Banking in Madagascar in 2019

4POSTS

6 years ago

could I get opinions on the best banks in 2019 to use in Madagascar

for transferring money from overseas with little problems from bank officials that I think are just looking to steal funds

maybe - gasp - internet banking that works ?

so far I have had experience with BNI , BMOI , and MCB and really I trust none of them. - each city seems to be its own little enclave and none of them are there to help you , their only desire so far as I can tell is to try and frustrate you with demands for ludicrous paperwork in the hope you will go away and not bother them again.

what are peoples experiences with Bank of Africa in Madagascar ? BFV-SG ?

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TropicAlex Banned

1696POSTS

6 years ago

I agree with salersa for her advise , it is solid and factual. I use BNI and BOA to transfer money without problems. You can open a BNI account and they will give you 8% interest on your money if they can hold it for a year. The exchange rate that the bank will give you varies from the central bank which is why I have two banks . Boa will give better exchange rate at certain dates and then again BNI will give better exchange rates. Anything over 4,000 dollars they will ask extra questions such as what do you need this money for. You can give any answer you like they just need to comply with the paper work. Checking accounts and credit cards are not free you have to pay for the use of this service. By the way travelers checks still get a better rate of transaction than Cash- go figure?

MalagasyLady New member

5POSTS

6 years ago

I lived in Mada for two years, living in Majunga and a Mahambo, and the service I received from BFV was stellar, no matter which branch I visited. However, transferring funds was an issue with my US bank.... Madagascar was on their watch list, so instead, I just had funds sent to me via Western Union, then cashed in the funds at BFV and had them deposited into my account.

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TropicAlex Banned

1696POSTS

6 years ago

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MalagasyLady New member

5POSTS

6 years ago

I have lived here for several years, and hands down, prefer BFV. Their ATMs are available in four languages, they have lots of branches, and their ATMs have no problem accepting my American Debit card, where several of the other Malagasy banks ATMS don’t recognize it.

TropicAlex Banned

1696POSTS

6 years ago

BMOI worked for me in the past with my mastercard debit card.

rubelsisneros Member

10POSTS

4 years ago

👍

rubelsisneros Member

10POSTS

4 years ago

@MadagascarLady are you better off wiring yourself a thousand dollars for spending cash, or using the ATM? Considering the ATM fees(Chase is $5), and Western Union's exchange rate and fees, are you better off using the ATM?

jpmadalu Serial expat

979POSTS

4 years ago

#10

rubelsisneros wrote:
@MadagascarLady are you better off wiring yourself a thousand dollars for spending cash, or using the ATM? Considering the ATM fees(Chase is $5), and Western Union's exchange rate and fees, are you better off using the ATM?

Hi rubelsisneros,

I usually take both: cash and debit/credit cards.

Advantages/disadvantages:

Cash:
+ less exchange fees
+ better market rate
+ exchange your money in a private exchange office or ask at your hotel (better rate)
- risk of theft, counterfeit notes
+ adventurers know that cash can be life saving in the event of an attack.

ATM
+ easy in capital cities but...
- ...not easily accessible elesewhere
- high/abusive ATM costs/fees but...
+ ... gain in terms of safety
- limited amount by operation (+/- 50 EUR).

For your safety, avoid showing your money and carrying too valuable jewels, avoid withdrawing at ATM after dark, avoid walking in or travelling outside urban areas with a lot of money.

Enjoy your stay in Madagascar,
JP