Madagascar (MG)
World's fourth-largest island, Madagascar offers extraordinary biodiversity (90% of wildlife found nowhere else), one of the world's lowest costs of living, warm French-speaking culture, and unique opportunities in vanilla, ecotourism, and development sectors.
Currency & Money
Practical money tips for living in Madagascar.
Denominations
Coins: Ar 1, 2, 5, 10, 20, 50. Banknotes: Ar 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000. Note: the Ariary replaced the Malagasy Franc in 2005 at 5:1. Locals still sometimes quote prices in Franc/Iraimbilanja — ask "Ariary ohatrinona?" to confirm.
Payment Culture
Predominantly cash-based economy. Formal businesses in Antananarivo accept debit/credit cards. Mobile money (MVola, Orange Money, Airtel Money) is the dominant digital payment method and works at markets, small shops, and for bill payment. USD and EUR accepted at hotels and by some businesses, but Ariary is preferred and gives better rates.
ATM Tips
ATMs available in Antananarivo (Tana), Toamasina, Mahajanga, and major towns. BNI Madagascar, BOA, BFV-SG (Société Générale), and BMOI ATMs accept Visa/Mastercard. Carry cash outside major cities — ATMs are rare in rural areas. Daily ATM withdrawal limits: typically Ar 400,000–800,000. Notify your home bank before using overseas.
Exchange Tips
Exchange USD or EUR at banks or authorised change bureaux (bureaux de change) in major cities. Hotel exchange rates are significantly worse. Black market exchange is illegal and risky. The Ariary depreciated significantly against USD/EUR 2020–2026 — budget in USD equivalent.
Pro tip: Best apps for expats
- • Wise — Send money internationally at near-interbank rates
- • Revolut — Multi-currency account, free ATM withdrawals (limits apply)
- • N26 — German IBAN, free account, good for EU residents