-Société Générale, BNI Madagascar, and Bank of Africa Madagascar (BOA); the banking network is noticeably denser in the capital than in remote areas. Madagascar is not represented in the official international IBAN registry: for international SWIFT transfers, the bank's SWIFT/BIC code, account number, and recipient's full name are typically used. Some banks may provide account details in a format that looks similar to IBAN, so when making a transfer, it's best to use the exact account number provided by the recipient's bank.
Madagascar has not imposed its own sanctions against Russia, but any specific transfer depends on the recipient bank, the correspondent chain, and standard AML/KYC checks. The official languages are Malagasy and French; banking documents are primarily drawn up in French. The country operates on UTC+3, the same as Moscow time. ATM24 checks the available route in advance before confirming your application. International SWIFT transfers take 2–5 business days. ATM24 commission is from 0.9%.
Cards from Malagasy banks receive ariary; the card network is concentrated in Antananarivo and major cities. BFV-SG, BNI Madagascar, BOA Madagascar, BMOI. You'll need the card number and cardholder's name in Latin characters, as in French documents. A long sum in ariary is normal with a weak exchange rate, not an error
The recipient is found by the bank's SWIFT code and account number: Madagascar is not in the official IBAN registry. In the application, provide the bank's SWIFT code, account number, and recipient's name in Latin characters. Some banks issue numbers in a format similar to IBAN—use the one your bank provided. The name comes from a foreign passport: Malagasy names can be long
Ariary is distributed in cash: the island's banking network is concentrated in the capital. Antananarivo is the capital and main financial center; the second center is the port of Toamasina. Outside major cities, there are few branches and distances on the island are large. Agree on the city of withdrawal and available amount before submitting your application
For Madagascar you need the recipient bank's SWIFT code, their account number, and name in Latin characters; Madagascar is not listed in the official IBAN registry, but some banks issue numbers in a similar format - use whichever option your bank gave you. The ariary is weak and has unusual arithmetic: it divides by five, not one hundred, so amounts look long. Check not the mental math, but the final amount shown in the application. The country has not imposed sanctions against Russia.
We accept RUB, USD, EUR and USDT — we pay out in MGA
RUB MGA
45.4per 1 RUB
10 000 ₽ = 453 956 MGAUSD MGA
4,069.85per 1 USD
100 $ = 406 985 MGAEUR MGA
4,613.6per 1 EUR
100 € = 461 360 MGAUSDT MGA
4,069.85per 1 USDT
100 USDT = 406 985 MGA| You send | Payout in MGA |
|---|---|
| 100 USDT | 406 985 MGA |
| 300 USDT | 1 220 956 MGA |
| 500 USDT | 2 034 927 MGA |
| 1 000 USDT | 4 069 854 MGA |
| 5 000 USDT | 20 349 268 MGA |
Where recipients usually get the money in Madagascar
SWIFT: check; Description: One of the island's largest banks
SWIFT: check; Description: Pan-African Bank of Africa group
BFV-Société Générale Madagascar — a bank focused on everyday accounts and card operations. The recipient should provide the exact details and payout currency.
MCB Madagascar — a bank serving personal customers and small businesses. Its services typically include accounts, cards, branches, and digital banking.
BMOI Madagascar — a local bank with standard account and cash services. Transfer availability depends on the details, currency, and bank rules.
National currency
The national currency is the Malagasy ariary (MGA) with a floating exchange rate; 1 ariary divides into 5 iraimbilanja.
Card systems
Visa and Mastercard are accepted in Antananarivo. Orange Money is the largest mobile wallet. Airtel Money and Mvola (Telma) are also popular. BFV-Société Générale and BNI Madagascar are the main card-issuing banks.
Payment applications
MVola (Telma Madagascar) is the largest mobile money system with over 4 million users. Airtel Money Madagascar and Orange Money are present. BFV-SG (Societe Generale Madagascar) offers mobile banking.
Interbank transfers
Madagascar is not represented in the official international IBAN registry: for international transfers, the bank's SWIFT/BIC code and account number are used.
Financial regulator
Banky Foiben'i Madagasikara is the central bank and primary financial regulator of the country; located in Antananarivo.
Features for ATM24
Madagascar has not imposed its own sanctions against Russia.
With an ATM24 transfer the recipient gives their own bank and details, so the money lands directly on the account.
Three steps from request to payout
Fill in the form or write to us on WhatsApp or Telegram — a manager will check the available route
We check the recipient details and confirm the route, rate, fee and payout amount
Once paid, the transfer goes out along the agreed route — we report the status in the messenger
We verify the exact details when agreeing the available route before payment.
Facts, not promises
You see the rate, the fee and the payout amount before you send the money.
The route, rate, fee and payout amount are agreed before payment.
Reference cities with payout locations. Availability of a specific location is confirmed in the request.
Confirm the city before payment
Only methods present in both the country description and the current route are shown.
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We've gathered answers about the ariary, its unusual division by five, and how money reaches the recipient.
To send money to Madagascar with payout in MGA through ATM24, start with the recipient's exact route for the Madagascar MGA payout route. ATM24 confirms the amount, payment method, fee from 0.9%, timing from 15 minutes, and bank such as Bank of Africa Madagascar. Bank-route examples for Madagascar: Bank of Africa Madagascar, BFV-Société Générale, BNI Madagascar, MCB Madagascar, and Baobab Banque Madagascar.
Yes, where available, the recipient can receive a transfer on a bank-issued card or bank account in Madagascar in MGA on the Madagascar MGA payout route. ATM24 checks the bank, card or account number, recipient name, and payout currency before payment; Visa, Mastercard, UnionPay, or local bank-card availability depends on the route. For example, BFV-Société Générale may require a different set of details than MCB Madagascar, so card and account routes are confirmed separately. Bank-route examples for Madagascar: Bank of Africa Madagascar, BFV-Société Générale, BNI Madagascar, MCB Madagascar, and Baobab Banque Madagascar.
For bank payout in Madagascar, useful MGA references include Bank of Africa Madagascar, BFV-Société Générale, BNI Madagascar, MCB Madagascar, and Baobab Banque Madagascar. ATM24 treats the bank named by the recipient as the working route and checks recipient name, account data, and route availability. The sender pays after that bank route is confirmed.
To prepare a MGA payout in Madagascar, start with the exact recipient name and receiving route. ATM24 checks BFV-Société Générale, BNI Madagascar, card or account details, and any route-specific field before payment. The manager clarifies missing data before the order is paid. Bank-route examples for Madagascar: Bank of Africa Madagascar, BFV-Société Générale, BNI Madagascar, MCB Madagascar, and Baobab Banque Madagascar.
A money transfer to Madagascar in MGA can begin from 15 minutes, but timing is route-based. ATM24 checks recipient details, amount, and banks such as BNI Madagascar or MCB Madagascar. Documents or bank review can extend the processing time. Bank-route examples for Madagascar: Bank of Africa Madagascar, BFV-Société Générale, BNI Madagascar, MCB Madagascar, and Baobab Banque Madagascar.
The ATM24 fee for sending money to Madagascar with payout in MGA starts from 0.9% on the Madagascar MGA payout route. The final calculation depends on the amount, payment currency, payout method, exchange rate, and the recipient's bank. If the sender pays by an international card or through a bank transfer, the card issuer or sending bank may charge its own foreign transaction, conversion, transfer, or dynamic currency conversion fee. Bank-route examples for Madagascar: Bank of Africa Madagascar, BFV-Société Générale, BNI Madagascar, MCB Madagascar, and Baobab Banque Madagascar.
Payment for a MGA transfer to Madagascar can be arranged through an available sender method after ATM24 checks the receiving route. The check includes the Madagascar MGA payout route, bank such as BNI Madagascar, fee from 0.9%, and exchange conditions. USDT network cost or card-issuer charges are confirmed separately. Bank-route examples for Madagascar: Bank of Africa Madagascar, BFV-Société Générale, BNI Madagascar, MCB Madagascar, and Baobab Banque Madagascar.
The minimum transfer amount to Madagascar in MGA through ATM24 starts from 100 USD or the equivalent. The maximum amount is confirmed before payment and depends on the Madagascar MGA payout route, sender payment method, bank, recipient details, and possible document requirements. If the recipient changes Bank of Africa Madagascar to another bank or switches from account to card, the limit should be checked again. Bank-route examples for Madagascar: Bank of Africa Madagascar, BFV-Société Générale, BNI Madagascar, MCB Madagascar, and Baobab Banque Madagascar.
A large MGA payout to Madagascar can need document checks when the amount, bank, or recipient route requires it. ATM24 reviews Bank of Africa Madagascar, BFV-Société Générale, BNI Madagascar, MCB Madagascar, and Baobab Banque Madagascar with sender ID, source-of-funds details, and payment purpose if needed. The sender receives the checklist before payment. Bank-route examples for Madagascar: Bank of Africa Madagascar, BFV-Société Générale, BNI Madagascar, MCB Madagascar, and Baobab Banque Madagascar.
For a 1000 USD transfer to Madagascar, the live MGA estimate depends on the current ATM24 route: 4,069,853.59 MGA. ATM24 calculates fee from 0.9%, exchange conditions, and the recipient route through Bank of Africa Madagascar or BFV-Société Générale. The final MGA amount is fixed before payment. Bank-route examples for Madagascar: Bank of Africa Madagascar, BFV-Société Générale, BNI Madagascar, MCB Madagascar, and Baobab Banque Madagascar.
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