Compare ways to send money from South Africa to Madagascar

The exchange rate determines the price you’ll pay for Malagasy ariary when sending Rand to Madagascar.

The rate between the Rand and Malagasy ariary is currently 259.0891. WorldRemit offers the best exchange from ZAR-MGA.

The ZAR-MGA exchange rate is always moving.

Sometimes, waiting a day or two can help you get more MGA for the same amount of Rand. Using a forward contract that also allows you to lock in an agreed exchange rate between South Africa and Madagascar.

Sending money via a Bank transfer is the recommended option for sending money from South Africa to Madagascar.

The company offering the best bank transfer price is WorldRemit.

This Bank transfer to Madagascar is 0% cheaper than the second-best option in the market.

South Africa and Madagascar have different regulations and you should ensure any provider you use to send or receive between the countries is regulated.

Our directory of financial regulators worldwide of key regulatory bodies highlights who can aid in keeping your money safe for money transfers between South Africa and Madagascar.

Some services between South Africa and Madagascar have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in Madagascar as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Madagascar, use WorldRemit. The combination of rates and fees when sending from South Africa to Madagascar is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving South Africa, or entering Madagascar. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Malagasy ariary in Madagascar. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from South Africa to Madagascar will offer every method for incoming Malagasy ariary, so it’s best to check ahead of time.

One of the more common ways to transfer from South Africa into Malagasy ariary is directly into a bank account. WorldRemit is the best company for bank transfers between South Africa and Madagascar.

And if you need cash right away, check if cash pickup is an option for transfers between South Africa and Madagascar.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like WorldRemit.

When signing up to and sending Rand to Madagascar, through a money transfer company, you will have to verify your ID.

The precise documents you need will vary and in some cases you will need more than one.

For the most part however, in South Africa this will be a government issued ID such as a passport or driver's license. In Madagascar it will be similar, although this should only be needed if you are opening a new account in Madagascar, or collecting in cash. Sending to an existing bank account in Madagascar shouldn’t require any additional ID checks.

Large transactions between South Africa and Madagascar, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

One of the reasons WorldRemit has scored so highly for transfers to Madagascar is their easy sign up process in South Africa.

When sending large amounts of money between South Africa and Madagascar there will potentially be a tax declaration to consider.

Some transfers into Malagasy ariary may need to be reported to tax authorities in Madagascar, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Madagascar based on age, income and a few other elements. When in doubt, please contact a tax professional in South Africa or Madagascar to discuss your personal circumstances.