Madagascar - Money
Currency & Money
Ariary (MGA; symbol Ar) = 5 iraimbilanja. Notes are in denominations of Ar20,000, 10,000, 5,000, 2,000, 1,000, 500, 200 and 100. Coins are in denominations of Ar50, 20, 10, 5, 2, 1, and 2, 1 iraimbilanja.
Note: Malagasy Francs are no longer accepted.
American Express, Diners Club, Mastercard and Visa are accepted at top-end hotels in Tana and the provincial capitals. However, outside of the main cities cash is king.
ATMs can be found in and around the capital and in some of the larger towns. However, many of these only take visa; the daily withdrawal limit is 400,000Ar.
These can be exchanged in banks and major hotels. Traveller's cheques in Euros or US Dollars are advisable to avoid additional exchange rate charges. Cashing traveller's cheques can be very time-consuming.
The import and export of local currency is restricted to the amount of 400,000 Ar. There are no restrictions on the import or export of foreign currency, but amounts exceeding the equivalent of MGA10,000,000 need to be declared.
Currency can be bought only at banks and official bureaux de change in hotels and at the airport in Antananarivo. Exchange rates in hotels are less-favourable than other outlets. The Ariary is a non-convertible currency and cannot be exchanged back into tradable currency. Changing small amounts, as required, is therefore advisable.
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