Madagascar Currency Guide for Tourists and Travelers

As a tourist or traveler heading to Madagascar, understanding the local currency is essential. The official currency of Madagascar is the Malagasy Ariary (MGA).

You'll find that the Ariary is divided into 5 sub-units, known as iraimbilanja, but these are rarely used in everyday transactions. The Ariary is pegged to the Euro, with a fixed exchange rate.

You can exchange your money for Ariary at the airport, banks, or currency exchange offices, but be aware that the rates may vary. It's also a good idea to have some local currency with you when you arrive, especially if you plan to take a taxi or bus from the airport.

In Madagascar, credit cards are not widely accepted, so it's best to have a mix of cash and traveler's checks.

Take a look at this: Ariary Currency

In Madagascar, you'll notice that the currency has undergone significant changes over the years. Since 2002, the Ariary (MGA) has been the official currency, replacing the Franc Malgache (FMG). The conversion rate is 5 FMG to 1 MGA, which is still used by some people, especially in rural areas.

The largest Malagasy banknote is worth 20,000 Ariary, which has been in circulation since 2017. This note is particularly special, as it features the Ambatovy Plant, a significant economic activity in Madagascar. You'll also find smaller bills with denominations of 10,000, 5,000, 2,000, 1,000, 500, and 200 Ariary, all introduced in 2017.

Coins are also used in Madagascar, but only in large cities. The coin values range from 50 to 1 Ariary, with the smallest unit being the Iraimbilanja. However, 1 Ariary is equal to 5 Iraimbilanja, which might take some getting used to.

Here's a list of the current banknotes in circulation in Madagascar:

It's worth noting that the old banknotes used until 2017 can still be exchanged for new, valid ones in Malagasy banks. However, it's not possible to exchange euros into the Malagasy currency in Europe, but you can exchange money directly at the airport Ivato in Antananarivo.

For another approach, see: Foreign Exchange Certificate

In Madagascar, the official currency is Ariary (MGA), replacing Franc Malgache (FMG) since 2002.

You'll still see some price boards with FMG written on them, but you can easily convert it to Ariary by knowing that 5 FMG equals 1 MGA.

The largest Malagasy banknote has a value of 20,000 Ariary, which is equivalent to 4-6 Euros, depending on the exchange rate. This note has been in circulation since 2017.

Below the 20,000 Ariary note, the second-largest is worth 10,000 Ariary, followed by 1000, 500, and 200 Ariary notes. The smallest bill is worth only 100 Ariary, which is less than 5 cents.

Coin money is mainly used in large cities in Madagascar, but you'll mostly pay with banknotes everywhere. It's a good idea to carry small bills with you, especially when visiting more remote areas or small villages.

Old banknotes used until 2017 can no longer be used in normal payment transactions since 2020, but you can still exchange them for new, valid ones in Malagasy banks.

You won't be able to exchange euros into Malagasy currency in Europe, but you can do so directly at the airport Ivato in Antananarivo.

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In Madagascar, cash is the undisputed king, and you'll need it to pay for most things. Cash is widely accepted, and you'll rarely find businesses that accept credit cards or cheques.

Currency exchange is possible at various banks and special agencies, but some hotels may offer it at a less favorable rate. You can also exchange currency at the airport in Antananarivo and some banks in the capital.

Even amounts of currency are usually exchanged, as the counters don't have European coins, so you'll get change back in Ariary. Credit cards are accepted in a few hotels, restaurants, and bars frequented by tourists, but Visa is more widely accepted than Mastercard.

ATMs are only available in the capital Antananarivo and other major cities, and the amount of cash you can withdraw is limited to usually 400,000 Ariary. Many ATMs have a weekly limit on the amount of money that can be withdrawn, which is often less than € 500.

Money can be transferred via Western Union, but usually at an unfavorable exchange rate, and the beneficiary can collect the transferred money in Ariary at a Western Union counter.

For another approach, see: Scotiabank Jamaica Foreign Exchange Rate

Madagascar is a country with a unique cultural identity, and understanding its basics can be helpful when traveling or learning about its economy.

The official currency of Madagascar is the Malagasy Ariary (MGA), which is used alongside other currencies like the US dollar in some tourist areas.

The island nation has a diverse population of 22,599,098 people, with various languages spoken, including French, Malagasy, and English.

Here's a quick rundown of some essential facts about Madagascar:

Madagascar is in the GMT + 3 hours time zone, which means it's three hours ahead of Coordinated Universal Time (UTC).

For more insights, see: Time Is the Only Currency