How to send money to Madagascar from Canada with the best CAD-MGA rate

OFX is the cheapest way to send money from Canada to Madagascar based on the 7 companies we analyzed, giving your recipient 3,221,816.62 MGA from CA$1,000.

Best companies for CAD/MGA transfers

7 of 7 providers

Last updated on 28 October 2026

Based on 1,000 CAD transfer

Best companies for CAD/MGA transfers

Sort Cheapest
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WorldRemit

Pay via Debit Card
Fees: $1.99 1 CAD = 3133.2358 MGA +3.44% vs mid-market Recipient gets Ar 3,127,000.68 Next Day
Receive to bank account or cash pickup

Ways to receive money in Madagascar with WorldRemit when paying by debit card.

MethodFee & ratesRecipient gets
Mobile moneyNext Day
$1.991 CAD = 3133.2358 MGA
Ar 3,127,000.68You pay$1,000.00
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Remitly

Pay via Debit Card
Fees: $0.00 1 CAD = 3139.5600 MGA +3.24% vs mid-market Recipient gets Ar 3,139,560.00 Within minutes
Receive to bank account or cash pickup

Ways to receive money in Madagascar with Remitly when paying by debit card.

MethodFee & ratesRecipient gets
Bank depositWithin minutes
Free1 CAD = 3139.5600 MGA
Ar 3,139,560.00You pay$1,000.00

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OFX

Pay via Bank Transfer
Fees: $0.00 1 CAD = 3221.8166 MGA +0.65% vs mid-market Recipient gets Ar 3,221,816.62 6-12 Hours
Cheapest
Receive to bank account

Ways to receive money in Madagascar with OFX when paying by bank transfer.

MethodFee & ratesRecipient gets
Bank deposit6-12 Hours
Free1 CAD = 3221.8166 MGA
Ar 3,221,816.62You pay$1,000.00

Paysend

Pay via Debit Card
Fees: $0.00 1 CAD = 3186.0410 MGA +1.77% vs mid-market Recipient gets Ar 3,186,040.97 6-12 Hours

Ways to receive money in Madagascar with Paysend when paying by debit card.

MethodFee & ratesRecipient gets
Bank deposit6-12 Hours
Free1 CAD = 3186.0410 MGA
Ar 3,186,040.97You pay$1,000.00

Paysend

Pay via Credit Card
Fees: $0.00 1 CAD = 3186.0410 MGA +1.77% vs mid-market Recipient gets Ar 3,186,040.97 6-12 Hours

Ways to receive money in Madagascar with Paysend when paying by credit card.

MethodFee & ratesRecipient gets
Bank deposit6-12 Hours
Free1 CAD = 3186.0410 MGA
Ar 3,186,040.97You pay$1,000.00

Remitly

Pay via Debit Card
Fees: $0.00 1 CAD = 3139.5600 MGA +3.24% vs mid-market Recipient gets Ar 3,139,560.00 Within minutes
Receive to bank account or cash pickup

Ways to receive money in Madagascar with Remitly when paying by debit card.

MethodFee & ratesRecipient gets
Bank depositWithin minutes
Free1 CAD = 3139.5600 MGA
Ar 3,139,560.00You pay$1,000.00

Remitly

Pay via Bank Transfer
Fees: $0.00 1 CAD = 3139.5600 MGA +3.24% vs mid-market Recipient gets Ar 3,139,560.00 Within a week
Receive to bank account or cash pickup

Ways to receive money in Madagascar with Remitly when paying by bank transfer.

MethodFee & ratesRecipient gets
Bank depositWithin a week
Free1 CAD = 3139.5600 MGA
Ar 3,139,560.00You pay$1,000.00

Remitly

Pay via Interac
Fees: $0.00 1 CAD = 3139.5600 MGA +3.24% vs mid-market Recipient gets Ar 3,139,560.00 Within a week
Receive to bank account or cash pickup

Ways to receive money in Madagascar with Remitly when paying by interac.

MethodFee & ratesRecipient gets
Bank depositWithin a week
Free1 CAD = 3139.5600 MGA
Ar 3,139,560.00You pay$1,000.00

Remitly

Pay via Credit Card
Fees: $20.00 1 CAD = 3139.5600 MGA +3.24% vs mid-market Recipient gets Ar 3,139,560.00 Within minutes
Receive to bank account or cash pickup

Ways to receive money in Madagascar with Remitly when paying by credit card.

MethodFee & ratesRecipient gets
Bank depositWithin minutes
$20.001 CAD = 3139.5600 MGA
Ar 3,139,560.00You pay$1,020.00
$0 fee on first online transfers

MoneyGram

Pay via Debit Card
Fees: $6.99 1 CAD = 3139.3997 MGA +3.24% vs mid-market Recipient gets Ar 3,139,399.70 6-12 Hours

Ways to receive money in Madagascar with MoneyGram when paying by debit card.

MethodFee & ratesRecipient gets
Cash pickup6-12 Hours
$6.991 CAD = 3139.3997 MGA
Ar 3,139,399.70You pay$1,006.99
Mobile wallet6-12 HoursAvailable via:Select Wallets
$8.991 CAD = 3115.3054 MGA
Ar 3,115,305.40You pay$1,008.99
$0 fee on first online transfers

MoneyGram

Pay via Credit Card
Fees: $6.99 1 CAD = 3139.3997 MGA +3.24% vs mid-market Recipient gets Ar 3,139,399.70 6-12 Hours

Ways to receive money in Madagascar with MoneyGram when paying by credit card.

MethodFee & ratesRecipient gets
Cash pickup6-12 Hours
$6.991 CAD = 3139.3997 MGA
Ar 3,139,399.70You pay$1,006.99
Mobile wallet6-12 HoursAvailable via:Select Wallets
$8.991 CAD = 3115.3054 MGA
Ar 3,115,305.40You pay$1,008.99
$0 fee on first online transfers

MoneyGram

Pay via Cash deposit
Fees: $6.99 1 CAD = 3139.3997 MGA +3.24% vs mid-market Recipient gets Ar 3,139,399.70 6-12 Hours

Ways to receive money in Madagascar with MoneyGram when paying by cash deposit.

MethodFee & ratesRecipient gets
Cash pickup6-12 Hours
$6.991 CAD = 3139.3997 MGA
Ar 3,139,399.70You pay$1,006.99
Mobile wallet6-12 HoursAvailable via:Select Wallets
$8.991 CAD = 3115.3054 MGA
Ar 3,115,305.40You pay$1,008.99
Only available via Mobile App

Sendwave

Pay via Debit Card
Fees: $0.99 1 CAD = 3138.6766 MGA +3.27% vs mid-market Recipient gets Ar 3,135,569.29 2 Days
Receive to bank account or cash pickup

Ways to receive money in Madagascar with Sendwave when paying by debit card.

MethodFee & ratesRecipient gets
Mobile money2 Days
$0.991 CAD = 3138.6766 MGA
Ar 3,135,569.29You pay$1,000.00
Only available via Mobile App

WorldRemit

Pay via Debit Card
Fees: $1.99 1 CAD = 3133.2358 MGA +3.44% vs mid-market Recipient gets Ar 3,127,000.68 Next Day
Recommended
Receive to bank account or cash pickup

Ways to receive money in Madagascar with WorldRemit when paying by debit card.

MethodFee & ratesRecipient gets
Mobile moneyNext Day
$1.991 CAD = 3133.2358 MGA
Ar 3,127,000.68You pay$1,000.00

TapTap Send

Pay via Debit Card
Fees: $0.00 1 CAD = 3090.0000 MGA +4.83% vs mid-market Recipient gets Ar 3,090,000.00 Minutes
Fastest
Receive to bank account

Ways to receive money in Madagascar with TapTap Send when paying by debit card.

MethodFee & ratesRecipient gets
Mobile moneyMinutesAvailable via:Airtel, MVola, Orange
Free1 CAD = 3090.0000 MGA
Ar 3,090,000.00You pay$1,000.00
Cash pickupMinutesAvailable via:Paositra Cash Pickup
Free1 CAD = 3090.0000 MGA
Ar 3,090,000.00You pay$1,000.00
How Our Results Work
Mid-market rate: 1 CAD = 3242.8954 MGA Updates every 60 minutes.

How to send money from Canada to Madagascar

Pick a company

Start with the cheapest, which is OFX at 3,221,816.62 MGA on CA$1,000.

OFX was the cheapest on 26 of the 30 days it quoted CA$1,000 transfers to Madagascar.

More than half of Canadians sending money still pay at a store counter. The same company is often cheaper online.

Fund your transfer

You have 5 ways to pay, including debit card, credit card, bank transfer, interac, and cash deposit.

Interac e-Transfer is how most companies take your money, moving it into their Canadian account so they can carry it over the border.

Verify and send

First time round you'll need a photo ID, and often where the money came from.

Your first transfer will be slower than the ones after it because of those checks, so send it a few days before it's needed.

Compare amounts

How much CAD are you sending to Madagascar?

How much CAD you send to Madagascar heavily affects the best ways and the cheapest options. Use the table below to check how the cheapest options change and how much more you'd get by comparing.

Our analysis shows OFX was the cheapest in 84% of the transfers up to C$1,000 it quoted, and in 52% of all the transfers it quoted.

Cheapest service
$1001.76%$0.00Ar 318,694.75with debit card to bank deposit+Ar 4,208.01
$5000.65%$0.00Ar 1,611,578.53with bank transfer to bank deposit+Ar 33,305.82
$1,000This page0.65%$0.00Ar 3,221,816.62with bank transfer to bank deposit+Ar 73,900.65
$3,0000.65%$0.00Ar 9,668,301.93with bank transfer to bank deposit+Ar 235,014.58
$10,0000.27%$0.00Ar 32,345,877.79with bank transfer to bank deposit+Ar 743,578.77
$50,0000.25%$0.00Ar 161,808,461.26with bank transfer to bank deposit+Ar 3,374,192.71

Mid-market rate: 1 CAD = 3242.8954 MGA

CAD/MGA Exchange Rate History

Is today a good time to send money from Canada to Madagascar?

The cheapest way to send CAD to MGA can change every day, or stay with the same company all month.

We've compared the mid-market rate with the cheapest option each day (today it's OFX), across 30 days of comparisons for 1,000 CAD transfers to Madagascar.

MGA received for $1,000, after fees

Wed, Oct 28, 2026Mid-market rateAr 3,242,895.44 OFX Ar 3,221,816.62OFXAr 3,221,816.62PaysendAr 3,186,040.97RemitlyAr 3,139,560.00

2.95M
3.00M
3.05M
3.10M
3.15M
3.20M
3.25M
3.30M
At the mid-market rateWith the cheapest optionOFXPaysendRemitly
Exchange rateFees:Recipient getsDifference
Mid-market rate 3094.4440 – Ar 3,094,443.97
OFX Cheapest 3074.3301 $0.00 Ar 3,074,330.08 −Ar 20,113.89
Paysend 3029.8769 $0.00 Ar 3,029,876.88 −Ar 64,567.09
Remitly 2982.4500 $0.00 Ar 2,982,450.00 −Ar 111,993.97
Exchange rateFees:Recipient getsDifference
Mid-market rate 3101.5947 – Ar 3,101,594.66
OFX Cheapest 3081.4343 $0.00 Ar 3,081,434.30 −Ar 20,160.36
Remitly 2999.1700 $0.00 Ar 2,999,170.00 −Ar 102,424.66
Paysend 2998.0617 $0.00 Ar 2,998,061.68 −Ar 103,532.98
Exchange rateFees:Recipient getsDifference
Mid-market rate 3106.5167 – Ar 3,106,516.67
OFX Cheapest 3086.3243 $0.00 Ar 3,086,324.31 −Ar 20,192.36
Paysend 3025.5706 $0.00 Ar 3,025,570.60 −Ar 80,946.07
Remitly 2978.6700 $0.00 Ar 2,978,670.00 −Ar 127,846.67
Exchange rateFees:Recipient getsDifference
Mid-market rate 3114.8571 – Ar 3,114,857.10
OFX Cheapest 3094.6105 $0.00 Ar 3,094,610.53 −Ar 20,246.57
Paysend 3040.9001 $0.00 Ar 3,040,900.14 −Ar 73,956.96
Remitly 3030.5800 $0.00 Ar 3,030,580.00 −Ar 84,277.10
Exchange rateFees:Recipient getsDifference
Mid-market rate 3109.0985 – Ar 3,109,098.52
OFX Cheapest 3088.8894 $0.00 Ar 3,088,889.38 −Ar 20,209.14
Remitly 3031.2900 $0.00 Ar 3,031,290.00 −Ar 77,808.52
Paysend 3016.0090 $0.00 Ar 3,016,009.02 −Ar 93,089.50
Exchange rateFees:Recipient getsDifference
Mid-market rate 3093.9473 – Ar 3,093,947.31
TapTap Send Cheapest 3080.0000 $0.00 Ar 3,080,000.00 −Ar 13,947.31
OFX 3073.8366 $0.00 Ar 3,073,836.65 −Ar 20,110.66
Remitly 3030.6700 $0.00 Ar 3,030,670.00 −Ar 63,277.31
Paysend 3016.0090 $0.00 Ar 3,016,009.02 −Ar 77,938.29
Exchange rateFees:Recipient getsDifference
Mid-market rate 3093.1460 – Ar 3,093,145.98
TapTap Send Cheapest 3080.0000 $0.00 Ar 3,080,000.00 −Ar 13,145.98
OFX 3073.0405 $0.00 Ar 3,073,040.53 −Ar 20,105.45
Paysend 3010.7272 $0.00 Ar 3,010,727.22 −Ar 82,418.76
Remitly 2988.7700 $0.00 Ar 2,988,770.00 −Ar 104,375.98
Exchange rateFees:Recipient getsDifference
Mid-market rate 3102.8849 – Ar 3,102,884.92
OFX Cheapest 3082.7162 $0.00 Ar 3,082,716.17 −Ar 20,168.75
Paysend 3041.3645 $0.00 Ar 3,041,364.50 −Ar 61,520.42
Remitly 2983.8300 $0.00 Ar 2,983,830.00 −Ar 119,054.92
Exchange rateFees:Recipient getsDifference
Mid-market rate 3113.3168 – Ar 3,113,316.84
OFX Cheapest 3093.0803 $0.00 Ar 3,093,080.28 −Ar 20,236.56
Paysend 3005.6937 $0.00 Ar 3,005,693.68 −Ar 107,623.16
Remitly 2995.1800 $0.00 Ar 2,995,180.00 −Ar 118,136.84
Exchange rateFees:Recipient getsDifference
Mid-market rate 3125.5355 – Ar 3,125,535.47
OFX Cheapest 3105.2195 $0.00 Ar 3,105,219.49 −Ar 20,315.98
Paysend 3054.8320 $0.00 Ar 3,054,831.99 −Ar 70,703.48
Remitly 2998.8500 $0.00 Ar 2,998,850.00 −Ar 126,685.47
Exchange rateFees:Recipient getsDifference
Mid-market rate 3131.2037 – Ar 3,131,203.75
OFX Cheapest 3110.8509 $0.00 Ar 3,110,850.92 −Ar 20,352.83
Paysend 3071.5348 $0.00 Ar 3,071,534.83 −Ar 59,668.92
Remitly 3008.5600 $0.00 Ar 3,008,560.00 −Ar 122,643.75
Exchange rateFees:Recipient getsDifference
Mid-market rate 3126.8411 – Ar 3,126,841.06
OFX Cheapest 3106.5166 $0.00 Ar 3,106,516.59 −Ar 20,324.47
Paysend 3080.1611 $0.00 Ar 3,080,161.15 −Ar 46,679.91
Remitly 3047.7000 $0.00 Ar 3,047,700.00 −Ar 79,141.06
Exchange rateFees:Recipient getsDifference
Mid-market rate 3126.8411 – Ar 3,126,841.06
OFX Cheapest 3106.5166 $0.00 Ar 3,106,516.59 −Ar 20,324.47
Paysend 3080.1611 $0.00 Ar 3,080,161.15 −Ar 46,679.91
Remitly 3047.0000 $0.00 Ar 3,047,000.00 −Ar 79,841.06
Exchange rateFees:Recipient getsDifference
Mid-market rate 3128.8248 – Ar 3,128,824.80
OFX Cheapest 3108.4874 $0.00 Ar 3,108,487.44 −Ar 20,337.36
Paysend 3083.7300 $0.00 Ar 3,083,730.03 −Ar 45,094.77
Remitly 3025.1000 $0.00 Ar 3,025,100.00 −Ar 103,724.80
Exchange rateFees:Recipient getsDifference
Mid-market rate 3167.7487 – Ar 3,167,748.70
OFX Cheapest 3147.1583 $0.00 Ar 3,147,158.33 −Ar 20,590.37
Paysend 3061.9241 $0.00 Ar 3,061,924.06 −Ar 105,824.64
Remitly 3059.9900 $0.00 Ar 3,059,990.00 −Ar 107,758.70
Exchange rateFees:Recipient getsDifference
Mid-market rate 3172.2606 – Ar 3,172,260.57
OFX Cheapest 3151.6409 $0.00 Ar 3,151,640.88 −Ar 20,619.69
Paysend 3111.6895 $0.00 Ar 3,111,689.49 −Ar 60,571.08
Remitly 3062.4900 $0.00 Ar 3,062,490.00 −Ar 109,770.57
Exchange rateFees:Recipient getsDifference
Mid-market rate 3196.5286 – Ar 3,196,528.61
OFX Cheapest 3175.7512 $0.00 Ar 3,175,751.17 −Ar 20,777.44
Paysend 3072.2608 $0.00 Ar 3,072,260.76 −Ar 124,267.85
Remitly 3066.9700 $0.00 Ar 3,066,970.00 −Ar 129,558.61
Exchange rateFees:Recipient getsDifference
Mid-market rate 3178.0552 – Ar 3,178,055.24
OFX Cheapest 3157.3979 $0.00 Ar 3,157,397.88 −Ar 20,657.36
Remitly 3085.1900 $0.00 Ar 3,085,190.00 −Ar 92,865.24
Paysend 3073.9617 $0.00 Ar 3,073,961.72 −Ar 104,093.52
Exchange rateFees:Recipient getsDifference
Mid-market rate 3183.7572 – Ar 3,183,757.19
OFX Cheapest 3163.0628 $0.00 Ar 3,163,062.77 −Ar 20,694.42
Remitly 3162.1600 $0.00 Ar 3,162,160.00 −Ar 21,597.19
Paysend 3144.0022 $0.00 Ar 3,144,002.23 −Ar 39,754.96
Exchange rateFees:Recipient getsDifference
Mid-market rate 3183.7572 – Ar 3,183,757.19
OFX Cheapest 3163.0628 $0.00 Ar 3,163,062.77 −Ar 20,694.42
Remitly 3161.4300 $0.00 Ar 3,161,430.00 −Ar 22,327.19
Paysend 3144.0022 $0.00 Ar 3,144,002.23 −Ar 39,754.96
Exchange rateFees:Recipient getsDifference
Mid-market rate 3203.4708 – Ar 3,203,470.76
OFX Cheapest 3182.6482 $0.00 Ar 3,182,648.20 −Ar 20,822.56
Paysend 3152.4745 $0.00 Ar 3,152,474.52 −Ar 50,996.24
Remitly 3109.7200 $0.00 Ar 3,109,720.00 −Ar 93,750.76
Exchange rateFees:Recipient getsDifference
Mid-market rate 3231.4996 – Ar 3,231,499.59
OFX Cheapest 3210.4948 $0.00 Ar 3,210,494.84 −Ar 21,004.75
Paysend 3164.6491 $0.00 Ar 3,164,649.08 −Ar 66,850.51
Remitly 3115.0900 $0.00 Ar 3,115,090.00 −Ar 116,409.59
Exchange rateFees:Recipient getsDifference
Mid-market rate 3230.6897 – Ar 3,230,689.71
OFX Cheapest 3209.6902 $0.00 Ar 3,209,690.22 −Ar 20,999.49
Remitly 3185.9600 $0.00 Ar 3,185,960.00 −Ar 44,729.71
Paysend 3175.7404 $0.00 Ar 3,175,740.44 −Ar 54,949.27
Exchange rateFees:Recipient getsDifference
Mid-market rate 3223.1952 – Ar 3,223,195.22
OFX Cheapest 3202.2445 $0.00 Ar 3,202,244.45 −Ar 20,950.77
Remitly 3199.8800 $0.00 Ar 3,199,880.00 −Ar 23,315.22
Paysend 3183.3257 $0.00 Ar 3,183,325.71 −Ar 39,869.51
Exchange rateFees:Recipient getsDifference
Mid-market rate 3233.5084 – Ar 3,233,508.43
OFX Cheapest 3212.4906 $0.00 Ar 3,212,490.63 −Ar 21,017.80
Paysend 3191.1401 $0.00 Ar 3,191,140.08 −Ar 42,368.35
Remitly 3129.8700 $0.00 Ar 3,129,870.00 −Ar 103,638.43
Exchange rateFees:Recipient getsDifference
Mid-market rate 3227.3681 – Ar 3,227,368.06
Remitly Cheapest 3211.0900 $0.00 Ar 3,211,090.00 −Ar 16,278.06
OFX 3206.3902 $0.00 Ar 3,206,390.16 −Ar 20,977.90
Paysend 3197.8153 $0.00 Ar 3,197,815.30 −Ar 29,552.76
Exchange rateFees:Recipient getsDifference
Mid-market rate 3227.3681 – Ar 3,227,368.06
Remitly Cheapest 3210.0300 $0.00 Ar 3,210,030.00 −Ar 17,338.06
OFX 3206.3902 $0.00 Ar 3,206,390.16 −Ar 20,977.90
Paysend 3197.8153 $0.00 Ar 3,197,815.30 −Ar 29,552.76
Exchange rateFees:Recipient getsDifference
Mid-market rate 3221.1094 – Ar 3,221,109.36
OFX Cheapest 3200.1722 $0.00 Ar 3,200,172.15 −Ar 20,937.21
Paysend 3196.4458 $0.00 Ar 3,196,445.84 −Ar 24,663.52
Remitly 3131.9700 $0.00 Ar 3,131,970.00 −Ar 89,139.36
Exchange rateFees:Recipient getsDifference
Mid-market rate 3246.0501 – Ar 3,246,050.15
OFX Cheapest 3224.9508 $0.00 Ar 3,224,950.82 −Ar 21,099.33
Paysend 3193.7104 $0.00 Ar 3,193,710.42 −Ar 52,339.73
Remitly 3132.3200 $0.00 Ar 3,132,320.00 −Ar 113,730.15
Exchange rateFees:Recipient getsDifference
Mid-market rate 3242.8954 – Ar 3,242,895.44
OFX Cheapest 3221.8166 $0.00 Ar 3,221,816.62 −Ar 21,078.82
Paysend 3186.0410 $0.00 Ar 3,186,040.97 −Ar 56,854.47
Remitly 3139.5600 $0.00 Ar 3,139,560.00 −Ar 103,335.44

Exchange rateFees:Recipient getsDifference

Each line shows what the recipient gets when you send $1,000, after fees, as quoted by each company. The mid-market line shows what $1,000 converts to at the real exchange rate, with no fees or markup. Rates are checked once a day. Sponsored placements never affect this data. There are no bank quotes for this period.

The dashed line is what you'd get at the mid-market rate with no fees, and the blue line is the cheapest option that day.

When the blue line goes above the dashed one, you're getting more MGA per CAD than the mid-market rate can offer.

This could be due to money transfer offers, FX rate adjustments, or market competitiveness.

No company, app or bank beat the mid-market rate over the past month, meaning you lose a bit of MGA on every transfer from Canada.

Right now, OFX pays 3,221,816.62 MGA on 1,000 CAD, which is 21,078.82 MGA less than the mid-market amount.

Today's payout isn't the best this month though, since the highest receive amount was 3,224,950.82 MGA.

If you can wait and want to get the most out of your transfer, create a rate alert and we'll let you know when the rate improves.

Cheapest over time

Picking the cheapest money transfer company

Just because a company is the cheapest today doesn't mean it's always the best option for sending money to Madagascar.

We've tracked 180 comparisons to check how often today's top companies were the cheapest across 6 amounts over the past month.

  1. OFXAppeared in 140 comparisons

    Cheapest in 52% of them

  2. PaysendAppeared in 90 comparisons

    Cheapest in 21% of them

  3. RemitlyAppeared in 101 comparisons

    Cheapest in 11% of them

Based on 180 comparisons across 6 amounts over the last 30 days.

Different companies can come out cheapest depending on the day and the amount you send.

To keep things fair, we only count the comparisons each company appeared in, and only analyze companies that appeared in at least 50% of all comparisons (so occasional cheapest options don't skew it).

Today OFX is the cheapest and gets you the most MGA, and it was also the cheapest in 52% of the 140 comparisons it appeared in over the past month.

It's a good pick for both one-off and regular transfers to Madagascar.

Paysend (today's second cheapest) was the cheapest in only 21% of its comparisons, so it's rarely the cheapest option for transfers to Madagascar.

Ways to send money from Canada to Madagascar

There are 7 companies sending money to Madagascar, but how you send depends on your needs.

Most common option

In-person transfers

Hand your cash over the counter and your recipient can collect it the same day without needing an app or bank account.

Bring CA$1,000 in cash to the closest Remitly location, and your recipient picks up 3,139,560 MGA within minutes.

Our data shows Remitly came out cheapest among in-person options on 30% of days in the past month.

Cash transfers cost more

Cash transfer to Madagascar is usually the most expensive option, compare your options above to get the best deal.

For transfers home

Money transfer apps

An app does the same job as the store for less, and you top it up with an Interac e-Transfer, the same way you'd send money to a friend.

Paysend charges CA$0 in fees and adds 1.77% markup, so your CA$1,000 delivers 3,186,040.97 MGA in 6-12 hours.

Over the past month, Paysend was the cheapest app on 43% of the days it appeared for CA$1,000 transfers.

You don't need a SIN to sign up either, a passport works.

For one-off transfers

Online transfers

For bigger or less frequent transfers, compare a couple of online services on the day, and pick the cheapest.

Of the 7 companies we compared, Paysend is the cheapest online service and currently gets you 3,186,040.97 MGA on a CA$1,000 transfer after a CA$0 fee and 1.77% markup.

In our comparisons over the past month, it was the cheapest online service on 13 of the 30 days it quoted.

Funding by bank transfer (EFT) is cheapest but takes 1-2 days to clear, and Interac e-Transfer or debit card is faster but pricier.

For large transfers from Canada

Currency brokers

For property, tuition, moving from Canada, or an inheritance, a broker is the best and usually the cheapest option.

Brokers like OFX charge no fees but add 0.65% on CAD/MGA interbank rate.

The markup gets lower the more you send, with an account manager handling it end to end.

Our analysis shows OFX was the cheapest broker in 59% of all the transfers it quoted.

If you're sending large amounts, expect more questions about the transfers, so have statements and documents ready to avoid delays.

For businesses paying abroad

Global accounts

Global accounts handle the business side, paying suppliers, contractors and overseas invoices in MGA.

Companies like OFX, Airwallex, or WorldFirst are set up for the batch and recurring payments a personal app can't do.

Ways to fund CAD and receive MGA in Madagascar

With OFX, paying by bank transfer and receiving through bank deposit is the cheapest combination. Sending CA$1,000 gives your recipient 3,221,816.62 MGA.

Deposit CAD using debit card, credit card, bank transfer, interac, and cash deposit.

I suggest using Interac e-Transfer for simplicity

Follow the company's Interac instructions and check the business name before sending.

Do not send to an email address supplied outside the company's app or website.

The recipient can receive MGA through bank deposit, mobile money, cash pickup, and mobile wallet.

For a bank deposit payout, you will need the recipient's bank details in Madagascar.

  1. 1
    Bank transfer Bank deposit

    You pay CA$1,000.00

    Ar3,221,817

    Cheapest

  2. 2
    debit card Bank deposit

    You pay CA$1,000.00

    Ar3,186,041

    -Ar35,776

  3. 3
    credit card Bank deposit

    You pay CA$1,000.00

    Ar3,186,041

    -Ar35,776

  4. 4
    Interac Bank deposit

    You pay CA$1,000.00

    Ar3,139,560

    -Ar82,257

  5. 5
    debit card Cash pickup

    You pay CA$1,006.99

    Ar3,139,400

    -Ar82,417

Show moreShow less
  1. 6
    credit card Cash pickup

    You pay CA$1,006.99

    Ar3,139,400

    -Ar82,417

  2. 7
    Cash deposit Cash pickup

    You pay CA$1,006.99

    Ar3,139,400

    -Ar82,417

  3. 8
    debit card Mobile money

    You pay CA$1,000.00

    Ar3,135,569

    -Ar86,247

  4. 9
    debit card Mobile wallet

    You pay CA$1,008.99

    Ar3,115,305

    -Ar106,511

  5. 10
    credit card Mobile wallet

    You pay CA$1,008.99

    Ar3,115,305

    -Ar106,511

  6. 11
    Cash deposit Mobile wallet

    You pay CA$1,008.99

    Ar3,115,305

    -Ar106,511

Consider this when sending CAD to Madagascar

Interac can fund an international transfer, but it does not send money abroad by itself. You should also know what happens when a transfer reaches the FINTRAC reporting threshold.

Compare CAD/MGA transfer options

For a CA$1,000 transfer to Madagascar, these are the cheapest, fastest and easiest options available now.

Best way to send money to Madagascar

OFX is the cheapest and easiest option, funded by bank transfer with bank deposit for the payout. Your recipient gets 3,221,816.62 MGA, which is 1.11% more than the next best option.

Fastest way to send money to Madagascar

TapTap Send is fastest when you pay by debit card and choose mobile money for the payout. The transfer delivers 3,090,000 MGA in minutes.

Interac only works inside Canada

An Interac e-Transfer cannot go directly to a recipient in Madagascar.

When a transfer company accepts Interac, you send CAD to its Canadian account and the company handles the international side over its own network.

C$10,000 reporting threshold

There is no C$10,000 legal cap on electronic transfers from Canada.

A reporting entity must report an international electronic funds transfer of C$10,000 or more to FINTRAC, including linked transfers that meet the 24-hour rule.

The bank or transfer company makes that report, you do not file it yourself.

But you may be asked for proof of where the money came from.

Sending your own cash or making a genuine cash gift does not create a Canadian gift tax simply because the money goes abroad.

Tax can become relevant when you transfer an appreciated asset rather than cash, or when attribution rules apply.

CDIC protection

Money held with a payment company is not covered by CDIC in the same way as an eligible bank deposit.

Payment companies covered by the Retail Payment Activities Act must safeguard end-user funds, but the Bank of Canada does not resolve individual fee or payment disputes.

If you’re unsure about the company, you can check the company in the FINTRAC MSB Registry.

If you live in Quebec, also confirm that it is allowed to provide money services there.

How we analyse the market

Most of the pricing here comes straight from the companies, and anything we gather by hand is labelled in the table.

That covers 7 FINTRAC-registered companies sending CAD to Madagascar, updated in real time during a live search, compared on rates, fees and how your recipient can collect.

In the past 30 days alone, we analyzed 180 comparisons across 6 amounts.

This page covers the cheapest and fastest options for CAD/MGA transfers. This is how we pick them:

  • Cheapest: the company that gets your recipient the most, after fees and the exchange rate. On a tie, live pricing from the company takes priority over the rates we collect by hand.

  • Fastest: the company with the shortest estimated delivery time once you’ve paid. On a tie, the one that pays out more takes priority.

Each goes through our review. More on who we are, why you can trust us and getting started.

Any tax information is for general guidance only and does not constitute tax advice. Speak to a qualified tax adviser about your circumstances.