How to send money to Canada from Madagascar
Sending money from Madagascar to Canada doesn’t have a huge amount of options. Because of this, we would recommend sending money via:
Interested to see if a multi-currency account can help with sending money abroad. Check out our guide and explore your options.
Send money from Madagascar to Canada by bank
If you’d like to send money from Madagascar to Canada via bank transfer, follow these steps:
Start the transfer
Let your bank know that you’d like to make a transfer from Madagascar to Madagascar. You should be able to do this online or in-branch.
Enter the recipient’s details
You’ll usually be given a form to fill out. Add your recipient's full details, including their name, bank account number, and branch code. You may also need to provide the IBAN or SWIFT code for their bank in Canada.
Make the payment
Your bank will probably charge a fee for the transfer. If you’re making a wire transfer, your recipient might need to pay a small fee for receiving the transfer too. They may also add a markup to the Malagasy ariary to CAD exchange rate. Check the rate they’re offering against the mid-market rate to make sure you’re getting a good deal.
The current mid-market rate of MGA to CAD is 0.000313.
What’s the cheapest way to send money from Madagascar to Canada?
Without any money transfer providers serving the Madagascar to Canada route, the cheapest options are limited.
We would recommend using:
How the cost of sending money to Canada from Madagascar is calculated
The cost of sending money from Madagascar to Canada depends on several things, including:
The mid-market rate
The current mid-market rate between MGA and CAD is 0.000313. The rate at the time you transfer will impact your overall cost and when sending through a bank, these are generally less competitive than using a money transfer company.
The markup and fee charged by a bank
Providers will often charge a markup on the rate, fees, or both, for transfers between Madagascar and Canada. Again, these are potentially less competitive than sending through a money transfer company.
Finding the best exchange rate for MGA to CAD
The mid-market exchange rate changes daily, so timing your transfer can make a big difference to how many Canadian Dollars you can get for your Malagasy ariarys. The average Malagasy ariary to Canadian Dollar mid-market rate over the last month was 7.2242, with a low of 7.1999 and a high of 7.2382.
How we offer the best transfer options for Madagascar to Canada
Whilst there's no money transfer services available between Canada and Madagascar, we still ensure we've looked across the market in full to give you the best options.
So whether it's a money transfer provider or a multi-currency account, we'll always produce unbiased, detailed reviews of all the companies operating in some form in the Malagasy ariary to Canada route, helping you in making smarter, simpler choices. We pride ourselves on our objective reviews, maintaining complete independence in our analysis and ratings.
Take a look at our comprehensive editorial policy for more information about our dedication to integrity and transparency.
