Make Payments in MGA - Malagasy Ariary
Pay in Malagasy Ariarys (MGA)
Mondial Change allows you to make international payments in MGA (Malagasy Ariary) with ease. Manage your Malagasy Ariary beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your MGA operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Malagasy Ariary (MGA)
It is currently not possible to receive payments in MGA.
Do you want to hedge your exchange risk on the Malagasy Ariary (MGA)? Check our dedicated page for MGA currency hedging.
Mondial Change Answers All Your Questions About Payments in Malagasy Ariarys (MGA)
What is the timeframe for an MGA payment to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a Malagasy Ariary transfer to be credited to the beneficiary's account. However, these timeframes are not contractual, and our partners responsible for executing and routing payments cannot be held liable if MGA payments are credited beyond 2 business days to the beneficiary's account. External events such as processing delays by intermediary banks, public holidays, execution time, or compliance checks can significantly impact payment receipt times.
What are the fees for a payment in Malagasy Ariary (MGA)?
The fees applied to transfers in Malagasy Ariary (MGA) generally range from 0 to 10 euros, depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual MGA exchange volume and the number of Malagasy Ariary payments made during the year.
Are there minimum or maximum amounts for payments in Malagasy Ariary (MGA)?
Mondial Change and its partners verify that your Malagasy Ariary flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Malagasy Ariary (MGA)?
For MGA payments via the SWIFT network, the following information must be provided at a minimum:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
Is it possible to modify a payment in Malagasy Ariary (MGA) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Malagasy Ariary (MGA) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then such amendments are not possible, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Malagasy Ariary (MGA) cannot be executed?
January 1: New Year's Day
Variable date: Easter Monday
March 29: Commemoration of the 1947 Uprising
May 1: Labor Day
Variable date: Ascension
Variable date: Whit Monday
June 26: Independence Day
August 15: Assumption
November 1: All Saints' Day
December 25: Christmas
History of the Malagasy Ariary
The Ariary (MGA) has been the official currency of Madagascar since 2005, gradually replacing the former Malagasy franc. The Ariary is subdivided into 5 iraimbilanja, making it one of the few non-decimal currencies still in use today. The word "ariary" was already in traditional use before French colonization, reflecting the historical roots of this monetary unit. Its modern reintroduction aims to affirm national identity and strengthen the country's monetary sovereignty. The banknotes and coins in circulation feature emblematic cultural, faunal, and floral elements of Madagascar.
Monetary Policy of the Malagasy Ariary
The Central Bank of Madagascar (Banque Centrale de la République de Madagascar - BCRM) is responsible for implementing the country's monetary policy. It aims to maintain price stability, manage the money supply, and support economic growth. The exchange rate regime is officially floating, but the BCRM regularly intervenes in the market to prevent excessive volatility. The tools used include the key interest rate, mandatory reserves, and market operations. Given that the Malagasy economy is vulnerable to climatic shocks and global price fluctuations, monetary policy must be particularly cautious.
Characteristics of the Malagasy Ariary
The Malagasy Ariary is a currency rarely used internationally but essential for all internal transactions in Madagascar. Despite its low convertibility, the MGA is crucial for the local economy, particularly in the agricultural and tourism sectors. The population primarily uses cash in daily transactions. With the banking infrastructure still developing, cash usage remains high. However, efforts to digitize payments are intensifying, with support from the central bank. The Ariary represents a pillar of economic stability and financial independence for the country.