💰 Quick Context: The Malagasy Ariary
Madagascar uses the Malagasy Ariary (MGA). A street food meal costs MGA 3,000–8,000, a restaurant meal MGA 15,000–40,000, and a mid-range hotel night MGA 80,000–200,000. Quick math: divide by 4,500 to get USD. So MGA 10,000 is roughly $2.20, and MGA 50,000 is about $11. Madagascar is overwhelmingly a cash economy. Bring crisp euros or US dollars to exchange on arrival, and plan to use ariary for nearly everything.
🎧 Order Malagasy Ariary Before You Fly
Have cash in hand when you land. Insured delivery, 2–5 day shipping.
Order MGA → CEI Currency ExchangeCash vs. Card: What to Expect in Madagascar
Madagascar is one of the most cash-dependent countries in the world. Card acceptance is extremely limited, even in the capital Antananarivo. Plan to carry ariary for almost all transactions.
Cash is essential. Shops, restaurants, markets, taxis-brousse (bush taxis), and most guesthouses outside Antananarivo operate on cash only. Cards work at very few places: upscale hotels in Antananarivo's Haute Ville, a handful of restaurants, and some resorts on Nosy Be.
Bring EUR or USD to exchange. Crisp, clean bills are essential. Euros are often preferred due to French colonial influence and may get slightly better rates. Budget $30–80 per day. Bring enough foreign currency to cover your entire trip. ATMs exist in cities but should be treated as backup, not your primary source of ariary.
How to Get Ariary for Your Madagascar Trip
Madagascar is one of the most cash-driven destinations on this list. Cards work at upscale Antananarivo hotels in Haute Ville (Carlton Madagascar, Radisson Blu Waterfront), some Nosy Be resort properties, and a handful of upscale restaurants. Everywhere else (the Avenue de l'Indépendance markets, taxi-brousse bush taxis, the Avenue of the Baobabs road trip, the Andasibe rainforest lodges, the entire eastern and southern coast) is cash. The ariary is also a closed currency. Plan to bring meaningful EUR or USD cash and exchange in Tana, since ATM coverage is limited even in the capital.
Bring EUR or USD cash before you fly
Madagascar is heavily cash-dependent and the ariary is a closed currency: most US currency-exchange services and home banks (Bank of America, Chase, Wells Fargo, Citi do not stock MGA). A currency-exchange service like CEI Currency Exchange can ship EUR or USD to a US address with insured 2–5 day delivery. Most travelers handle Madagascar by bringing EUR (preferred over USD due to French colonial banking ties) and exchanging at a Tana bank or licensed bureau on landing. Madagascar does not have a Bank of America Global ATM Alliance partner. The cleanest setup for most Madagascar trips: pack EUR €500–1,000 in clean post-2009 bills for the entire trip, exchange at BNI or BFV-SG bank counters in Tana, use a Wise card at the few card-accepting Tana hotels, and pull MGA from BNI or BMOI ATMs as needed.
Withdraw from a Malagasy bank ATM
On the ground, the cheapest source of ariary is a major Malagasy bank ATM. BNI Madagascar, BFV-Société Générale, BMOI, and BOA Madagascar all give the actual interbank rate with no markup. Most charge a per-transaction operator fee for foreign cards. Withdrawal limits run roughly MGA 400,000–800,000 per transaction (about $90–180). ATMs cluster around Antananarivo (Haute Ville, Analakely, Tsaralalana) and at TNR (Antananarivo Ivato International) airport arrivals. Coverage is essentially zero on the eastern coast (Maroantsetra, Nosy Boraha), in Nosy Be outside Hell-Ville, and along the western and southern routes. Decline DCC every time the screen offers "charge in EUR" or "in USD". See the Best ATMs section below for the bank-by-bank lineup. Want to know what a BNI Madagascar withdrawal will actually cost on your card? Drop it into our ATM fee calculator.
Airport counters & bureaux de change
Three traps to walk past in Madagascar. The currency-exchange counter in arrivals at TNR (Antananarivo Ivato International) advertises rates that look reasonable but routinely runs 5–10% off the interbank rate. The exchange windows inside Tana hotel lobbies bake the markup into the rate. Honest exception worth knowing: bank counters at BNI and BFV-Société Générale in central Tana (around Analakely and along Avenue de l'Indépendance) exchange clean EUR cash to MGA at competitive rates close to the interbank rate. Stick to bank-branded ATMs at BNI, BFV-SG, BMOI, or BOA Madagascar; decline DCC; and central Tana bank counters are the one acceptable cash-to-cash route. Madagascar does not yet have a city-specific guide on this site, but the Best ATMs section below covers the bank lineup.
For a side-by-side comparison of every method (bank wire, travel card, pre-order, ATM, exchange counter) including EUR-or-USD-to-MGA timing tips, see our complete Getting Currency guide →.
Best ATMs to Use in Madagascar
ATMs are available in Antananarivo, Antsirabe, Fianarantsoa, and other major cities. Outside these areas, ATMs are extremely rare or nonexistent. Withdrawal limits are typically MGA 400,000–500,000 per transaction (about $90–110). Your home bank may charge additional foreign transaction fees.
BNI Madagascar
Banque Nationale de l'Industrie is one of Madagascar's largest banks with the most extensive ATM network. BNI ATMs are found throughout Antananarivo and in most regional capitals. Accepts international Visa and Mastercard. Generally the most reliable option.
Recommended
BOA Madagascar
Bank of Africa has a strong presence across Madagascar with ATMs in Antananarivo, Mahajanga, Toamasina, and other cities. Reliable machines that accept international Visa and Mastercard. A solid alternative when BNI ATMs are unavailable.
Recommended
BFV-Société Générale
Part of the French Société Générale banking group, BFV-SG has ATMs in major cities across Madagascar. English-language interface is sometimes available. Accepts Visa and Mastercard for international withdrawals.
Recommended
BMOI
Banque Malgache de l'Océan Indien is part of the Crédit Agricole group. BMOI ATMs are available in Antananarivo and several larger towns. A good backup option when other bank ATMs are out of cash or offline.
Recommended
Accès Banque Madagascar
A microfinance-turned-commercial bank with a growing ATM network in Antananarivo and other urban areas. Fewer ATMs than the larger banks, but machines are generally well maintained and accept international cards.
Recommended⚠ Watch Out for Dynamic Currency Conversion (DCC)
DCC is rare in Madagascar, but if an ATM or card terminal offers to charge you in USD or EUR instead of MGA, always decline and choose to be charged in "MGA" or "local currency." Accepting your home currency means a 3–8% markup hidden in their exchange rate. The risk is low here, but always check the screen before confirming.
ATMs to Avoid in Madagascar
While most ATMs in Madagascar are operated by legitimate banks, standalone machines in hotels or tourist areas may charge higher fees or have unreliable service. Stick to the major bank ATMs listed above.
Standalone Unbranded ATMs
Unbranded machines found in hotel lobbies and tourist zones. These may charge extra fees on top of standard withdrawal charges, and service can be unreliable with frequent "out of cash" issues. Walk to a BNI or BOA ATM instead.
AvoidPaying by Card in Madagascar
Card Networks
Visa and Mastercard are accepted at a few upscale hotels in Antananarivo's Haute Ville, high-end restaurants, and some Nosy Be resorts. Do not rely on cards. American Express and Discover are not accepted anywhere in Madagascar.
Contactless & Mobile Payments
Contactless is nonexistent. Even card-accepting places use older chip-and-PIN terminals. MVola, Orange Money, and Airtel Money are growing among locals but require a Malagasy SIM and phone number. Not practical for tourists. Apple Pay and Google Pay have no acceptance.
Where Cards Will Not Work
Hotely (roadside eateries) and local restaurants are cash-only. All markets are cash-based. Taxis, taxi-brousse (bush taxis), pousse-pousse (rickshaws), and domestic Air Madagascar flights often need cash. Most guesthouses outside Antananarivo and Nosy Be accept only cash. National park fees and mandatory guide fees must be paid in ariary cash.
Tipping in Madagascar
Tipping Guide
Tipping is not expected but appreciated. At local hotely, no tip needed. At tourist restaurants, rounding up or MGA 2,000–5,000 is generous. Tour guides for lemur-watching at Ranomafana or Andasibe: MGA 10,000–20,000 per day. Drivers: MGA 5,000–10,000 per day. National park guides (mandatory): tip MGA 5,000–10,000 per day on top of the fee for good service. Hotel porters: MGA 2,000–5,000.
Madagascar: Practical Money Tips
Things to Know
Bring crisp EUR or USD. Exchange offices reject torn, marked, or creased bills. Euros may get slightly better rates due to the French colonial connection. The "franc" confusion: some locals still quote in the old Malagasy franc (1 ariary = 5 francs). If a price seems high, ask "ariary ou franc?"
ATM limits are low: MGA 400,000–500,000 per transaction (~$90–110). Rural areas have no ATMs. Withdraw enough in Antananarivo before heading to Ranomafana, Andasibe, or Isalo national parks. National parks require mandatory local guides paid in cash: MGA 30,000–80,000 per guide per day.
Roads are terrible and travel is slow. Budget extra cash for overnight stops on longer journeys (400 km can take 10–12 hours). During rainy season (November through March), roads can become impassable. Carry extra cash. Export of ariary is restricted: spend or exchange before departing. Nosy Be has slightly better card acceptance at resorts, but still bring plenty of cash.
Money Safety in Madagascar
Staying Safe
Use ATMs inside BNI or BOA branches rather than standalone machines. Petty theft occurs in Antananarivo's Analakely district and around Gare Soarano. Use a money belt for larger amounts. Keep EUR/USD stored separately from daily ariary spending money.
Madagascar triggers fraud alerts on most card issuers. Mention "Madagascar" specifically when calling your bank. Count money carefully after exchanges. Shops may reject torn ariary bills.
Skip the Foreign Transaction Fees
The Wise card converts your money at the real mid-market exchange rate. No markups, no surprises. Spend Malagasy ariary like a local.
Get the Wise Card →Frequently Asked Questions
Is Madagascar cash-only?
Almost entirely. Cards work at a few upscale hotels in Antananarivo and Nosy Be resorts. Everything else (restaurants, transport, parks, markets) requires cash in ariary.
Should I bring EUR or USD?
Both work. Euros are often preferred and may get slightly better rates due to French colonial influence. Bring crisp, undamaged bills. $50/$100 and €50/€100 get the best rates.
What is the "franc" confusion?
Some locals still quote in the old Malagasy franc (replaced 2005). 1 ariary = 5 francs. If a price seems high, ask "ariary ou franc?" to clarify.
Are there ATMs at national parks?
No. ATMs only exist in Antananarivo and a few major cities. Withdraw all the ariary you need before heading to Ranomafana, Andasibe, Isalo, or any other park.
Do I need cash for national park guides?
Yes. Every Madagascar national park requires a mandatory local guide paid in cash. Budget MGA 30,000–80,000 per guide per day depending on the park.
Is Madagascar expensive?
Very affordable. A local meal (hotely) costs MGA 3,000–8,000 ($0.70–1.80), guesthouse MGA 30,000–80,000 ($7–18). Guided wildlife tours add up but are still affordable by international standards.
Quick Comparison
| Method | Cost | Convenience | Best For |
|---|---|---|---|
| EUR/USD exchange at licensed changers | Best (near mid-market rate) | ★★★★★ | Primary source of ariary for your trip |
| Bank ATMs (BNI, BOA, BFV-SG) | Moderate (fees + home bank fees) | ★★★★☆ | Backup cash when exchange offices are closed |
| Hotel front desk exchange | High (3–8% markup) | ★★★☆☆ | Small amounts in a pinch |
| Airport exchange counters | Moderate (decent rates at Ivato Airport) | ★★★★☆ | Quick exchange on arrival |
Madagascar Quick Facts
| Currency | Malagasy Ariary (MGA). Roughly 4,500 MGA = $1 USD |
| Cash vs. Card | Extremely cash-dependent. Bring crisp EUR or USD to exchange |
| Best ATMs | BNI Madagascar, BOA Madagascar, BFV-Société Générale, BMOI |
| ATM Withdrawal Limit | MGA 400,000–500,000 per transaction (about $90–110) |
| Card Acceptance | Very limited. Top hotels in Antananarivo and Nosy Be resorts only |
| Tipping | Not expected but appreciated. MGA 5,000–10,000 per day for guides and drivers |
| DCC Risk | Very low. Always choose MGA at ATMs |
| Best Strategy | Bring crisp EUR or USD. Exchange at licensed changers. Use ATMs as backup only |